Bloomberg — 2026-04-02#

Lead Story#

Global markets tumbled and physical oil prices surged above $140 a barrel after US President Donald Trump dashed hopes for a quick resolution to the war in Iran. In a rare primetime address, Trump claimed the military operation is “very close” to completion, yet simultaneously threatened to strike Iranian civilian infrastructure “extremely hard” over the next two to three weeks. The vague timeline and escalation threats pushed stocks and bonds lower, exacerbating a month-long market rout that has already battered hedge funds and upended global energy flows.

Markets & Economics#

• India Trading Ban Rocks $149 Billion-a-Day Offshore Rupee Market: India banned banks from offering the most popular offshore rupee trading instruments, moving aggressively to squeeze a $149 billion-a-day market. The Reserve Bank of India’s clampdown triggered a sharp surge in the tumbling currency but caused broader market dislocation.
• Blue Owl Limits Redemptions on Private Credit Funds After Massive Exit Requests: Blue Owl Capital is limiting redemptions on two of its private credit funds following an unprecedented surge in withdrawal requests, dragging down asset manager shares. The move exposes stress fractures in the $1.8 trillion private credit market, though executives from Apollo and Oaktree defended the asset class, dismissing the turmoil as “growing pains” and isolated vintage issues.
• US Initial Jobless Claims Fall to Just Shy of Two-Year Low: Applications for US unemployment benefits fell to 202,000 last week, hovering near a two-year low and suggesting layoffs remain minimal. Meanwhile, the US trade deficit widened less than expected in February as both imports and exports increased, underscoring underlying economic resilience.

Business & Industries#

• SpaceX Targets More Than $2 Trillion Valuation in IPO: SpaceX has boosted its target initial public offering valuation to more than $2 trillion. The world’s most valuable startup is gearing up to pitch what could potentially be the largest market debut in history.
• Tesla First-Quarter EV Sales Miss Estimates as Slump Deepens: Tesla delivered 358,023 vehicles worldwide in the first quarter, missing Wall Street’s expectations and posting one of its worst sales quarters in years. The shortfall highlights the automaker’s struggle to turn around its core business in a rapidly cooling electric-vehicle market.
• Air France-KLM Submits First Bid for Stake in Portugal’s TAP: Air France-KLM submitted the first known bid for a stake in TAP SA. The move officially kicks off the race to acquire the Portuguese flag carrier among Europe’s largest airline groups.
• Unilever’s $42 Billion Stock Wipeout Deepens on McCormick Deal: A transformative deal for Unilever Plc’s food division has upended the narrative for its shares, leading to a massive market value loss. The slide raises investor concerns that the consumer giant is losing its status as a defensive bellwether.

Policy & World#

• Trump Turns to Ally Todd Blanche to Steer DOJ Through Fresh Tumult: President Donald Trump abruptly removed Pam Bondi as US Attorney General, citing a move to the private sector. Deputy Attorney General Todd Blanche will step in as acting Attorney General, ending Bondi’s chaotic tenure at the Justice Department.
• Trump Restructures Broad Metals Tariffs But Keeps 50% Rate: The Trump administration is restructuring its broad metals tariffs, maintaining a 50% rate on many imported steel, aluminum, and copper products while attempting to simplify duties for goods with negligible metal content. Separately, the administration plans to impose tariffs of up to 100% on select imported medicines to boost domestic manufacturing.
• NASA Astronauts Reach Orbit in Historic Moon Mission: NASA successfully launched a crew of four astronauts into a stable orbit, kicking off the Artemis II mission. The landmark journey will take humans closer to the lunar surface than anyone has been in over 50 years.

Opinion & Analysis#

• Missile Warfare Is Faster, Deadlier and Harder to Control: The war in the Persian Gulf proves the “missile age” has officially arrived. The proliferation of powerful, accurate missiles is fundamentally changing global warfare, weaponizing maritime chokepoints, and demonstrating that future conflicts will be much harder to control.
• Trump Is Spinning Defeat in Iran: Bloomberg Opinion columnist Andreas Kluth contends that Trump’s primetime address on Iran was an exercise in dressing up a stalled military campaign as a victory. The piece argues that the US has effectively lost in Iran, even if the administration refuses to admit it.
• The Iran War Is Bad for Inflation — But Worse for Growth: Even if the Iran conflict ends soon, the global economy will suffer significant collateral damage. Prolonged energy spikes will dictate the extent of the damage to supply chains, delivering a much heavier blow to global growth than to inflation.