Bloomberg — 2026-04-12#

Lead Story#

The US and Iran failed to reach an agreement after 21 hours of marathon talks in Islamabad, prompting President Donald Trump to announce an immediate US naval blockade of the Strait of Hormuz starting Monday at 10 a.m. New York time. The collapse of the fragile ceasefire and the impending blockade of the critical maritime chokepoint sent oil and European natural gas prices surging, while US equity futures dropped and gold tumbled as traders braced for profound global supply disruptions.

Markets & Economics#

• [Forint Jumps to Three-Year High as Hungary’s Orban Is Voted Out] (Bloomberg): The Hungarian forint rallied to a three-year high following Prime Minister Viktor Orban’s concession of defeat to the pro-European opposition.
• [Japan’s 10-Year Bond Yield Rises to 1997 High on Iran Tensions] (Bloomberg): Escalating Middle East tensions and the impending Strait of Hormuz blockade pushed Japan’s 10-year government bond yield to its highest level since 1997.
• [Oil-Rich Latin America Lures Traders Navigating War Jitters] (Bloomberg): Emerging-market investors are increasingly rotating into Latin American assets as a haven, buoyed by the region’s roster of oil exporters and insulation from Middle East volatility.
• [Singapore Stocks Near Record High as War Fuels Haven Status] (Bloomberg): Singaporean equities are approaching all-time highs as the country’s assets attract global investors seeking stability amid global geopolitical turmoil.

Business & Industries#

• [GFL Said to Near Deal to Buy Secure Waste for Over $4.3 Billion] (Bloomberg): GFL Environmental Inc. is reportedly closing in on an acquisition of Canada’s Secure Waste Infrastructure Corp. in a debt-inclusive transaction valued at roughly C$6 billion ($4.3 billion).
• [GSK CEO Follows Oncology Rivals’ Playbook in Search of Growth] (Bloomberg): Attempting to revitalize the pharmaceutical giant’s pipeline, GSK CEO Luke Miels is launching five simultaneous late-stage trials for a cancer drug he hopes will achieve blockbuster status.
• [A2 Milk Lowers Guidance as Formula Supply Disrupted in China] (Bloomberg): The New Zealand infant formula supplier cut its revenue and earnings guidance, citing supply chain shipping delays to China partly caused by the ongoing war in Iran.
• [Saudi Arabia Says East-West Pipeline Restored to Full Capacity] (Bloomberg): Saudi Arabia has successfully rehabilitated its East-West pipeline to its full pumping capacity of 7 million barrels a day, restoring a crucial link for rerouting oil exports via the Red Sea.

Policy & World#

• [Hungarians Sweep Away Orban After 16 Years in Seismic Vote] (Bloomberg): Prime Minister Viktor Orban conceded defeat after 16 years in power, with opposition leader Peter Magyar’s Tisza party securing a historic supermajority that will redefine Hungary’s ties with the EU, Russia, and the US.
• [UK Won’t Take Part in Trump’s Planned Blockade of Hormuz Strait] (Bloomberg): Setting up a significant diplomatic clash, Prime Minister Keir Starmer’s government declared the UK will not participate in the US-led naval blockade of the Strait of Hormuz.
• [Fujimori Poised for Peru Presidential Runoff But Opponent Still Unclear] (Bloomberg): Following a disorganized election plagued by severe polling delays in Lima, Keiko Fujimori is projected to reach her fourth consecutive presidential runoff, though her challenger remains uncertain.
• [China Unveils Taiwan Goodwill Steps After Rare Opposition Talks] (Bloomberg): Following a landmark meeting between President Xi Jinping and Taiwanese opposition leader Cheng Li-wun, Beijing announced a series of policy measures intended to demonstrate “goodwill” toward Taiwan.

Opinion & Analysis#

• [The World’s Anti-Recession Guardrails Are Weaker Than Ever] (Bloomberg): A stark assessment details how years of repeated, compounding economic shocks have left the global financial system woefully unprepared to absorb the next major crisis.
• [The End of the Petrostate Era May Not Bring Peace] (Bloomberg): With a fifth of global energy supplies currently imperiled in the Strait of Hormuz, this piece warns against the tempting—but flawed—assumption that transitioning to a clean-energy world will automatically leave geopolitical energy conflicts behind.