---
title: "Breakfast | U.S. Stocks Welcome First Positive Week Since Iran War Outbreak!"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/281584017.md"
description: "S&P rose 0.11%, Nasdaq rose 0.18%, Dow Jones fell slightly by 0.13%. This week, the S&P accumulated a rise of 3.36%, and the Nasdaq accumulated a rise of nearly 4%. The seven tech giants generally outperformed the market, but Tesla fell by more than 5% as its Q1 deliveries fell short of expectations. Globalstar, a low Earth orbit communication satellite company, soared 13% on reports that Amazon is in acquisition talks"
datetime: "2026-04-03T00:08:05.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281584017.md)
  - [en](https://longbridge.com/en/news/281584017.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281584017.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/281584017.md) | [繁體中文](https://longbridge.com/zh-HK/news/281584017.md)


# Breakfast | U.S. Stocks Welcome First Positive Week Since Iran War Outbreak!

## Market Overview

Trump addressed the nation, offering no timeline for a ceasefire and threatening further strikes on Iranian infrastructure, leading to a lower opening for U.S. stocks. However, news of a draft agreement for the Strait of Hormuz protocol in Iran later pushed the S&P and Nasdaq to a narrow close. U.S. stocks were closed on Thursday for Good Friday, marking the first positive week since the outbreak of the Iran war.

On Thursday, the S&P rose 0.11%, the Nasdaq rose 0.18%, and the Dow Jones fell slightly by 0.13%. This week, the S&P accumulated a rise of 3.36%, and the Nasdaq accumulated a rise of nearly 4%. The seven tech giants generally outperformed the market, but Tesla fell by more than 5% as its Q1 deliveries fell short of expectations. Globalstar, a low Earth orbit communication satellite company, soared 13% on reports that Amazon is in acquisition talks.

The 10-year U.S. Treasury yield fell slightly to 4.30% on Thursday, while the 2-year yield remained largely unchanged at 3.80%. U.S. Treasury yields generally declined this week.

The dollar rose nearly 0.5%, reversing yesterday's decline and briefly returning above 100 intraday. Bitcoin fell over 4% from its intraday high, dropping to $66,000 before rebounding, and closed down 1.7% at the U.S. stock market close, while Ethereum fell 3.2%.

Gold fell 1.84%, and silver fell about 3%. The U.S. announced tariffs on steel, aluminum, and copper, causing New York copper to rally 3.8% from its intraday low. WTI crude oil rose nearly 15% intraday, with its settlement price exceeding $110 for the first time since 2022. Brent crude spot prices surged past $140, the highest since 2008, a significant jump from over $128 the previous day.

During the Asian session, the ChiNext Index fell more than 2%, with technology stocks falling across the board. Oil and gas stocks rose against the trend, and the Hang Seng Index briefly fell below 25,000 points. AI large model stocks plunged, with Zhipu AI falling 15%.

## Key News

> **China**
> 
> Foreign media reports that Iran has sought security assurances from China; if these assurances can be provided, a ceasefire agreement between the U.S., Israel, and Iran may be reached. The Ministry of Foreign Affairs stated that China supports all efforts conducive to peace.
> 
> Wang Yi stated that the attacks by the U.S. and Israel on Iran violate international law, and the UN Security Council cannot legitimize unauthorized military actions, as it would lead to endless trouble.
> 
> Shanghai's monthly second-hand home sales surpassed 30,000 units for the first time in five years, and several new housing projects plan to gradually reduce discounts.
> 
> **Overseas**
> 
> Trump unilaterally declared "overwhelming victory" in the war against Iran, threatening extremely fierce strikes in the next two to three weeks. Iran and Oman drafted an agreement to jointly manage the Strait of Hormuz. Iran warned of no survivors if a ground war is launched, claimed to have hit an advanced enemy aircraft (denied by the U.S.), and Trump released a video of bridge destruction to pressure for a deal. Iran stated that the U.S. and Israel know nothing about Iran's capabilities and will fight until the enemy surrenders. Technology infrastructure has become a "new battlefield" as Iran again attacked Amazon's Middle East data center.
> 
> Brent crude spot prices surged past $140, and U.S. oil spot premiums hit record highs, with futures settlement prices breaking $110 for the first time in four years. Reports suggest OPEC+ may increase production at Sunday's meeting to address extreme volatility in the Strait of Hormuz.
> 
> The U.S. imposed a 25% tariff on steel, aluminum, and copper derivatives, and a 100% tariff on patented drugs, but with "exemptions" for those complying with agreements.
> 
> Trump's 2027 budget proposal is imminent, featuring "massive military spending + massive cuts," reigniting U.S. deficit risks.
> 
> AI's impact on white-collar jobs! U.S. corporate layoffs surged in March, with the technology sector being the hardest hit.
> 
> Microsoft and Google released new AI models on the same day, featuring voice, image, and local open-source capabilities.
> 
> Nvidia gives robots lobster brains! Embodied intelligence Harness has arrived.
> 
> Reports: SpaceX's IPO valuation target exceeds $2 trillion, second only to five S&P 500 companies.
> 
> Another miss! Tesla's Q1 deliveries fell short of expectations, and its stock price dropped by more than 5%.
> 
> A "Lehman Moment" for private credit? Blue Owl faces an epic run, with 41% of investors demanding to withdraw funds.

## Market Close

**European and American Stock Markets:** The S&P 500 rose 0.11% to 6582.69 points, accumulating a weekly gain of 3.36%. The Dow Jones fell 0.13% to 46504.67 points, with a weekly gain of 2.96%. The Nasdaq rose 0.18% to 21879.182 points, with a weekly gain of 4.45%. The European STOXX 600 index closed down 0.18% at 596.63 points.

**A-shares:** The Shanghai Composite Index closed at 3919.29 points, down 0.74%. The Shenzhen Component Index closed at 13486.94 points, down 1.60%. The ChiNext Index closed at 3172.65 points, down 2.31%.

**Bond Market:** The yield on the U.S. 10-year benchmark Treasury note fell 1.37 basis points to 4.3049%, a cumulative weekly decline of 12.29 basis points. The yield on the 2-year U.S. Treasury note fell 0.47 basis points to 3.7963%, a cumulative weekly decline of 11.56 basis points.

**Commodities:** WTI crude oil futures for May closed up 11.40% at $111.54 per barrel. Brent crude futures for June closed up 7.78% at $109.03 per barrel. Spot gold fell 1.84% to $4670.80 per ounce. Spot silver fell 2.79% to $72.9814 per ounce.

## Key News Details

### **Global Highlights**

#### **China**

Foreign media reports that Iran has sought security assurances from China; if these assurances can be provided, a ceasefire agreement between the U.S., Israel, and Iran may be reached. The Ministry of Foreign Affairs stated that China supports all efforts conducive to peace. Ministry of Foreign Affairs spokesperson Mao Ning stated that since the outbreak of the Iran war, China has been actively committed to promoting peace and de-escalation. China supports all efforts conducive to peace and is willing to strengthen communication and coordination with all parties to continue playing a role in restoring peace in the Middle East.

Wang Yi stated that the attacks by the U.S. and Israel on Iran violate international law, and the UN Security Council cannot legitimize unauthorized military actions, as it would lead to endless trouble. Wang Yi stated in a phone call with the Saudi Minister of Foreign Affairs that the passage issues in the Strait of Hormuz are an spillover effect of this conflict; as long as the conflict continues, the strait will not be peaceful, and the urgent priority is to focus on an immediate ceasefire and de-escalation. In a phone call with the German Foreign Minister, he stated that the sovereignty and security of Gulf countries should be respected, civilians and non-military targets must be adequately protected, and the safety of navigation routes, as well as energy and infrastructure, should be guaranteed.

Shanghai's monthly second-hand home sales surpassed 30,000 units for the first time in five years, and several new housing projects plan to gradually reduce discounts. In March, Shanghai's second-hand homes (including commercial properties) recorded a cumulative online sales of 31,215 units, the highest record since March 2021. Experts analyzed that the hot sales in the second-hand housing market in March have cultivated a large number of potential new home buyers, and second-hand home sellers are likely to enter the market to purchase new homes, providing strong support for sales in April. As supply continues to be available in April, market transactions will further break through, and the heat will inevitably surpass March.

#### **Overseas**

Trump unilaterally declared: "overwhelming victory" in the war against Iran, threatening extremely fierce strikes in the next two to three weeks. U.S. President Trump delivered a speech, unilaterally declaring a "swift, decisive, and overwhelming victory" in the war against Iran. Once the conflict ends, the Strait of Hormuz will naturally open. Extremely fierce strikes will be launched against Iran in the next two to three weeks.

-   Trump's speech "lacked clear de-escalation signals," and the market was "very disappointed". The market had expected Trump's national television address to signal de-escalation, but instead received threats of escalation: he announced "extremely fierce strikes" against Iran in the next two to three weeks. Nomura, NAB, and other institutions pointed out that the speech did not provide clear de-escalation signals, and the blockade of the Strait of Hormuz is unlikely to be resolved in the short term, with upward pressure on global oil prices possibly continuing until late April. Trump's speech was "indeed disappointing."

Iran and Oman drafted an agreement to jointly manage the Strait of Hormuz, and the UAE stated its willingness to participate in ensuring the safety of the strait's navigation routes. Iran's Deputy Foreign Minister stated that maritime traffic passing through Hormuz should be conducted under the joint supervision and coordination of Iran and Oman, and the agreement aims to ensure safe passage. After his remarks, the three major U.S. stock indices turned higher briefly, and Brent crude oil retraced more than half of its gains.

Two of the U.S.'s most advanced electronic warfare aircraft arrived at a Greek base, and the U.S. Secretary of Defense demanded the Army Chief of Staff "resign and retire immediately". Two U.S. EA-37B electronic warfare aircraft arrived at Souda Bay Air Base in Crete, Greece, on Thursday afternoon. U.S. Central Command had previously confirmed that the EA-37B was deployed for the first time during the "Operation Epic Fury" against Iran.

Iran warned of no survivors if a ground war is launched, claimed to have hit an advanced enemy aircraft (denied by the U.S.), and Trump released a video of bridge destruction to pressure for a deal. The Commander-in-Chief of the Iranian Army urged the military to monitor U.S. and Israeli movements with "maximum vigilance and suspicion" and to counterattack when appropriate; the Iranian military stated that severe strikes on relevant U.S. and Israeli industrial and military targets served as a warning, and more severe responses would follow if Iranian industrial facilities were attacked again. Trump released a video of the "largest bridge in Iran" being destroyed to pressure for a deal, and the Iranian Foreign Minister stated they would not surrender. The Israeli military stated that the head of the Iranian military's oil sector was killed in an airstrike; a commander in Iran's missile forces was also killed. The UN Secretary-General warned that the war could engulf the entire Middle East and that the region is on the verge of a wider conflict. Macron stated that it is "unrealistic" to use military action to "liberate" the Strait of Hormuz.

Trump threatened Europe: If you don't participate in joint escort, U.S. will stop weapon aid to Ukraine. Last month, Trump used the leverage of cutting off weapon aid to Ukraine to force European allies to join the escort mission in the Strait of Hormuz – this diplomatic struggle across two fronts exposed the cracks in the alliance. Only after NATO Secretary General Rutte's urgent mediation was a joint statement by Britain, France, and Germany on March 19th issued to salvage the situation. However, the supply of weapons remains uncertain, and Trump has even threatened to consider withdrawing from NATO, placing the transatlantic alliance under unprecedented crisis of trust.

Iran: U.S. and Israel know nothing about Iran's capabilities and will fight until the enemy surrenders. A spokesperson for the Khatam al-Anbiya Central Headquarters of Iran stated that the United States and Israel do not have a comprehensive understanding of Iran's military strength and equipment, and are unaware of its powerful capabilities that are of strategic significance to Iran. The enemy will face "more destructive, wider-ranging, and more devastating actions." The Supreme Leader's foreign affairs advisor stated that the Strait of Hormuz will forever be closed to Iran's enemies.

Technology infrastructure becomes a "new battlefield," Iran attacks Amazon's Middle East data center again. Iran stated on Thursday that during its 90th round of military operations, it struck Amazon's cloud computing center in Bahrain, which is allegedly linked to espionage activities. Amazon had reported attacks on its data centers in the Persian Gulf region, including Bahrain, in early March. Iran warned on Tuesday that if its senior commanders were assassinated, it would attack 18 U.S. companies, including several tech giants.

Bahrain's Foreign Minister stated that the UN Security Council may vote on opening the Strait of Hormuz on Friday, and the UK Foreign Secretary stated that 40 countries are calling for the unconditional resumption of navigation.

Completely bypassing the Strait of Hormuz, Gulf countries are considering building new pipelines.

With the main shipping lanes of Hormuz blocked, ships are batching to "pay tolls" by diverting to Iran's Larak Island.

Spot shortage! Brent crude spot prices surged past $140, U.S. oil spot premiums hit record highs, and futures settlement prices broke $110 for the first time in four years. The global benchmark for physical oil prices, spot Brent crude, surged to $141.37 per barrel on Thursday, a new high since 2008. WTI crude oil rose nearly 15% intraday, with its settlement price exceeding $110 for the first time since 2022. Trump's hawkish speech shattered market expectations of an end to the conflict, coupled with restricted transport in the Strait of Hormuz, leading to record-high near-month spreads and sharply rising supply tension signals.

Reports: OPEC+ may increase production at Sunday's meeting to address extreme volatility in the Strait of Hormuz. Eight core members of OPEC+ are scheduled to meet on Sunday, where they may discuss further raising oil production quotas. Sources familiar with the matter indicated that the actual supply impact of this move would be limited, serving more as a symbolic gesture to pave the way for potential easing of export restrictions in the Strait of Hormuz.

Official Announcement: U.S. imposes a 25% tariff on steel, aluminum, and copper derivatives, and a 100% tariff on patented drugs, but with "exemptions" for those complying with agreements. The White House announced that under Section 232 of the Trade Expansion Act of 1962, tariffs of 50% would be maintained on products made entirely from imported steel, aluminum, and copper, with exemptions for products containing no more than 15% steel, aluminum, or copper content. Based on the same section, a 100% tariff would be imposed on imported patented drugs and pharmaceutical ingredients, with a 15% preferential tariff for drugs originating from countries and regions with which the U.S. has signed trade agreements, such as the EU. Companies that sign most-favored-nation pricing agreements and production return agreements with the U.S. would be exempt from tariffs until 2029.

Trump's 2027 budget proposal is imminent, featuring "massive military spending + massive cuts," reigniting U.S. deficit risks. The budget proposal plans to significantly increase defense spending from nearly $1 trillion in the current fiscal year to $1.5 trillion, while also updating the deficit forecast for the next decade – currently estimated at around $16 trillion. The administration also plans to issue $2,000 "tariff dividends" to taxpayers, but this proposal has already faced resistance within Congress. The political climate of an election year further increases the difficulty of deep government layoffs. Most government agency funding authorizations are extended until September 30th; if significant cuts are forcibly pushed through, it could trigger a government shutdown crisis a month before the midterm elections.

AI's impact on white-collar jobs! U.S. corporate layoffs surged in March, with the technology sector being the hardest hit. In March, U.S. companies announced 60,620 layoffs, an increase of over 25% compared to February. The technology sector led all industries with 18,720 layoffs, an increase of over 24% year-on-year. AI was listed as the primary reason for layoffs, accounting for one-quarter of all layoff announcements in the industry, and pressure on white-collar jobs is rising.

Microsoft and Google released new AI models on the same day, featuring voice, image, and local open-source capabilities. Microsoft and Google simultaneously launched their new generation of AI models today. Microsoft released its MAI series models, covering speech recognition, speech synthesis, and text-to-image capabilities, which will be integrated into products like Copilot. Google launched its Gemma4 open-source model, which supports local operation and has capabilities in reasoning, code generation, and multi-modality, using the Apache 2.0 license. Both companies are continuously upgrading their AI capabilities, further expanding their application scenarios.

Nvidia gives robots lobster brains! Embodied intelligence Harness has arrived. Nvidia open-sourced its robot control framework, CaP-X, allowing large models to write Python code on the fly to control robots, with successful code automatically stored in a cross-modal skill library. Based on this framework, CaP-Agent0 has achieved success rates in multiple tasks comparable to or even exceeding human experts. Jim Fan, Nvidia's robotics lead, stated that the era of intelligent agent robots has arrived. CaP-X signifies the formal arrival of the "Harness" era for the robotics field.

Reports: SpaceX's IPO valuation target exceeds $2 trillion, second only to five S&P 500 companies. SpaceX is poised to become the largest IPO in history, having raised its IPO target valuation to over $2 trillion. If SpaceX's valuation exceeds $2 trillion, it means its valuation has increased by nearly two-thirds in just a few months. A $2 trillion market capitalization would place it behind only Nvidia, Apple, Alphabet, Microsoft, and Amazon in the S&P 500.

Another miss! Tesla's Q1 deliveries fell short of expectations, and its stock price dropped by more than 5%. Tesla delivered 358,000 vehicles globally in the first quarter, falling short of the average analyst estimate of 372,000 compiled by Bloomberg, marking one of its weakest quarters in recent years. The total vehicle production was 408,000 units, a year-on-year increase of 13%, exceeding the expectation of 388,000 units. The gap between production and deliveries means that inventory has accumulated, possibly reflecting pressure on end-user demand.

A "Lehman Moment" for private credit? Blue Owl faces an epic run, with 41% of investors demanding to withdraw funds. Over $4 billion in redemption requests cannot be fulfilled! Two of Blue Owl's private credit funds faced massive withdrawal requests, with OCIC's redemption requests accounting for 21.9% and OTIC, which focuses on technology, having a redemption request rate as high as 40.7%. The redemptions were driven by institutional investors, with the redemption ratio setting a record among major institutions. Blue Owl decided to implement a tender buyback limit of 5%.

#### **Research Reports**

High Oil Prices, Private Credit, AI Bubble... What will be the last straw that breaks the U.S. economy? The blockade of the Strait of Hormuz pushed Middle East oil prices near $150, redemption pressures in the private credit market have intensified, triggering a "Lehman-style moment" alarm, the AI investment boom worth hundreds of billions is already cooling down, and the consumption of low-income Americans is on the verge of collapse – five crisis indicators are converging towards a single breaking point, while the U.S. fiscal buffer space is near its limit, and the dominoes could fall at any moment.

Middle East conflict escalates, yet gold plummets again. When will the king of safe havens return? Trump declared an escalation of the conflict, and spot gold fell by up to 3%. Since the outbreak of the Middle East conflict, gold prices have continued to decline, with a drop of about 12% in March, and its safe-haven attribute has been questioned. Goldman Sachs believes that this decline is due to short-term factors such as the reshaping of inflation expectations, repricing of interest rate paths, and forced liquidation of positions, rather than structural failure. The return of gold's safe-haven status requires a decline in real interest rates and further digestion of speculative positions.

Central Bank Gold Purchases: The End of an Era? UBS points out that the structural trend of gold purchases by official sectors has not changed, and central banks will remain net buyers of gold, albeit at a slower pace. As market concerns about the combination of "low growth + high inflation" and geopolitical tensions intensify, the medium-to-long-term upward trend of gold is strengthening. They maintain their year-end target price of $5600.

At what oil price will systematic risk be triggered in the market? UBS believes that once international oil prices break $150 per barrel and remain at that level, the U.S. and global markets will face significant systemic risk, and the probability of recession and sharp market adjustments will substantially increase. The danger of this threshold lies in triggering a complete negative cycle of "high oil prices -\> inflation rebound -\> monetary policy tightening -\> worsening financial conditions -\> demand collapse -\> market panic."

Computing Power Shortage! SemiAnalysis In-depth Analysis: From GPUs to Memory to Fiber Optics, the AI Supply Chain is Tense Across the Board, Prices Rising Together. SemiAnalysis points out that the surge in demand is leading to a shortage of computing power, with prices of memory, GPUs, and AI servers soaring and being unavailable. The annual rental price of H100 GPUs has increased by 40% in five months. The agency believes that GPU rental prices are likely to continue to rise in the short term. Neocloud is beginning to gain pricing power, but the stock prices of related companies such as CoreWeave and IREN have not yet reflected this change.

Intensive Aerospace Events! U.S. Executes Manned Lunar Mission, China's Satellite "Xiongan-1" Ready for Launch. The U.S. has officially launched the "Artemis II" manned lunar mission, the first in half a century. China's first "Xiongan-made" satellite, "Xiongan-1," has overcome several key technical challenges and successfully rolled off the production line, accelerating the formation of the commercial space industry chain. Additionally, Amazon plans to acquire Globalstar to challenge SpaceX, and China is accelerating its deployment in space computing power and commercial rockets.

#### **Domestic Macro**

"Qiushi" Publishes Two Articles on "Stabilizing Expectations," How Will Real Estate Policies Be Implemented? The "Government Work Report" set the tone for "focusing on stabilizing the real estate market." In the first quarter, "Qiushi" published two articles emphasizing the importance of stabilizing real estate market expectations. "Stabilizing the market" is the core policy objective for 2026. Demand-side policies combined with population policies will be key. The supply-side approach of "controlling new supply, reducing inventory, and optimizing supply" will continue, and related supporting policies for urban renewal are also expected to be accelerated.

Fujian: Exploring the Promotion of "Computing Power into the Sea" and Accelerating the Cultivation of New Marine Sectors. Fujian is accelerating the construction of the Fuzhou-Xiamen Marine Economic Demonstration Zone. The meeting emphasized focusing on key areas such as digital oceans, expanding application scenarios like star-sea interconnection, and jointly building the "Maritime Fujian" integrated platform. It will explore the promotion of "computing power into the sea" and accelerate the cultivation of new marine sectors. It will deepen innovation-driven development and industrial agglomeration, create a cluster of high-tech marine industries, and strive to build a modern marine industrial system.

**Domestic Companies**

Alibaba and Tencent's AI Monetization Capabilities Are Undervalued by the Market. HSBC's latest report directly addresses market misjudgment: Alibaba and Tencent's AI monetization capabilities are systematically undervalued. The stock price pullbacks of both companies are not due to pessimism about AI prospects, but rather concerns about short-term operating expenses. If they can gain market share from the advertising market, their revenue could see an upside of up to 11% by 2027. HSBC maintains its buy rating, with target prices implying upside potential of 44% and 51% respectively.

Gold Prices Plummet, Laopuhuangjin, Which Just Raised Prices, is in an Awkward Position. The sharp drop in gold prices has erased its gains for the year, leaving Laopuhuangjin, which recently raised its prices by 30%, in an awkward situation. Laopuhuangjin, which previously achieved high growth by relying on the surge in gold prices, now has a price difference of 1,500 yuan per gram compared to the market price, and its stores have gone from long queues to deserted. Although the founder insists that the brand is no longer tied to gold prices, the market is watching to see if its ancient craftsmanship can support its ambitious pricing.

China's Photovoltaic Industry "Trapped" in the Strait of Hormuz. Chinese photovoltaic companies that have heavily invested in the Middle East market are facing multiple pressures: disrupted shipping routes, a 3 to 5-fold increase in shipping insurance premiums, and escalating risks of delivery delays for ongoing projects. Iran, as the world's second-largest methanol producer, is facing conflicts that are driving up the cost of auxiliary materials such as photovoltaic glass and films. Several gigawatt-scale projects led by Saudi PIF and the RTC solar-storage project in the UAE are at risk.

Zhejiang State-owned Assets Invest 90 Million Yuan in Zhang Xue, a "Post-95" Investment Manager Recommended by Others. General Manager of Zhejiang Venture Capital: He assembled the engine with his eyes closed; his obsession with technology moved me. Zhang Xue's motorcycle won the WSBK championship, surpassing Ducati and Yamaha. The company's valuation exceeded 1 billion yuan within two years of its establishment, and Zhejiang Venture Capital invested 90 million yuan early on. What moved the investors was Zhang Xue's technical obsession, assembling the engine with his eyes closed.

#### **Overseas Macro**

Trump Confirms Dismissal of Bannon, Todd Blanch will Serve as Acting U.S. Attorney General. Bannon became the second cabinet member dismissed by Trump during his second term. Reports indicate that Trump's dissatisfaction with Bannon had been ongoing for months, including his perceived mishandling of the "Epstein documents" and insufficient toughness against Trump's political opponents.

Terrorism Threat Escalates! Goldman Sachs Paris Headquarters Receives Bomb Threat, U.S. Banks Enter Alert Status. An attempted explosion occurred near the U.S. Bank Paris office, and the French headquarters of Goldman Sachs Group received a bomb threat. U.S. financial institutions such as Citibank have sequentially activated remote work contingency plans, and security in core areas across France has been comprehensively upgraded.

Reports: Iraq Begins Exporting Oil Through Syria. Iraq's State Oil Marketing Organization (SOMO) has signed contracts to export approximately 650,000 metric tons of fuel oil monthly through Syria by land from April to June. The Iraqi Ministry of Oil stated that the transport volume will gradually increase to expand export capacity.

Export Capacity Reduced by One-Fifth! Reports: Russian Oil Production Forced to Decline Under Precise Ukrainian Drone Strikes. Ukrainian attacks on Russian energy infrastructure have reduced Russia's oil export capacity by approximately 1 million barrels per day, or one-fifth of its total export capacity. The Ust-Luga port is inoperative, and the pipeline system has a severe backlog, making production cuts imminent. Oil and gas revenue accounts for about one-quarter of Russia's fiscal budget, and a decline in production may partially offset the gains from rising oil prices.

## Overseas Companies

Anthropic Executive: Cowork Agent's Potential Exceeds Claude Code. Anthropic's Chief Commercial Officer, Paul Smith, stated that because engineers constitute only 2%-5% of the workforce, Cowork has a lower barrier to entry, is aimed at all employees, and is designed to handle a wider range of work tasks beyond just programming. Its initial adoption rate has already surpassed that of Claude Code.

First Yen Bond Issuance in the Post-Buffett Era! Berkshire Still Invests Amidst the Iran War. Amidst the turmoil of the Iran war and the pressure of rising interest rates in Japan, Berkshire, under Abel's leadership, is preparing to issue a new round of yen bonds. This is the first yen bond financing in the "post-Buffett era," marking the continuation and deepening of its strategy in Japan. The market widely speculates that this fundraising may be used to further increase its holdings in core assets such as large Japanese trading companies.

"God of Oil Trading" Returns! Andurand Bets on Middle East Supply Shock, Flagship Fund Surges 31% in Q1. "God of Oil Trading" Pierre Andurand has heavily bet on a Middle East supply shock, with his flagship fund surging 31.1% in the first quarter, mirroring the nearly 60% rise in Brent crude in March. Previously, his oil price predictions in 2023 proved incorrect, he cleared his oil long positions in 2024, and his fund's performance in 2025 was also sluggish. Now, returning to the long side, he has delivered a brilliant performance.

## Today's News Preview

China, U.S., Japan March Services and Composite PMIs.

U.S. March Non-Farm Payrolls.

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