Housekeeping: Good Morning.
Bretton Woods Three is a Process, Not an Event
Today:
Premium: Goldman, Citi, SEB on Israel
Commentary: Israeli Attack
Markets Yesterday:
US equities continued to decline on Thursday as investors weighed still-strong inflation and economic data against future rate decisions by the Fed.
Premium:
Attached: Goldman, CITI, trading desks and MUFG on commodities…
Commentary:
What happened:
Israel retaliated by hitting an Iranian military base with drones apparently
How bad was it:
Secondary target, F-14 tomcats, weak attack, drones,
Market Reactions:
geopolitical panic selling, then recovery as things seem to be playing out this was another kabuki theater attack.
Iran response:
Iran has no plans to strike Israel back immediately, Reuters reports, citing a senior Iranian official
What was weird:
All the initial reports of Israeli strike came out of western press, not Iranian
Iran may have been seeking to minimize this, The US may have made sure it was broadcast
Market News:
"The U.S. housing market is coming under renewed pressure, buffeted by mortgage rates that rose above 7% again and uncertainty over changes to the commission system for buying and selling a home. Source: WSJ
"[NFLX] said in its first-quarter shareholder letter that it will stop reporting quarterly subscriber gains. " Source: CNBC
"Meta has released a new and less “sanctimonious” version of its artificial intelligence model, as the social media group races against Microsoft-backed Open AI and Google to develop the cutting edge technology. Source: FT
"The US bond market’s recovery was cut short by a Federal Reserve official’s mere mention of the possibility of an interest-rate increase. Source: Bloomberg
"Stock portfolios at large pension funds had a blockbuster run. Now, managers are cashing out. Source: WSJ
Geopolitics:
IRANIAN MEDIA CONFIRMS AN ISRAELI ATTACK ON IRANIAN TERRITORY
IRANIAN STATE MEDIA IS REPORTING THAT TONIGHT’S AIRSTRIKE BY THE ISRAEL AIR FORCE MAY HAVE TARGETED THE 8TH TACTICAL AIRBASE OF THE IRANIAN AIR FORCE, WITHIN ISFAHAN INTERNATIONAL AIRPORT, WHICH CONTAINS MULTIPLE SQUADRONS OF F-14 “TOMCAT” FIGHTER AIRCRAFT.
ABC NEWS REPORTS THAT ISRAELI MISSILES HIT A SITE IN IRAN
IRAN STATE MEDIA SAYS 'NO FLY ZONE' ESTABLISHED OVER WESTERN REGION
IRANIAN MEDIA: 3 HUGE EXPLOSIONS WERE HEARD IN ISFAHAN, SOUTH OF TEHRAN
JERUSALEM POST: SIMULTANEOUS EXPLOSIONS REPORTED IN IRAN, SYRIA, AND IRAQ ACCORDING TO INITIAL REPORTS
IRAN'S FARS NEWS AGENCY SAYS EXPLOSIONS HEARD IN CENTRAL ISFAHAN AIRPORT, REASON UNKNOWN
ISRAELI MISSILES HIT IRAN SITE, US OFFICIAL SAYS: ABC1
Prior MSM Stories HERE
Some headlines via NewSquawk or DataTrek
Data on Deck:
MONDAY, APRIL 15 8:30 am U.S. retail sales MarchTUESDAY, APRIL 168:30 am Housing starts 1:15 pm Fed Chair Powell speaksWEDNESDAY, APRIL 172:00 pm Fed Beige BookTHURSDAY, APRIL 18 8:30 am Initial jobless claimsFRIDAY, APRIL 19 10:30 am Chicago Fed President Austan Goolsbee speaks2
Premium:
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