Big 🍎

A delegation of more than 300 British business executives will join Deputy Prime Minister Oliver Dowden at the #Saudi Great Futures event on May 14-15. The event will mark the start of a campaign to showcase UK firms to Saudi investors.

bloomberg.com/news/articles/… via Bloomberg Markets #UK

Into big US earnings week 👀
- Magnificent 7 (ex Nvidia) profit growth forecast “only” at +23% for the quarter
- SPX as a whole at -3.9% (negative number)

blinks.bloomberg.com/news/stories/S…

There is never an end of it…

My latest for Financial Times
Israel and Iran are misreading each other, but also misreading their Arab neighbors.

Iranian foreign minister says it will not escalate conflict and mocks Israeli weapons as ‘toys that our children play with’ - NBC News nbcnews.com/news/world/ira…

Important thread 🧵

Iran says the Israeli action earlier Friday involved drones and failed. Media reports from #Israel say the attack included missiles. What happened in #Syria might actually hold the clues: Sources told Bloomberg News that a squadron of Israeli jets flying over Syria before the

#IranIsrael : In the hours since the Isfahan explosions, Iran has sought to downplay the attack

There is no signal < yet > that Israel’s targeted strike is deemed antagonistic enough to warrant a response. Nuclear facility unharmed per IAEA
Risk turns around

Israel’s hawkish national security minister, Itamar Ben Gvir, signals his disappoint with the response: “Weak”

(Ben Gvir isn’t part of Netanyahu’s Likud party and doesn’t sit on the war cabinet that makes final decisions)

.Joumanna Nasr Bercetche 🇱🇧 hits the ground running at Bloomberg TV.

Iranian state media appears to be downplaying a strike US officials attributed to Israel.

Bloomberg's Joumanna Nasr Bercetche 🇱🇧 reports on the latest developments: trib.al/kCVG88E

INTERESTING :
Saudi will require an average oil price of $96.20 a barrel to balance its budget, assuming it holds crude output steady near 9.3 million barrels a day this year, per IMF.
That’s up 21% from a previous forecast in October

bloomberg.com/news/articles/… via Bloomberg Markets

IAEA CONFIRMS NO DAMAGE TO IRAN’S NUCLEAR SITES

'If it was just a single military base struck in Isfahan there’s a good chance it falls below the threshold -- from Iran’s point of view -of an act that requires a major retaliation. For the US, Europe and Arab states, that would be a good outcome. '- Paul Wallace , Bloomberg

Update #IranIsrael :
Iranian state media saying that the nuclear site in Isfahan is 'completely safe'

Markets given back some of the initial risk-off knee jerk reaction: Oil +2.8% (from +4% earlier), US10Y - 8bps (from 11bps earlier)

One of the most thoughtful individuals in European eco-politics - Mario Draghi - has concluded that the EU needs to respond to US & Chinese protectionism. Global co-operation to maximise overall economic utility looks set to fracture further: euractiv.com/section/econom…

Does AI mean the end of banks? Jamie Dimon tells Emily Chang about his debate with Bill Gates.

Watch The Circuit today: trib.al/u0ijMle