UK Allows US To Use British Bases for Strikes on Iran

Iran Halts All Messages With US, Orders Opening Of New Fronts Citing 'Israeli Crimes'; Futures Slide As Oil Jumps Summary Oil jumps on Iran announcing halt to all exchanges with US, citing Israeli aggression in Lebanon. Iran overnight initiated fresh attacks on neighboring Kuwait and even released video showing footage of a ballistic missile launch. The US bombed radar & drone sites in Iran in response to the Iranians having shot down a US drone over the weekend. Reports of foreign jets over Iranian airspace. Iran negotiator Ghalibaf charges US with breaking the ceasefire: "the naval...

A Lot More Than Just Rates Moving Markets By Peter Tchir of Academy Securities The plan this weekend was to write about the AI Revolution. It would have dovetailed well with recent pieces Buggy Whips and Horses and Being Forced to Understand UBI. We discussed this, Iran, and much more on Bloomberg TV (1:43:30 mark), where I did bring out the red rocket ship tie, in honor of the SpaceX IPO. But it is difficult to stick to the plan when the Nasdaq 100 drops almost 5% in a day and the...

Futures Tumble As Latest Chinese "DeepSeek Moment" Sparks Chip Meltdown A surprise breakthrough from Chinese AI startup Moonshot (which is now at the top of the Frontend code benchmark on Arena) rumbled through global markets, sending chip stocks reeling, as queasiness returned about the industry’s unprecedented spending spree (something we have been warning about for the past year). Moonshot claims its new Kimi K3 model rivals top offerings from OpenAI and Anthropic in a release reminiscent of last year’s “DeepSeek moment.” It came as President Xi Jinping appeared at China’s premier...