Israeli Artillery Strike Kills Two UNIFIL Peacekeepers in Southern Lebanon

Global Demand Destruction: Subsidies, Empty Gas Stations, Rationing, Flight Cancelations, Export Limits, Price Controls In the past two weeks we have discussed demand destruction as a result of soaring oil prices (here and here), and we are increasingly seeing anecdotal evidence of just that (here is a table from Goldman we showed previously, laying out where demand destruction is most acute). We start, as always, with Asia which has emerged as ground zero of the global energy crisis - as a reminder last week we first presented a map by JPMorgan's...

Trump Admin Nears Possible Rescue Deal For Spirit Airlines As 14,000 Jobs At Risk The Wall Street Journal reports that the Trump administration is nearing a rescue deal for bankrupt Spirit Airlines that could include up to a $500 million loan in exchange for warrants that would give the federal government a potentially large equity stake. The WSJ noted that the Transportation and Commerce Departments are involved in talks to help save struggling Spirit, which faces the risk of imminent liquidation. *TRUMP ADMIN. NEARS ~$500M RESCUE DEAL FOR SPIRIT AIRLINES:...

Futures Slide But Off Session Lows As Oil Spikes Above $100 Ahead Of Trump's 10am Hormuz Blockade Stock futures are lower, but off their worst levels of the session, as Brent crude surged 7% to over $102 after Trump ordered a blockade of the Strait of Hormuz to take place at 10am ET. The moves look relatively contained given the breakdown of US-Iran talks, with strategists saying this is a moment to buy the dip. Goldman Sachs is kicking off the earnings season shortly with earnings that missed on FICC revenue, sending the stock...