Futures Rise, Oil Drops On Report Of Ceasefire Push

Israel Bombs Deep Into Lebanon For First Time Of 3-Week Ceasefire There's supposed to be a 3-week Lebanon ceasefire in effect, but that increasingly appears something merely on paper or in name only, as Israel has stepped up and expanded its attacks on Lebanon - now for the first time of the ceasefire including strikes on the far away Beqaa Valley. "The IDF says it has launched a wave of airstrikes against Hezbollah infrastructure in the Beqaa Valley and several areas of southern Lebanon," Israeli media confirms Monday. "The strikes come...

DOJ Probes BlackRock Private Credit Fund Valuations After Dramatic Repricings It all started in late January, just before the Blue Owl debacle and the SAAS-palcypse sparked a historic crash in private credit.  It was then that in a rare off-cycle disclosure, BlackRock TCP Capital Corp., a publicly traded private-credit fund structured as a business development company (BDC), disclosed a 19% markdown in net asset value as troubled loans weighed on performance. The news not only sent shares of the fund plunging 13% on Jan. 26, the most since March 2020 but market...

Saudis Bypass Hormuz As Oil Exports From Yanbu Surge Toward 5 Million Target One week ago, when fears that the Strait of Hormuz blockade would mean a permanent collapse in oil supply (we have since seen that Iran is allowing "friendly" ships to cross the strait, especially if they grease the toll-keeper with $2 million per crossing) hit a fever pitch and pushed the price of Brent to $120, we said that "Saudi Arabia Has Already Revived More Than Half Its Oil Exports Via Hormuz Bypass."   With Iran blocking Saudi ships from...