Trump Declares US Blockade on Strait of Hormuz After No Deal Reached With Iran

US New Home Sales Soar For 2nd Straight Month As Prices Plunged In March After collapsing in January (-17.6% MoM - worst since July 2013 amid weather disruptions), US New Home Sales have risen strongly for two straight months - up 8.9% MoM in February and up 7.4% MoM in March... Source: Bloomberg This lifted new home sales by 3.3% YoY, but the total SAAR remains below Dec 2025 levels... Source: Bloomberg New home sales have really gone nowhere in three years. Median new home prices plunged in March from $407k to $387.4k - its...

US Initial Jobless Claims Jump To 4-Month-Highs The number of Americans filing for unemployment benefits for the first time jumped to 229k last week (more than the 220k expected) and the highest in four months... Source: Bloomberg Pennsylvania, California, and Minnesota are the states seeing the largest rise in claims last week... Continuing jobless claims also rose last week to 1.795mm Americans - highest in two months, but still relatively low in the context of the last two years... Source: Bloomberg The bottom line is that while initial jobless claims are rising, they remain low...

IRGC Vows 'Not A Drop Of Oil & Gas Will Be Exported' From Region Amid Sustained Cross-Gulf Fighting Summary: Iran-US fighting is sustained but in tit-for-tat pace, with new reported strikes across the Gulf. Trump declares FULL blockade on Iranian ports, while IRGC asserts 'wartime control' of Hormuz. Trump drops 20% transit fee plan; oil prices ease. Multiple tanker attacks over past day again disrupt shipping & cause casualties. Regional conflict expands with reported Houthi missiles on Saudi Arabia. Strait of Hormuz traffic returns to normal by August 31? Yes 12% · No 89%View full market &...