China’s Foreign Minister Tells Rubio That Taiwan Is the ‘Biggest Risk Factor’ in US-China Relations

Metal Shock: Gulf's Largest Aluminum Producer Declares Force Majeure A little more than a week after Emirates Global Aluminum (EGA), the Gulf's largest aluminum producer, halted operations at its Al Taweelah smelter following Iranian missile and drone strikes, EGA has now declared force majeure on parts of its contract book, signaling that supply chain disruptions are spreading beyond energy markets and into industrial metals. Bloomberg obtained new documents showing that EGA invoked force majeure clauses to suspend at least some deliveries after Iranian drone and missile strikes damaged the Taweelah smelter...

'Could Resonate Globally': Korea Sparks Market Chaos With 'AI Tax' Threat Korean markets were under pressure overnight after politicians floated the idea of tapping AI profits.  Bloomberg reports that a top South Korean policymaker said the nation should pay citizens a 'dividend' using taxes on AI profits, with the obvious read through to Samsung and SK Hynix.  The comments in a Facebook post by presidential policy chief Kim Yong-beom fueled sharp swings in Korean stocks on Tuesday as investors struggled to parse the scope of the proposals. “Excess profits in the AI era...

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...