"Small Disruption Now Has Outsized Price Consequences": Jefferies Warns As Hurricane Takes Aim At US Gulf Energy

US Pending Home Sales Rebound Off Record Lows, Despite Rising Mortgage Rates After rising in February, US Pending Home Sales were expected to continue to improve in March (+0.5% MoM) but - despite apparently rising mortgage rates - sales rose 1.5% MoM (even with February revised up to +2.5% MoM). This dragged pending home sales up to +1.8% YoY (to the highest level since Nov 2024)... Source: Bloomberg ...extending its bounce off record lows... Source: Bloomberg “Contract signings rose in March despite higher mortgage rates, pointing to pent-up housing demand,” NAR Chief Economist Lawrence...

Canada Taunts Beijing With Frigate's Taiwan Strait Transit Despite Carney's China Reset Just days before a high-stakes meeting of Canadian officials with Chinese Foreign Minister Wang Yi in Ottawa, a Canadian frigate defied Beijing’s explicit warnings and sailed directly through the Taiwan Strait.   The Halifax-class frigate HMCS Charlottetown pulled off the transit in a rare solo run, without American or other accompanying vessels, bypassing the usual joint patrols with allied nations. via Royal Canadian Navy According to a delayed statement from Canada's Department of National Defense spokesperson Andrée-Anne Poulin: "On May 22,...

Iranian media reported on Monday that the attack on oil facilities in the UAE’s port of Fujairah was the result of US “adventurism” in the Strait of Hormuz. “Iran had no pre-planned intention to attack the Fujairah oil facilities,” an Iranian military official told the Iranian broadcaster IRIB. “The incident resulted from US military adventurism […]