TMTB Morning Wrap

Good morning. Futures -1% as geopolitical jitters dominating in the morning fueld FT article saying Qatar is warning war will force Gulf to stop energy exports within days. Oil +7% and now up close to 25% for the week.

Asia mixed overnight: TPX +0.39%, NKY +0.62%, Hang Seng +1.72%, HSCEI +2.09%, SHCOMP +0.38%, Shenzhen +0.95%, Taiwan TAIEX -0.22%, Korea KOSPI +0.02%,…Samsung/Hynix -4% despite Korea flat….

Yields +2-4bps across the curve….BTC -2%…market now pricing in 9/16 as the first rate cut.

We get S&P 500 announcements for March quarterly rebal today after the close with top candidates VRT and MRVL.

The Anthropic / DoD spat continues with Anthropic now deemed a supply chain risk DoD not seemingly backing down:

We’ll hit up MRVL & IOT earnings first, then onto the usual…