Authored by Debra Heine via American Greatness,

Las Vegas Metro police are refusing to release a violent repeat offender, in defiance of a local judge’s order.

The career criminal, 36-year-old Joshua Sanchez-Lopez, has been arrested 35 times, with a rap sheet that includes involuntary manslaughter, drugs and car theft, according to the New York Post.

The legal standoff began in January, when police arrested Sanchez-Lopez on a warrant for grand larceny of a motor vehicle.

Justice Eric Goodman set Sanchez-Lopez’s bail at $25,000 and ordered his release with an ankle monitor once he posted bond.

The program allows defendants to leave jail and wear an ankle bracelet. Various levels of the program require different levels of confinement. Goodman ordered Sanchez-Lopez to high-level electronic monitoring, which Dickerson described as house arrest. About 450 defendants are in the program at a time.

Sanchez-Lopez reportedly posted bail on January 24, but the Las Vegas police refused to place him in the program, given his history of failing to comply with the rules. Attorneys for Metro filed a petition last week challenging the judge’s authority to release him, arguing that the Department has the authority to declare a defendant too dangerous to release.

In a letter to the court, the department gave three reasons for refusing the judge’s order.

Sanchez-Lopez’s history of failing to appear in court

His previous bench warrants

His past violations of electronic monitoring rules

Police cited a case in 2020, where Sanchez-Lopez, armed with a gun, ran from the cops and later joked about his ankle monitor on Snapchat and gloated about being “chased again.”

“We have to take a look at that and say, ‘Is this somebody who our electronic supervision program can monitor safely in the community?” Mike Dickerson, assistant general counsel for Metro police, told KLAS. “This is an issue of public safety.”

Goodman last month threatened to hold the police department and Clark County Sheriff Kevin McMahill, who heads Metro police, in contempt of court for defying his order.

In its petition, filed on March 9, the department asked “for the justice court to stop trying to force Clark County Sheriff Kevin McMahill to violate his statutory duty.”

Sanchez-Lopez’s public defender told KLAS the cops are out of line.

“Metro’s argument is flat wrong,” attorney P. David Westbrook told the outlet. “It is the job of the elected judge to decide whether someone charged with a crime should be released and under what conditions.

“The idea that a Metro employee can overrule a judge’s release order and keep someone locked up should worry anyone who believes in the Constitution and the rule of law,” Westbrook said.

Metro’s Office of Public Information also provided the following statement to KLAS:

On Monday, March 9, 2026, the Las Vegas Metropolitan Police Department filed a petition with the Nevada Supreme Court asking for a writ of prohibition against the Justice Court of the Las Vegas Township.

LVMPD is asking for the justice court to stop trying to force Clark County Sheriff Kevin McMahill to violate his statutory duty. The justice court is threatening contempt proceedings against Sheriff McMahill for not releasing a pretrial detainee to LVMPD’s electronic supervision program even though the sheriff determined that electronic supervision of that individual would pose an unreasonable risk to public safety and communicated his determination to the justice court.

Sheriff McMahill’s authority to evaluate whether electronic supervision of a defendant poses an unreasonable risk to public safety is clearly defined in NRS 211.250(2) and NRS 211.300.

The Justice Court of the Las Vegas Township has the authority to release dangerous people into our community. However, the sheriff will not violate the law to assist those few judges who seek to use LVMPD’s electronic monitoring program in disregard of public safety and the safety of the dedicated LVMPD corrections officers who administer the electronic monitoring program.

Sanchez-Lopez’s case is scheduled to return to Goodman’s courtroom on Thursday, March 19, KLAS reported.

The case comes as the public becomes increasingly concerned about the dire consequences of liberal, soft-on crime policies amid a slew of appalling stories in the news featuring homicidal maniacs, illegal alien gangbangers, and career criminals being released back onto the streets again and again to victimize innocent Americans thanks to lenient judges like Goodman, Soros district attorneys and Blue State sanctuary politicians.

In a double dose of regulatory green lights delivered on the same day, Oklo and its wholly owned subsidiary Atomic Alchemy just notched two meaningful milestones that underscore America’s push to reclaim control over critical nuclear supply chains.

*Oklo Announces DOE Approval for Nuclear Safety Design Agreement of Aurora Powerhouse at Idaho National Laboratory

— zerohedge (@zerohedge) March 17, 2026

The news sent the stock flying in early morning trading. 

What happened?

First, the U.S. Nuclear Regulatory Commission issued Atomic Alchemy its inaugural materials license. The permit authorizes the company to receive, possess, process, repackage, and distribute up to 2 curies of radium-226 (material currently treated as waste) along with sealed sources of cobalt-60 and americium-241 for calibration. Operations will kick off at Atomic Alchemy’s Idaho Radiochemistry Laboratory in Idaho Falls, paving the way for initial commercial sales of recovered isotopes used in cancer therapies, medical research, advanced manufacturing, and national security applications.

Oklo CEO Jacob DeWitte said, “Demand for critical isotopes is rising, but U.S. supply remains limited. This work helps create a more resilient and dependable domestic supply chain of isotopes and supports the transition from early operations to durable, commercial isotope production in the United States.”

Hot on its heels came the second announcement: the Department of Energy approved the Nuclear Safety Design Agreement (NSDA) for Oklo’s flagship Aurora powerhouse at Idaho National Laboratory. Following the recent signing of an Other Transaction Agreement under DOE’s Reactor Pilot Program, the NSDA marks the first formal step in the accelerated authorization pathway. Oklo has already requested review of its Preliminary Documented Safety Analysis, building on the project’s September 2025 groundbreaking and the earlier NSDA win for its Aurora Fuel Fabrication Facility.

Oklo $OKLO Announces U.S. Department of Energy Approval for Nuclear Safety Design Agreement of Aurora Powerhouse at Idaho National Laboratory

This is an acronym word salad for folks not versed in DOE-STD-1271

Oklo has signed an Other Transaction Agreement (OTA) with the DOE to… pic.twitter.com/KErZGDNXPK

— Steffan Szumowski (@UnoMasReactor) March 17, 2026

The Aurora-INL deployment, powered by recycled fuel from the historic Experimental Breeder Reactor II, sets the stage for eventual NRC commercial licensing while demonstrating how fast-fission tech can pair with isotope production for multi-stream revenue. The reactor design already scored a huge win after it was announced Oklo will be partnering with Meta to deploy multiple reactors to support the hyperscalers’ data centers. 

As we detailed back in January in our coverage of Oklo’s isotope business, the company is pursuing multiple revenue streams, unlike typical reactor developers who just focus on power off‑take agreements.

Oklo is reporting earnings after the bell later today and could share more details on their Atomic Alchemy isotope business. Analysts are looking for updates on reactor deployment timelines, new partnerships with hyperscalers or other power off‑takers, and some more clarity on nuclear fuel recycling efforts.

In a massive break from President Trump and MAGA, Joe Kent, Director of the National Counterterrorism Center (NCTC), announced his immediate resignation on Tuesday, citing irreconcilable opposition to the ongoing U.S. military operations against Iran.

Kent declared he could not “in good conscience support the ongoing war in Iran,” stating unequivocally that Iran posed “no imminent threat to our nation” and that the conflict was initiated “due to pressure from Israel and its powerful American lobby.” The move comes weeks into active strikes targeting Iranian nuclear sites, leadership, and infrastructure, with Iranian retaliation underway and global oil markets feeling the strain.

After much reflection, I have decided to resign from my position as Director of the National Counterterrorism Center, effective today.

I cannot in good conscience support the ongoing war in Iran. Iran posed no imminent threat to our nation, and it is clear that we started this… pic.twitter.com/prtu86DpEr

— Joe Kent (@joekent16jan19) March 17, 2026

Kent, a retired Green Beret with 11 combat deployments, former CIA paramilitary officer, and Gold Star husband who lost his wife Shannon in a 2019 ISIS-claimed suicide bombing in Syria, framed his exit as a defense of the “America First” principles Trump championed during his 2016, 2020, and 2024 campaigns. He praised Trump’s first term for decisively striking Qasem Soleimani and defeating ISIS without escalating into endless wars, noting that until June 2025, Trump recognized Middle East conflicts as a “trap” draining American lives and wealth. However, Kent alleges that “early in this administration, high-ranking Israeli officials and influential members of the American media deployed a misinformation campaign” that undermined Trump’s platform, deceived him into believing Iran posed an imminent threat with a “clear path to a swift victory,” and echoed tactics used to draw the U.S. into the “disastrous Iraq war.” He explicitly compares the current situation to Iraq, warning against repeating the mistake that cost thousands of American lives.

“As a veteran who deployed to combat 11 times and as a Gold Star husband who lost my beloved wife Shannon in a war manufactured by Israel, I cannot support sending the next generation off to fight and die in a war that serves no benefit to the American people,” Kent wrote.

The resignation carries profound weight as Kent was a Senate-confirmed Trump loyalist installed in July 2025, not a career holdover. As head of the NCTC – tasked with assessing terrorist threats from Iranian proxies and beyond – Kent is directly challenging the administration’s justification for the conflict. The letter, addressed personally to the president and thanking DNI Tulsi Gabbard, signals deeper fractures in the MAGA coalition or prompts a policy pivot, Kent’s bombshell exit underscores the high personal and political stakes of America’s latest Middle East engagement.

The resignation effectively places Kent within a growing bloc of Republican lawmakers who have opposed the Iran campaign from the outset, elevating what had been a vocal but limited faction into a more institutionally significant challenge to the administration’s approach.

Rep. Thomas Massie (R-KY) and Sen. Rand Paul (R-KY), longtime advocates of non-interventionist “America First” foreign policy, were among the earliest critics of the strikes, warning they risk entangling the U.S. in another costly and open-ended Middle East conflict. Both have argued in recent weeks that the operation mirrors the strategic missteps that led to the Iraq and Afghanistan wars, calling for de-escalation and greater congressional oversight.

The most prominent political voice amplifying that message has been Rep. Marjorie Taylor Greene (R-GA), who has emerged as one of the war’s fiercest critics within Trump’s base. Since the first strikes in late February, Greene has repeatedly denounced the operation in media appearances and on social platforms, calling it a betrayal of Trump’s campaign pledge to avoid new foreign entanglements. 

On Saturday, Greene told CNN that the Republican base is fractured “along generational lines.”

“Many of the older Americans from the Baby Boomer generation that watch Fox News all day long very much believe the talking points on Fox News, and they have spent decades of their lives convinced that fighting these wars is the right thing to do,” she explained.

Marjorie Taylor Greene: “It’s turned into some perverted, deranged version of MAGA now that nobody wants” pic.twitter.com/OceBnJpLnp

— Aaron Rupar (@atrupar) March 16, 2026

Developing…

After reaching a record low last month – with the decline blamed on weather – pending home sales bounced modestly in February (up 1.8% MoM vs -0.6% MoM exp and -10.% MoM prior).

Year-over-year home sales continue to decline (down 0.6% YoY)…

Source: Bloomberg

…just barely off of all-time-record lows…

Source: Bloomberg

Pending home sales in the South, the biggest home-selling region in the country, increased 2.7%.

They rose 4.6% in the Midwest and edged up in the West.

Contract signings dropped in the Northeast.

Mortgage-rates have tumbled (to their lowest since 2022) – helping affordability – so what is holding pending home sales back?

Source: Bloomberg

“The slight gain in pending contracts appears to be driven by improved affordability conditions. However, those conditions could reverse if higher oil prices lead to an uptick in mortgage rates,” NAR Chief Economist Lawrence Yun said in a statement.

Indeed, it certainly won’t help in April that in the first week of March, mortgage rates jumped by the most since September as war with Iran sparked concerns about inflation.

Housing affordability has been a key issue ahead of November’s midterm election. President Trump has taken several steps to boost home ownership, including signing two executive orders last week aimed at improving access to mortgage credit and easing environmental rules to speed up development projects.

As a reminder, pending-homes sales tend to be a leading indicator for previously owned homes, as houses typically go under contract a month or two before they’re sold.

The oil spike has moderated and markets are mellow for the time being, but could the long-term economic consequences of this war just be getting started?

U.S. allies have shown a lackluster response after President Trump’s request for assistance in reopening the Strait of Hormuz — a corridor carrying roughly 20% of global oil supply — and this may spell a trend of what’s to come. What happens when oil-producing Gulf states have had enough of our/Israel’s foreign policy machinations and, as a result, begin to de-dollarize or offload U.S. sovereign debt?

Tonight at 7pm ET, wealth manager Peter Schiff, proponent of the Austrian school of economics, and Rabobank global strategist Michael Every will square off on these questions and debate whether the Iran war will undermine the foundations of dollar dominance.

Moderating the discussion is the great Dave Collum, chemistry professor at ZeroHedge and long-time friend of ZH.

Schiff: Dollar’s Days Numbered

Schiff has long argued that U.S. fiscal deficits, monetary expansion, and reliance on foreign capital have put the dollar on an unsustainable trajectory. In recent commentary on the Iran conflict, he warned the war could accelerate those vulnerabilities.

The U.S. economy and labor market were already weakening, and inflation strengthening, before the war with Iran began. Now, as those problems get worse, Trump can blame them on a war he will insist we had no choice but to fight. Stagflation will be sold as the cost of freedom.

— Peter Schiff (@PeterSchiff) February 28, 2026

According to Schiff, the combination of higher oil prices, massive war spending, and renewed inflation pressures could trigger a severe economic downturn and destroy purchasing power for Americans. The conflict could be the catalyst that finally exposes structural weaknesses he has warned about for years: a heavily indebted U.S. economy dependent on monetary stimulus and foreign financing.

When other countries start offloading their dollars, it may be rapid and jarring. As Schiff is fond of saying, stocks take the escalator up and the elevator down. 

Every: Manufactured Hegemony

Rabobank’s Michael Every takes a different approach.

Less worrisome, he sees Hormuz being opened in two to three weeks:

1/2

Some thoughts on the Iran War on CNBC which are not quite as their headline puts it.

Our base case remains thst Hormuz is reopened by the end of this month or early April.

Yet geopolitically, that’s more likely to be through US force escalation (“The only way out is…

— Michael Every (@TheMichaelEvery) March 16, 2026

Rather than collapsing the dollar, crises can actually reinforce its dominance, as global investors rush into U.S. assets during periods of uncertainty. Indeed, in the opening days of the Iran conflict the dollar initially strengthened even as global markets tumbled.

Every also sees the war as a geopolitical chess move that can strengthen the U.S. dollar. If the post-war Iranian regime is more subservient to the Americans, they would control another crux of the world’s energy trade.

Tune in tonight at 7pm ET to witness the showdown. Right here on the ZeroHedge homepage and streaming on X.

Authored by Tsvetana Paraskova via OilPrice.com,

The federal Iraqi government is in contact with Iran to persuade Tehran to allow some Iraqi oil tankers to pass through the Strait of Hormuz, Iraq’s Oil Minister Hayyan Abdul Ghani said on Tuesday. 

“There is communication with Iran regarding allowing the passage of some Iraqi oil tankers,” the minister said in statements carried by the Iraqi News Agency (INA). 

Iraq, unlike Saudi Arabia and the United Arab Emirates (UAE), doesn’t have any options – even partial – to bypass the Strait of Hormuz, which has been closed for over two weeks now, forcing Baghdad to slash oil production as storage sites and tankers available in the Gulf filled up.

Iraq was the first to announce more than a week ago it was slashing crude oil production amid the de facto blockade of the Strait of Hormuz. 

Last week Iraq said it would maintain crude oil production at roughly 1.4 million barrels per day (bpd) as the war disrupting the Persian Gulf continues to cripple the country’s export routes.

Before the war, Iraq, OPEC’s second-largest producer behind Saudi Arabia, produced more than 4.4 million bpd. 

But with no way out of the Gulf for all these barrels, Iraq and the other major producers are forced to slash upstream production.

Initial losses of about 5 million bpd have already hit about 10 million bpd, according to estimates by the International Energy Agency (IEA) in its monthly report published last week. 

For Iraq, the situation is more critical than the other Gulf producers—its dependence on oil revenue is the highest in the region, and unlike Kuwait, the UAE, and Saudi Arabia, Baghdad doesn’t have a huge sovereign wealth fund to lean on.  

So Iraq is also scrambling to restore a northern oil export route that would send crude from the Kirkuk fields directly to Turkey’s Mediterranean port of Ceyhan, as the southern export route via the Strait of Hormuz has been effectively closed for weeks.  

SK Group Chairman Chey Tae-won warned that the global high-bandwidth memory crunch, driven by AI data center buildouts, will last until the end of the decade.

Chey told reporters on the sidelines of Nvidia’s annual developer conference, ‘GTC 2026,’ at the San Jose Convention Center in California on Monday that the memory chip shortage could last another four to five years, with supply unlikely to catch up to demand until 2030.

He explained, “The supply shortage problem stems from a wafer shortage, and it takes at least four to five years to secure more wafers,” adding, “We expect the supply shortage (across the industry) to persist at over 20% until 2030.”

“I will do my best to stabilize prices,” he noted. “I understand that our CEO (Kwak No-jung) will soon announce a new plan to stabilize DRAM prices.”

Chey was asked by a reporter about plans to move manufacturing plants or production capacity to the US under President Trump’s ‘Make America Great Again’ industrial base buildout. He responded that, at the moment, intentions are mostly focused on facilities in South Korea.

He explained, “It is the same wherever we go, and even if we establish production capabilities outside of Korea, it takes the same amount of time. Since Korea already has an established foundation, we can respond much more quickly, which is why we are focusing on Korea.”

Chey’s timeline for how long the memory crunch will linger is set to cause a “tsunami-like shock” across the global smartphone industry, according to a recent report from the market research firm International Data Corporation. The shock is expected to spread to every consumer electronics company that heavily relies on memory, first squeezing margins and then forcing companies to raise prices for consumers.

Bloomberg Markets Live reporter Michael Ball warned the other week that the memory crunch is becoming yet another bottleneck for AI data center buildouts.

Last week, Goldman analyst Katherine Murphy told clients that a “structural supply crunch in the memory market” will “put constraints on the availability of PCs and drive vendors to raise prices in order to protect thin margins.”

Murphy forecast that shipments in 2026 will slide by about 12% year over year to 245 million units, with consumer PCs declining 15% year over year to 108 million units and commercial PCs down 9% year over year to 137 million units.

“As of March 2026, we expect PC unit shipments at DELL and HPQ will be down high single digits to low double digits year over year in C2026, with AAPL PC units up modestly year over year on new product launches, including the entry-level MacBook Neo,” the analyst noted.

Murphy said the soaring DRAM and NAND component costs, which typically account for 20% of a PC build’s total cost, will account for about 40% under the current pricing regime.

Professional subscribers can read much more about the memory crunch on our new Marketdesk.ai portal.

Stock futures have reversed overnight losses and traded at session high, just above the flatline, despite diesel topping $5 a gallon – the highest since 2022 – with Iran expanding attacks on energy infrastructure around the Middle East and Israel targeting military / security leadership, reportedly killing Iran security chief Ali Larijani and the commander of Iran’s paramilitary Basij unit. As of 8:15am ET, S&P futures were up 0.1%, while Nasdaq futures were still red, with most big tech stocks edging lower except Nvidia after its bullish sales outlook. KOSPI leading overseas up 163bps but other parts of Asia strong as well with TWSE up 148 and Brazil bouncing +125bps. China property the notable laggard down 85bps. Cyclicals rallying in Europe with autos and chemicals squeezing higher. Large miss in German ZEW expectations with current data point more or less in line. Australia’s central bank raised interest rates on Tuesday as the conflict in Iran worsened existing concerns around an acceleration in inflation and the country’s reliance on oil imports.  Energy prices are off their highs as markets analyze the outcome of a partial opening of SoH, even as forecasts for production curtailments to grow from ~6.5mm bpd (Mar 13) to ~12mm bpd (Mar 20). US transport fuels continue to surge. For investors, growth optimism is tanking, inflation expectations are jumping, and cash levels are surging, according to Bank of America. WTI was back near $100 after an Iraqi oil field and key Emirati port were targeted by Iranian drones and missiles. Trump reiterated his appeals for other nations to help secure the Strait of Hormuz, which has still only seen a trickle of vessels pass through. He also delayed a summit with China for about a month. Bond yields are flat to up 1bp, the USD is mixed though the JPM desk flows remain defensive via USD buying. US economic data slate includes weekly ADP employment change (8:15am), March New York Fed services business activity (8:30am) and February pending home sales (10am) 

In premarket trading, Nvidia shares edge higher after its GTC event, however other Mag 7 stocks are mostly lower (Nvidia +0.2%, Tesla -0.1%, Apple -0.2%, Microsoft -0.2%, Meta -0.3%, Alphabet -0.4%, Amazon -0.3%)

Coherent and Lumentum, developers of data center optical components, fall after Nvidia CEO Jensen Huang’s comments that copper wires remain important in server racks. Coherent (COHR) falls 4% and Lumentum (LITE) declines 4%.
Delta Air Lines Inc. (DAL) rises 4% after issuing a more optimistic sales target for the first quarter after bookings by leisure and corporate customers accelerated into March.
DraftKings (DKNG) slips 1% after Argus Research stepped away from its buy rating, citing aggressive competition from prediction markets.
Janus Henderson Group (JHG) climbs 2% after Victory Capital Holdings Inc. submitted an improved proposal to acquire the company.
Lemonade (LMND) rises 6% after Morgan Stanley upgraded its rating to overweight, noting that the insurer is an early stage winner as autonomous vehicles transform the auto insurance industry.
Semtech (SMTC) falls about 2% after the chipmaker provided an outlook that failed to extend the stock’s 2026 rally.
Uber (UBER) gains 3% after the rideshare firm and Nvidia said they will expand their autonomous vehicle partnership to launch a global fleet of Nvidia software-driven autonomous vehicles across 28 cities globally by 2028.

In other corporate news, Finland’s Kone is said to be in talks to acquire TK Elevator, the Advent and Cinven owned elevator maker that’s been planning an IPO. Uber expanded its autonomous vehicle partnership with Nvidia to launch a global fleet of Nvidia software-driven robotaxis across 28 cities globally by 2028.

In the latest Iran war news, Israel said it killed Iran security chief Ali Larijani and the commander of Iran’s paramilitary Basij unit. Iran ramped up attacks on energy assets around the Persian Gulf, setting a massive UAE gas field ablaze. The conflict “is shifting into a prolonged war of attrition, embedding a persistent geopolitical risk premium in oil rather than a brief price spike,” according to Fidelity’s global head of macro and strategic asset allocation, Salman Ahmed. The prospect of a longer conflict has led the market to price out rate cuts, though there are some dissenters: Morgan Stanley is sticking with its forecast for a cut in June and another reduction in September.

Oil has risen more than 40% since the war started. In the latest developments, operations were suspended at the Shah field in the United Arab Emirates, while an Iraqi oil field and an Emirati port were also targeted by drones and missiles. Meanwhile, President Donald Trump renewed calls for other nations to help secure the Strait of Hormuz and threatened to expand strikes to Iranian oil infrastructure.

Fund managers in BofA’s survey, meanwhile, have turned bearish due to the the war, as well as concerns over private credit. Cash levels jumped from 3.4% last month to 4.3% in March, the biggest increase since the pandemic, Michael Hartnett wrote. Still, there’s no equity capitulation yet, and positioning hasn’t reached the uber-bearish levels seen in other recent shocks like April’s tariff turmoil and Russia’s 2022 invasion of Ukraine.

“The longer the oil price stays above $100 per barrel, the louder the alarm bells for the market over inflation risks,” said Dan Coatsworth, head of markets at AJ Bell.

Amid the geopolitical chaos, AI news has become a market sideshow at the moment, with Nvidia shares having a muted reaction to CEO Jensen Huang’s presentation of new products and forecast for $1 trillion in sales through 2027. Elsewhere, Samsung unveiled its next-generation AI chip HBM4E, while South Korean conglomerate SK Group said that a global shortage of memory chips is likely to persist another four to five years.

The Reserve Bank of Australia increased the official cash rate to 4.10% from 3.85%, the second increase this year.

“The bias is certainly that central banks will be more hawkish that the markets wants them to be,” said Andrew Chorlton, chief investment officer of fixed income at M&G Investment Managers. “We don’t expect anyone else to raise rates but no one is going to cut rates and any remaining expectations of rate cuts are slowly diminishing.”

European stocks and bonds rally and US assets lag behind, while oil rises and US diesel prices hit the highest since 2022. Stoxx 600 up  by 0.3%- led by utilities and energy stocks – headed for its first back-to-back gain since the war began. Here are some of the biggest movers on Tuesday: 

Sartorius shares gain as much as 5.9% after the German lab equipment maker provided medium-term targets which Morgan Stanley analysts called a “clear positive.”
Fraport shares climb as much as 4.7%, the most since November, after the German airport operator encouraged investors by reporting positive free cash flow.
Springer Nature shares jump as much as 9.6%, the most in almost a year, after the German publishing group reported results and gave guidance for 2026 including 5%-6% revenue growth.
Wickes shares rise as much as 8.6%, the most in 10 months, as full-year sales and profit beat analysts’ forecasts and the DIY retailer unveils a £10 million ($13.3 million) buyback.
Allegro shares fall as much as 4.1% as InPost’s plan to launch an AI shopping assistant was seen posing a competitive thread to online market places.
Indra Sistemas shares fall as much as 7.5% after El Confidencial reports that the government is planning to ask Chairman Ángel Escribano to step down from the defense firm.

Asian stocks rose, poised for a second day of gains, as tech shares advanced with help from an upbeat Nvidia outlook while investors continued to eye crude prices. The MSCI Asia Pacific Index gained as much as 1.4% Tuesday, with Samsung and TSMC among the biggest contributors after Nvidia CEO Jensen Huang unveiled new products at a company event. South Korea’s Kospi rose 1.6%, while benchmarks also climbed in Taiwan, Hong Kong and most of Southeast Asia. Monday’s tech-led rebound in the US provided relief, along with continued optimism over the central role played by Asian companies in the ongoing AI buildout. Nevertheless, concerns remain about the impact of rising energy costs on inflation. Oil climbed as Iran stepped up attacks on energy infrastructure around the Persian Gulf.

“I would not read this as investors suddenly becoming comfortable with risk,” said Charu Chanana, chief investment strategist at Saxo Markets. “The rally can continue through the week if oil stays contained and central banks do not sound more hawkish, but conviction is still fragile.”

In FX, the Bloomberg Dollar Spot Index was flat after rising 0.2% the previous day. AUD/USD was down 0.2% to 0.7056 after the Reserve Bank of Australia voted five-to-four in favor of raising its interest rate, potentially signaling a less hawkish path ahead

In rates, Treasuries are slightly cheaper vs Monday’s closing levels, underperforming European counterparts, which are higher despite oil price rebound after Germany’s March ZEW expectations gauge missed estimates.  US yields are about 1bp cheaper on the day with the curve marginally steeper. 10-year is near 4.225%, trailing bunds and gilts in the sector by 3bp and 4bp respectively.  European bonds higher, led by the UK. German investor outlook slumped on risks from the Iran war.  Treasuries face duration supply Tuesday in the form of 20-year bond reopening at 1pm New York time and another heavy corporate new-issue slate expected. Treasury’s $13 billion 20-year bond reopening has WI yield around 4.855%, ~19bp cheaper than last month’s weak auction, which tailed by 2bps.  IG dollar issuance slate includes a couple of names so far; eight borrowers raised a total of nearly $30 billion on Monday. Issuers paid about 8bps in new issue concessions on deals that were 3.6 times covered. Five to seven issuers stood down and may try again Tuesday ahead of Wednesday’s Fed policy announcement

In commodities, Crude bouncing in commodities with WTI up 270bps to $96, European gas up similarly; Brent crude is around $103 a barrel after Iran struck energy facilities around the Persian Gulf; US diesel prices are the highest since 2022. Gold little changed around $5,000/oz and Bitcoin dipping slightly further below $74,000. 

US economic data slate includes weekly ADP employment change (8:15am), March New York Fed services business activity (8:30am) and February pending home sales (10am). No significant earnings are expected before the market open. Earnings from Lululemon and Docusign follow later in the day. Nvidia’s GTC AI conference continues in San Jose. Conferences include BofA global industrials (London), Piper Sandler energy (Las Vegas) and JPMorgan industrials (Washington).

Market Snapshot

S&P 500 mini -0.1%
Nasdaq 100 mini -0.2%
Russell 2000 mini -0.2%
Stoxx Europe 600 +0.3%
DAX +0.2%
CAC 40 +0.5%
10-year Treasury yield +1 basis point at 4.22%
VIX +0.1 points at 23.65
Bloomberg Dollar Index little changed at 1207.96
euro +0.2% at $1.1523
WTI crude +2.8% at $96.14/barrel

Top Overnight News

Israel said it killed Iran security chief Ali Larijani and the commander of Iran’s paramilitary Basij unit. Iran ramped up attacks on energy assets around the Persian Gulf, setting a massive UAE gas field ablaze. BBG
Iraq ‌said it’s in contact with Iran to allow some oil tankers to pass through the ⁠Strait of Hormuz after the OPEC nation was forced to reduce oil output to a quarter. BBG
President Donald Trump has asked America’s NATO allies to help unblock the Strait of Hormuz — and their response has not exactly been enthusiastic. “This is not our war, we have not started it,” German Defense Minister Boris Pistorius told reporters Monday. That appeared to sum up the mood among U.S. allies, with leaders from Berlin to London expressing reservations about Trump’s demands and indicating they had no immediate plans to provide military support to reopen the crucial waterway. NBC
Trump announces and signs executive orders to bring more community banks back into the mortgage business and to lower construction costs for building more affordable homes.
Despite more than two weeks of relentless airstrikes, U.S. intelligence assessments say, Iran’s regime likely will remain in place for now, weakened but more hard-line, with the powerful Islamic Revolutionary Guard Corps security forces exerting greater control. WaPo
China said Tuesday it remains “in communication” with the United States over a widely anticipated visit by President Donald Trump to Beijing, after Trump said he had requested a delay of about a month because of the ongoing war with Iran. SCMP
The PBOC is set to surpass the ECB as the world’s largest central bank this month, as measured by respective balance sheets in dollar terms. BBG
The IMF raised concerns about Ukraine’s ability to keep receiving aid from its $8.1 billion package as lawmakers stall on measures to unlock the financing, its representative said. BBG
Australia’s central bank raised interest rates on Tuesday as the conflict in Iran worsened existing concerns around an acceleration in inflation and the country’s reliance on oil imports. The Reserve Bank of Australia increased the official cash rate to 4.10% from 3.85%, the second increase this year. WSJ
BYD and Hyundai were among Asian auto stocks that rallied after announcing plans to work with Nvidia on autonomous vehicle development. BBG

Central Banks

RBA hikes the Cash Rate by 25bps to 4.10%, as expected, with the decision made by a majority decision (5-4 vote split). Five members voted for a 25bps hike and four voted to leave the Cash Rate unchanged. Material risk inflation will stay above target for longer. Inflation risks have tilted further to the upside. Board will do what’s necessary to deliver price and jobs goals. Short-term inflation expectations have already risen. The conflict in the Middle East poses substantial risks in both directions and has resulted in sharply higher fuel prices, which, if sustained, will add to inflation. Will be attentive to data, evolving outlook, and risks in decisions. Wide range of data over recent months confirmed inflationary pressures picked up materially in H2 2025.
RBA Governor Bullock said rise in oil prices is not the reason for the rate increase and that inflation was already too high, adds risks to inflation are to the upside and cash rate was not high enough to bring inflation back to the target. All members agreed inflation was too high, board agreed inflation was too high. Had a very robust meeting. Members that voted to hold, voted in a hawkish sense. Discussion was about timing, not the direction of policy and hike. Difference was timing and those who voted against, still felt the need for an eventual rate increase. Today’s hike does not say anything about the forward path, and the forward path for rates is uncertain.
BoJ Governor Ueda said price trend is rising gradually and underlying inflation is gradually accelerating towards the 2% target. Will implement appropriate policy to maintain stable prices. Will guide monetary policy suitably to steadily and durably achieve the 2% price target. Expect underlying inflation to approach the target in the latter half of fiscal 2026 through fiscal 2027. Reaffirmed stance that it will act flexibly in exceptional situations when JGB yields suddenly rise. BoJ to conduct bond operations flexibly in exceptional cases.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks eventually traded mixed, with the region initially following suit to the gains on Wall Street, where sentiment was underpinned amid softer yields and oil price declines, although gains were capped overnight as oil prices partially rebounded and with participants bracing for this week’s central bank bonanza, which was kicked off by the RBA, which delivered a widely expected back-to-back 25bps rate hike. ASX 200 was kept afloat as gains in miners, utilities, and financials offset the losses in tech and consumer discretionary, although the upside was limited amid the RBA rate decision, in which the central bank hiked rates for the second consecutive meeting in a 5-4 vote split. Nikkei 225 briefly reclaimed the 54,000 status but later fell into the red as oil partially rebounded from an early trough. Hang Seng and Shanghai Comp were mixed with the Hong Kong benchmark outperforming in early trade amid strength in consumer stocks, while the mainland lagged after US President Trump revealed the US asked to delay the Trump-Xi summit by a month or so due to the Iran war.

Top Asian news

China’s Ministry of Finance said more pro-active fiscal policy is to continue in 2026, while it is to support the domestic market and self-reliance in tech, as well as ensure necessary expenditure levels.
Japanese PM Takaichi reiterates that not considering further increase in consumption tax.

European Bourses are all gaining as markets continue to price in the effects of oil prices. The IBEX 35 is the outperformer, closely followed by the FTSE 100. On the other hand, the DAX 40 is the laggard. European Sectors give no additional bias. Utilities outperform, with an upgrade for Neste at Barclays, lifting the entire sector. The Technology sector lies towards the bottom of the pile, not benefiting from the NVIDIA GTC event. Other key movers include Close Brothers, Fraport and Roche.

Top European news

UK, Finland and others are reportedly exploring new defence financing mechanism by 2027, with the aim of increasing the availability of critical capabilities such as munitions.

FX

DXY is flat within a narrow range, easing from overnight highs and trading closer to session lows after recent weakness. Price action remains sensitive to oil and geopolitics, with limited fresh escalation. Headlines around potential US–Iran dialogue and conflicting reports of contact have kept direction subdued, while reports of a senior Iranian security figure being killed briefly weighed on the USD.
EUR/USD edges higher, reversing earlier weakness in line with the softer USD. Focus includes comments from EU’s Kallas, who suggested a Black Sea-style security model could be applied to the Strait of Hormuz and left the door open to EU participation. Broader EUR catalysts remain limited, with little reaction to progress on an EU–Australia trade deal. EUR saw downticks on the sub-par ZEW Economic Sentiment metrics.
GBP/USD trades firmer alongside peers amid modest USD softness. UK-specific newsflow is light, though markets continue to monitor UK–US relations amid reported tensions over positioning in the Iran conflict. The pair holds near the top of its recent range.
USD/JPY rebounded from a brief move below 159.00, supported by a partial recovery in the dollar and oil overnight. Upside is capped by broader USD softness during European hours, leaving the pair off recent highs and consolidating within yesterday’s range.
Antipodeans are mixed, with AUD/USD modestly firmer post-RBA. The initial dovish reaction to the rate decision reversed as Governor Bullock struck a hawkish tone, stressing that inflation remains elevated and that dissent centred on timing rather than the direction of further tightening.

Fixed Income

USTs initially extended yesterday’s sell-off, with crude strength lifting yields and pushing prices to session lows. More recent headlines around Larijani triggered a pullback in oil and a recovery in risk sentiment, supporting bonds and bringing USTs back to broadly unchanged levels.
Bunds followed a similar pattern, hitting early lows on higher yields driven by energy strength. The move reversed as oil pared gains on Larijani-related headlines, lifting Bunds back into positive territory. Negative ZEW Economic Sentiment propped up bunds in recent trade.
Gilts opened amid the initial Larijani headlines and saw only modest early downside before sharply reversing higher. The benchmark rallied strongly alongside the pullback in yields and energy, outperforming peers.
UK sells GBP 4bln 4.125% 2031 Gilt: b/c 3.33x (prev. 3.94x), average yield 4.228% (prev. 4.001%), tail 0.3bps (prev. 0.2bps).
UK DMO plans to sell a new 10-year conventional gilt in April and long-maturity gilt in June. Also plans 2 syndicated gilt sales between April and June.
Japan sold JPY 613bln 20-year JGBs; b/c 3.25x (prev. 3.08), average yield 3.141% (prev. 2.968%).

Commodities

Crude futures rebounded overnight after the prior session’s pullback, as the Iran conflict continues without major escalation. Late US trade saw pressure on reports of US–Iran contact, which were subsequently denied, alongside renewed Iranian attacks on regional energy assets, supporting prices. In Europe, headlines added further volatility: Fujairah port suspended oil loadings, while Israel indicated Iran’s top security chief Larijani may have been killed. Strait of Hormuz developments remain in focus, with EU’s Kallas suggesting a Black Sea-style framework, while Iraq noted ongoing discussions with Iran to allow tanker passage—prompting some intraday softness.
Spot gold trades in a narrow range, largely tracking USD moves. Geopolitical tensions and inflation concerns are limiting haven-driven upside, keeping price action contained around the USD 5,000/oz level.
Base Metals are mixed, with copper consolidating after prior gains supported by improved risk sentiment. Prices remain capped below the USD 13,000/t level, with momentum flattening following the recent advance.
Fujairah port has suspended oil loadings, Bloomberg reported citing sources; loading berths at the Fujairah Oil Tanker Terminals were halted as of Tuesday morning.
UAE’s Fujairah confirms a fire in its petroleum industrial area.
Chinese state oil majors have recommenced seeking Russian oil shipments following the US waiver, according to sources.
Iraq’s oil minister said they are in contact with Iran to allow some oil tankers to pass through the Strait of Hormuz, state news reported.
Kazakhstan and Russia have discussed increasing Russian oil transit to China to 12.5mln tonnes per year, according to Kazakhstan’s Kaztransoil.
EU’s Kallas said a model similar to the Black Sea could be used in the Strait of Hormuz but the question is what neighbouring countries, including Iran, could agree on; the door is not closed on the participation in the Strait.
Allies of the US President are concerned that Iranian attacks on oil tankers within the Strait of Hormuz are boxing in the US, Politico reported.
Iranian oil exports continue without interruption, Tasnim reported citing the Parliamentary Energy Committee spokesperson.
Some Japanese aluminium buyers have reportedly agreed with a global producer to pay a premium of USD 350/t for shipments between April and June.

Geopolitics: Middle East

Israeli Defence Minister Katz said Iran’s Top Security Chief Larijani was killed in the airstrike.
Israel struck senior Iranian official Larijani but it is unknown if he was injured or killed, an Israeli official tells the Jerusalem Post.
Israel Defence Forces announce wide-scale strikes against Iranian infrastructure and began additional wave of strikes on Hezbollah infrastructure in Beirut.
A senior Iranian official says the new Supreme Leader rejected proposals that were sent to Iran’s Foreign Ministry by two intermediary countries, with the Leader stating it is not the right time for peace and that US and Israel must be defeated.
New Iranian Supreme Leader Mojtaba Khamenei is to deliver a message soon, according to Iranian media.
Iran’s Revolutionary Guard arrests 10 foreigners on espionage charges in northeast of country.
Iran officials say the US has crossed the line and they signalled an intention to deliver a major lesson.
Iran’s Foreign Minister Araghchi said his last contact with US envoy Witkoff was before the American attack on Iran.

Geopolitics: Other

UAE updated that air navigation has returned to normal across its airspace.
Pakistan confirmed it carried out airstrikes on Kabul and Nangarhar.
US President Trump’s administration was said to tell Cuba its president has to go for there to be meaningful progress in negotiations, according to NYT.
US President Trump said he believes he’ll have the honour of taking Cuba.
South Korea’s Foreign Minister Cho and US Secretary of State Rubio discussed ensuring safe navigation in the Strait of Hormuz.

US Event Calendar

DB’s Jim Reid concludes the overnight wrap