sasacvetkovic33/E+ via Getty Images By Zain Vawda After weeks of trading on the edge of a precipice, global markets have finally caught a break. In what can only be described as a classic "Trumpian" 11th-hour maneuver, a two-week ceasefire between the US and Iran has been reached, just hours before a deadline that threatened to set the Middle East and global energy markets ablaze. The relief acros...
sasacvetkovic33/E+ via Getty Images By Zain Vawda After weeks of trading on the edge of a precipice, global markets have finally caught a break. In what can only be described as a classic "Trumpian" 11th-hour maneuver, a two-week ceasefire between the US and Iran has been reached, just hours before a deadline that threatened to set the Middle East and global energy markets ablaze. The relief across trading floors this Wednesday morning is palpable. For weeks, we’ve watched the Strait of Hormuz effectively become a no-go zone, choking off 20% of the world’s energy supply and sending volatility into overdrive. But with the announcement of Iran’s “workable 10-point plan,” the "fear trade" is unwinding as quickly as it built up. Market Reaction: Crude Crumbles, Risk-On Returns The most dramatic moves, unsurprisingly, are in the energy pits. Oil prices, which had been flirting with disastrous levels, have seen a massive flush-out. U.S. Crude (WTI) ( CL1:COM ) futures tumbled roughly 15%, sliding back under the psychological $100 handle to trade around $96.30. Brent Crude ( CO1:COM ) followed suit, dropping 13% to the $94.70 mark. From a technical perspective, this is a massive relief valve for global inflationary pressures. We’ve been discussing the "War Inflation" theme for weeks; this de-escalation provides a much-needed cooling period. Equities and FX are also seeing a "relief rally": Asia-Pacific: The Nikkei jumped 5%, while South Korea’s KOSPI surged 6%, even triggering a brief volatility halt. S&P 500 & Europe: Futures are pointing to a gap up, with European STOXX 50 futures leaping over 5%. The Dollar Index ( DXY ): The "safe haven of choice" during the tumult has been knocked back to 98.83, a one-month low. Gold (XAU/USD): Interestingly, Gold remains resilient, climbing 2.5% to $4,820. This suggests that while the immediate "shooting war" fears are fading, investors aren't ready to completely abandon hedges just yet, and the hopes that inflationary pressure may p...
Some Japanese refiners are seeking to speed up deliveries of US crude following disruptions caused by the Iran war , opting for smaller ships that can transit the Panama Canal rather than sail around Africa. Three mid-sized tankers are scheduled to deliver US oil to Japan from late April through May, with two already transiting the Panama Canal and moving into the Pacific Ocean, according to ship-...
Some Japanese refiners are seeking to speed up deliveries of US crude following disruptions caused by the Iran war , opting for smaller ships that can transit the Panama Canal rather than sail around Africa. Three mid-sized tankers are scheduled to deliver US oil to Japan from late April through May, with two already transiting the Panama Canal and moving into the Pacific Ocean, according to ship-tracking data compiled by Bloomberg. The third, Aframax Seaways Yosemite , is nearing the canal from the Caribbean. US oil is typically delivered to Japan on very-large crude carriers, which have the capacity to carry 2 million barrels, but are too big to traverse the Panama Canal and need to sail around Africa’s southern tip to get to Asia. There are at least four VLCCs currently taking this route to Japan from America, according to the ship-tracking data. The use of the smaller tankers signals the urgency of some Japanese refiners that are seeking to secure supplies. While the vessels can get to the Asian nation much quicker — about 30 days through the Panama Canal compared with around 50 days via Africa — they only carry a fraction of the crude of a VLCC. An Aframax can haul as much as 800,000 barrels of crude, while a Suezmax can carry around 1 million barrels. The Otis , one of the tankers that have cleared the Panama Canal and is scheduled to deliver oil to Chiba on Japan’s west coast later this month, is a suezmax class vessel. Japanese refiners have purchased bumper volumes of US crude since the Iran war started in late February, snapping up millions of barrels for delivery across June and July as concerns about Middle East supply rippled through the market. The nation has also relied on ship-to-ship transfers of oil far from the Middle East to secure supplies and keep its tankers out of the conflict zone. The outlook for a potential end to hostilities in the Middle East could mean the use of smaller tankers to carry US crude to Japan is fleeting, although refiners ...
The Control Panel still exists in Windows 11. | Screenshot by Tom Warren / The Verge Microsoft first started trying to get rid of the Control Panel in 2012, with the launch of Windows 8 . More than a decade later, it's still working on migrating all the old Control Panel items into the modern Settings app in Windows 11. While there have been hints that the Control Panel might finally go away, the ...
The Control Panel still exists in Windows 11. | Screenshot by Tom Warren / The Verge Microsoft first started trying to get rid of the Control Panel in 2012, with the launch of Windows 8 . More than a decade later, it's still working on migrating all the old Control Panel items into the modern Settings app in Windows 11. While there have been hints that the Control Panel might finally go away, the reality is a lot more complicated for Microsoft. "We're doing it carefully because there are a lot of different network and printer devices & drivers we need to make sure we don't break in the process," explains March Rogers , partner director of design at Microsoft. I could be wrong, but I think this is the first full explanation we … Read the full story at The Verge.
文｜彭倩 编辑｜乔芊 杨轩 4月1日新财年伊始，由蒋凡统领的阿里巴巴中国电商事业群正在规划可以结合 AI 实现的增长点。 据36氪了解，淘天集团当下对 AI 的探索将聚焦在 AI to B 方向上，其核心 OKR 是商家侧的 AI 工具留存率以及 AI 带来的 GMV 增长。它的背景是进入2026年， Open Claw 引爆 AI Agent，阿里 CEO 吴泳铭提出阿里组建新的 Alibaba...
文｜彭倩 编辑｜乔芊 杨轩 4月1日新财年伊始，由蒋凡统领的阿里巴巴中国电商事业群正在规划可以结合 AI 实现的增长点。 据36氪了解，淘天集团当下对 AI 的探索将聚焦在 AI to B 方向上，其核心 OKR 是商家侧的 AI 工具留存率以及 AI 带来的 GMV 增长。它的背景是进入2026年， Open Claw 引爆 AI Agent，阿里 CEO 吴泳铭提出阿里组建新的 Alibaba Token Hub（ATH ）事业群，所有关联业务需要围绕 Token 进行商业化。 组织变动也随之发生。据36氪了解，中国电商事业群 AI 业务的负责人张凯夫不再负责，承载 AI 业务的“智能搜推产品”事业部调整为“平台用户及产品”和“智能算法”两个部门，负责多模态的“未来创新事业部”则融入ATH 事业群。 “新的一年由 ATH 统领集团的 AI 战略，别的业务没必要重复造轮子。”一位接近淘天集团的消息人士这样告诉36氪。 去年年初，中国电商事业群成立核心部门搜推智能产品事业部，由张凯夫负责，过去一年他的主要工作是整合搜推算法、用户算法、商家算法和创作算法等多个团队，提升搜索与推荐系统的精准度和效率，重点在 AI to C 方面进行探索，用户维度的 AI 渗透率是其核心 OKR，这需要不断优化用户体验，手淘由此推出了 “AI 万能搜”、“帮我挑”（AI 导购）、拍立淘（AI 找低价）等6款产品，在 AI to B 方面，则是用 AI 增强广告效能并支持商家增长。 他最近一次公开露面是在2025年天猫双11启动会上，发表了题为“AI 重构淘宝”的演讲，并透露平台通过 AI 对20亿个商品进行更精准理解与组织，实现流量匹配效率双位数增长：包括复杂语义下搜索相关性提升20%，推荐信息流点击量提升10%，商家广告 ROI 提升12%。 去年Q2，蒋凡也在财报会上称，淘天正致力于用 AI 提升用户体验，重新构建搜索广告的体系，这是淘天的优先级，也看到了一些显著的结果。据36氪了解，搜索推荐事业部的确优化了搜索的策略，例如，结合 AI 技术修改搜推的逻辑，提升搜索转化为成交的比例，这一定程度上帮助淘天提升了订单量。 不过，相比于 AI to C，AI to B 显然有更明确的商业化路径，这也是 Anthropic 近期年化收入暴涨至300亿美元，从而反超 Open AI 的重要原因...
The Good Brigade/DigitalVision via Getty Images Corvus Pharmaceuticals’ ( CRVS ) story is built around a single idea: that selective inhibition of interleukin-2 inducible T-cell kinase (ITK) can be used to target both cancer and immune diseases. They have early data supporting the idea. In relapsed peripheral T-cell lymphoma (PTCL), they have phase 1/1b data from the lead asset soquelitinib. This ...
The Good Brigade/DigitalVision via Getty Images Corvus Pharmaceuticals’ ( CRVS ) story is built around a single idea: that selective inhibition of interleukin-2 inducible T-cell kinase (ITK) can be used to target both cancer and immune diseases. They have early data supporting the idea. In relapsed peripheral T-cell lymphoma (PTCL), they have phase 1/1b data from the lead asset soquelitinib. This data from a smaller subset of a ~75 patient study shows median progression-free survival of 6.2 months and overall survival of 28 months. These numbers compare favorably with historical data in this setting, as we will discuss below. Its other program is atopic dermatitis (AD), where there’s early data from a small but placebo-controlled phase 1 trial. Data has shown statistically significant efficacy, with a ~72% mean reduction in EASI scores versus ~40% for placebo. In the highest-dose cohort, EASI-75 responses approached 75%. Given this data from two disease areas, we have the familiar biotech narrative of a “pipeline in a drug.” This includes potential target areas across dermatology, pulmonology, rheumatology, and beyond. Corvus has already moved soquelitinib directly into a registrational phase 3 study in PTCL. It is also starting multiple phase 2 trials in immune diseases, positioning ITK inhibition as a broad platform opportunity. Our concern is not whether the drug works. It is whether the recent repricing and current valuation already assume success where the supporting data is so early stage. Positioning the data The PTCL data from the selected 200 mg BID cohort, showing mPFS of 6.2 months and OS of 28.1 months, compares well with data from similar trials. The outcome clearly sits on the upper end of the reported spectrum of data. We see broadly similar efficacy data across many single-agent phase 2 studies in r/r PTCL. Approved molecules like pralatrexate, romidepsin, and belinostat have demonstrated ORRs in the ~25–30% range, with median PFS typically between ~...
Desmond Yuen Pony AI ( PONY ) said its robotaxi program in partnership with Verne and Uber ( UBER ) has officially begun commercial service in Zagreb, Croatia, marking Europe's first commercial robotaxi service. Beginning today, users can book and pay for Pony.ai-powered robotaxi rides through the Verne app. The service will soon also be available through the Uber app. The service initially spans ...
Desmond Yuen Pony AI ( PONY ) said its robotaxi program in partnership with Verne and Uber ( UBER ) has officially begun commercial service in Zagreb, Croatia, marking Europe's first commercial robotaxi service. Beginning today, users can book and pay for Pony.ai-powered robotaxi rides through the Verne app. The service will soon also be available through the Uber app. The service initially spans approximately 90 square kilometers across the wider Zagreb city center area, including Zagreb Airport, with plans to expand coverage across the city. The service launch comes two weeks after Pony.ai, Verne, and Uber announced their partnership to introduce robotaxis in Europe. PONY +7.8% premarket to $9.469 Source: Press Release More on Pony AI Inc., Uber What The Market Got Wrong With Uber (Rating Upgrade) Pony AI Q4 Earnings: Early Signs Of Commercialization Amid Global Expansion Pony AI Inc. (PONY) Q4 2025 Earnings Call Transcript Uber leans on AWS chips to speed ride and delivery matches, train AI Pony AI advances Singapore AV rollout with regulatory approval for by-invite rides
Gen Z girl looking at smartphone screen feeling upset scrolling on social media. Mementojpeg | Moment | Getty Images Governments around the world are making efforts to crack down on teen social media use amid mounting evidence of potential harms, but critics argue blanket bans are an ineffective quick fix. Australia became the first country to enforce a sweeping social media ban for under-16s in D...
Gen Z girl looking at smartphone screen feeling upset scrolling on social media. Mementojpeg | Moment | Getty Images Governments around the world are making efforts to crack down on teen social media use amid mounting evidence of potential harms, but critics argue blanket bans are an ineffective quick fix. Australia became the first country to enforce a sweeping social media ban for under-16s in December, requiring platforms like Meta's Instagram, ByteDance's TikTok, Alphabet's YouTube, Elon Musk's X, and Reddit to implement age verification measures or face penalties. Several European countries are now looking to follow Australia's lead, with the U.K. , Spain , France , and Austria drafting their own proposals. Although a national ban in the U.S. looks unlikely, state-level legislation is underway. watch now VIDEO 1:57 01:57 Tracking Europe's approach to social media bans for teenagers Europe Early Edition It comes after Meta, the parent company of Facebook, Instagram and Threads, faced two separate defeats in trials related to child safety and social media harms in March. A Santa Fe jury found Meta misled users about child safety on its apps. The next day, a Los Angeles jury ruled that Meta and YouTube designed platform features that contributed to a plaintiff's mental health harms. Meta's stock drops almost 8% as 2 court defeats add to Zuckerberg's recent woes These developments are set to "unleash a lot more legislation," Sonia Livingstone, social psychology professor and director of the London School of Economics' Digital Futures for Children center, told CNBC. However, Livingstone said a social media ban for teens is a slapdash solution from governments that have failed to properly police tech giants for years. "I think the argument for a ban is an admission of failure that we cannot regulate companies, so we can only restrict children," she said, explaining that the U.S. and Europe already have a lot of legislation in the books that isn't being enforced. "Whe...
Alistair Berg CME Group ( CME ) Wednesday announced that its international average daily volume reached a record 11.4M contracts in Q1 2026, up 30% over Q1 2025. Reflecting all trading reported outside the United States , this strong performance was driven by a record interest rate ADV of 5.7M contracts, up 30% year-over-year. For the first time ever, quarterly international ADV for interest rates...
Alistair Berg CME Group ( CME ) Wednesday announced that its international average daily volume reached a record 11.4M contracts in Q1 2026, up 30% over Q1 2025. Reflecting all trading reported outside the United States , this strong performance was driven by a record interest rate ADV of 5.7M contracts, up 30% year-over-year. For the first time ever, quarterly international ADV for interest rates, metals, energy, agricultural products, equity indexes, and FX all reached record levels. "This surge in trading activity demonstrates how our global client base is turning to CME Group to manage risk in real time, through our benchmark products and on a regulated marketplace," said Julie Winkler , senior managing director and chief commercial officer, CME Group ( CME ). In Q1 2026, EMEA ADV hit a record 8.4 million contracts, up 29% from Q1 2025. The region saw ADV records across all asset classes, with metals up 75%, energy up 53%, interest rates up 31%, equity indexes up 17%, agricultural products up 13%, and FX up 1%. More on CME CME Group Inc. (CME) Presents at 47th Annual Raymond James Institutional Investor Conference Prepared Remarks Transcript CME Group's Strength Is Clear, But The Stock Looks Fully Valued CME Group: Quality Shines Through, But It Doesn't Mean To Buy CME plans to launch Avalanche, Sui futures on May 4 Insider trades: Marvell Technology, Taiwan Semiconductor among notable names
PashaIgnatov/iStock via Getty Images The iShares Investment Grade Corporate Bond BuyWrite Strategy ETF ( LQDW ) is a derivative income-focused ETF. Every month, LQDW will sell a covered call over LQD, collecting option premium as income. The premium gets distributed to shareholders alongside the coupons of the underlying bonds, which boosts the headline yield above what LQD alone would pay, but al...
PashaIgnatov/iStock via Getty Images The iShares Investment Grade Corporate Bond BuyWrite Strategy ETF ( LQDW ) is a derivative income-focused ETF. Every month, LQDW will sell a covered call over LQD, collecting option premium as income. The premium gets distributed to shareholders alongside the coupons of the underlying bonds, which boosts the headline yield above what LQD alone would pay, but also caps any price appreciation in LQDW above that month’s strike price. This ETF is really meant for specific regimes but is marketed as an ETF for all market conditions. The mismatch between what LQDW is and how it is shown to retail investors causes most of the confusion in this fixed income space. Understanding a regime map and where this type of ETF excels is the entire thesis. With correct use, this ETF is a good buy, but in the wrong environment, an investor is systematically selling bond rallies for option premiums that will not compensate for the difference. For this reason, I am initiating LQDW as a buy on Seeking Alpha. For the current rate environment, I believe LQDW is favorable, but I will be somewhat cautious as we head into the end of this year. We are currently in the only rate environment where LQDW’s structure delivers favorably, which is a range-bound rate environment. There is now only one rate cut priced for late 2026, at the earliest, which is down from around 3 heading into 2026. Additionally, due to elevated inflation uncertainty and geopolitical fronts, the Fed is in a deliberate pause at this time. The March 2026 FOMC held the fed funds rate at 3.50%-3.75% , revised core PCE expectations upward to 2.7%, and acknowledged the Iran-U.S.-Israel conflict, citing energy shocks of some size and duration. Additionally, the futures market also implies a 48% chance that there is no rate cut at all in 2026, which is up from 30% (before the conflict continued to escalate). In addition, the CME FedWatch tool also prices one small 25 bps cut likely in late Q3 or...