Bonds & Stocks
A renewed oil advance stoked fears the war in Iran will exacerbate a global energy crunch, spurring a drop in stocks, which also came under pressure amid anxiety surrounding the private-credit industry. The S&P 500 fell 0.6%. The yield on 10-year Treasuries advanced six basis points to 4.40%
Economy
The world economy’s first signs of a synchronized shock emerged in business surveys revealing how the Iran war’s fallout is crippling growth momentum and stoking prices. Several price readings surged, with input cost inflation in Germany, Europe’s biggest economy, quickening to the fastest pace in more than three years.
World
Iran has started charging transit fees on some commercial vessel passing through the Strait of Hormuz, another sign of Tehran’s control over the important maritime energy channel. Payments of as much as $2 million per voyage are being sought on an ad hoc basis, effectively creating an informal toll on the waterway.