Bonds & Stocks
Hopes for a breakthrough in the standoff between the US and Iran over the Strait of Hormuz sent oil prices lower, halting losses in both stocks and bonds. The S&P 500 was little changed. The yield on 10 year Treasuries declined one basis point to 4.58%.
Economy
China’s growth slowed across the board in April with investment resuming declines, calling into question the government’s reluctance to add stimulus to the economy as a global energy crisis hits factories and consumers across the world.
World
An Iranian media outlet reported that the US proposed a temporary waiver of sanctions on the Islamic Republic’s oil, a key demand by Tehran to agree to a peace deal and reopen the Strait of Hormuz. The US hasn’t confirmed offering a waiver, which would be in place until a final agreement is achieved.