| Bloomberg Morning Briefing Americas |
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| Good morning. We bring you the latest breaking news from the Middle East, where the focus remains on energy supplies. Policymakers are debating a release of emergency oil reserves that would be the biggest ever in a bid to cool prices. Listen to the day's top stories. — Alexandria Arnold | |
| Markets Snapshot | | | | Market data as of 06:23 am EST. | View or Create your Watchlist | | | Market data may be delayed depending on provider agreements. | | |
| The US war effort against Iran is showing signs of strain due to Tehran's extensive arsenal of missiles and drones. The latest headlines: The UK Navy said three ships were hit with projectiles in the Strait of Hormuz and the Persian Gulf. Donald Trump, in a series of social media posts, warned Iran against laying mines in the Strait and threatened to blow up any ship attempting to do so. World governments stepped up efforts to calm energy markets. The International Energy Agency is proposing its largest-ever release of emergency reserves, with a decision possible later today, according to a person familiar. The potential release may be as much as 400 million barrels, double the amount the IEA put into the market in 2022 after Russia invaded Ukraine. Stock futures erased gains and oil resumed its climb amid the renewed strikes in the Middle East. Politico reported the Trump administration believes it can withstand a spike in oil prices for as many as four weeks before sustaining lasting political damage. Treasuries held steady ahead of US inflation data due later today. | |
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| In congressional news, a Democrat is leading in the Georgia special election to replace former Representative Marjorie Taylor Greene. In DC, Senator Thom Tillis said he had a "good meeting" with Kevin Warsh, Trump's pick for Federal Reserve chief, but reiterated his intention to block any Fed nominations until the DOJ finishes its investigation into current chair Jerome Powell. | |
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 An Iranian missile strike on the headquarters of the US Navy 5th Fleet in Bahrain. Source: Anadolu Iran spent years building its missile and drone arsenals, spreading them around the country and concealing them. Now American forces are having to dig deep into inventories of expensive, hard-to-replace interceptors to counter the barrage. | |
| Big Take Podcast |  | | | |
Deep Dive: The Private Credit "Reckoning" | |
| The rising strain in the private credit market is a result of years of sloppy underwriting standards in lending, according to leading bonds investor Pimco. "There's a reckoning going on right now," said Christian Stracke, president at the $2.3 trillion asset manager. - The $1.8 trillion private credit market is witnessing an exodus of investors after some high-profile corporate meltdowns led to mounting concerns over loan quality and exposure to software firms.
- JPMorgan is said to be restricting some lending to private credit funds after marking down the value of certain loans in their portfolios.
- And it could get worse. Pimco warned that the lack of transparency in the space means that because some loans are marked down to zero, some investors will "rush to assume that everything else is as bad," which isn't the case.
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| The US and Israeli attacks on Iran have shredded the "sell America" trade, Jonathan Levin writes. The US remains the center of global innovation and home to the deepest and most liquid markets on the planet, a feature that becomes indispensable when economic shocks hit. | |
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 Source: EyePress News/Shutterstock/Shutterstock Editorial From superyacht parties to charity drives, China-born tycoon Chen Zhi crafted an image of wealth and goodwill. Authorities say it masked a brutal criminal empire that drained billions from as far away as New York City. | |
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