Trump delays Iran strikes, IEA’s warning

The TACO trade is back as Trump delays Iran strikes.

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Good morning. As we wake up to the latest headlines on the war in Iran, this time it's the return of the TACO trade (Trump Always Chickens Out). President Donald Trump said he would postpone his threats of an attack on Iranian energy infrastructure for five days after what he called "productive conversations" — discussions that Iran has denied. Still, markets overnight seem to be taking the news well, and we can expect a similar reaction here in Australia. While the latest developments are positive, there's no shortage of warnings about the impact of the war. IEA's executive director said Monday that the severe damage to several energy assets could extend global supply chain disruptions, while Australia's financial regulators emphasized vigilance. - Carmeli Argana, Australian stocks reporter What's happening now More than 40 energy assets across nine countries in the Middle East have been "severely or very severely" damaged by the war, potentially prolonging disruptions to global supply chains after the conflict ends, according to International Energy Agency Executive Director Fatih Birol. Fatih Birol, executive director of the International Energy Agency (IEA). Photographer: Rohan Thomson/Bloomberg Adding to the warnings, Australia's top financial regulators said on Monday that an escalation in global geopolitical tensions could amplify financial stability risks, emphasizing the need for continued vigilance. Authorities said they are closely coordinating with industry to assess the effects for domestic markets. Meantime, Fortescue expects its extensive use of Chinese capital and mining equipment to set it apart from rival iron ore producers as Beijing seeks to extend its influence in the market. Chief Executive Officer Dino Otranto said in an interview that Fortescue had already taken significant steps to source equipment from Chinese suppliers. And Aware Super, the A$235 billion ($164 billion) Australian pension fund, appointed Alex Satchcroft head of private equity as part of a broader reshuffle under chief investment officer Simon Warner. Satchcroft will oversee its A$11 billion global private equity portfolio and report to head of private markets, Jenny Newmarch, who previously ran private equity. What happened overnight A possible de-escalation in the Middle East rippled through markets, with oil falling and stocks rising as Trump said he'd postpone strikes on Iranian energy infrastructure after what he described as productive talks toward ending hostilities. Brent dropped over 14% before trimming losses as Iran denied the discussions, but it closed below $100. The S&P 500 added about 1%. Bond yields and the dollar retreated. Locally, stock futures point to a strong open. More on the latest developments in Iran. Trump said the US would postpone strikes against Iran's energy infrastructure for five days. His decision to back down came after US allies and Gulf countries privately warned of the dangers of following through with his threat, according to people familiar with the matter. US President Donald Trump prior to boarding Air Force One at Palm Beach International Airport in West Palm Beach, Florida, on March 23. Photographer: Saul Loeb/AFP/Getty Images Jared Kushner's investment firm run with money gathered from government-backed funds across the Middle East, saw assets jump nearly 30% to $6.2 billion at the end of 2025 last year, according to a regulatory filing seen by Bloomberg. Kushner, who is married to US President Donald Trump's oldest daughter, has faced renewed scrutiny from lawmakers over the fund's dealings after he was appointed as Trump's new peace envoy to the Middle East. JPMorgan Chase & Co. is offering clients a new way to bet against the debt of five hyperscalers, as investors seek more-liquid hedges amid an unprecedented borrowing spree to finance artificial-intelligence infrastructure. Closer to home, Japan's largest labor union group said its workers secured an average pay increase above 5% for a third straight year, an outcome that is likely to keep the central bank on track for more rate hikes in coming months. What to watch European Commission President Ursula von der Leyen expected to meet with Prime Minister Anthony Albanese in Canberra One more thing... During an all-hands meeting at Apple in January, an employee asked about a spate of executive moves — the company's chief operating officer, chief financial officer and general counsel had all recently retired to take smaller roles in preparation for retirement. While part of the exodus was related to Apple's well-documented struggles in AI, it also reflected a logical transition at a company that turns 50 on April 1. And while CEO Tim Cook doesn't want to talk about retirement yet, John Ternus is emerging as his most likely successor. John Ternus, senior vice president of hardware engineering at Apple Inc. Photographer: Adam Gray/Bloomberg NEW: Explore live streaming news and interviews, documentaries, reporter analysis and more, all in one place. Check out Bloomberg.com/videos. Enjoying Australia Briefing? 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