1日を始める前に読んでおきたいニュース5本

マーケットで話題になったニュースをお届けします。一日を始めるにあたって押さえておきたい5本はこちら。最新ニュースやマーケット情報はブルームバーグ日本語サイト（https://www.bloomberg.com/jp）でもご覧いただけます。トランプ米大統領はイランとの2週間の停戦を

マーケットで話題になったニュースをお届けします。一日を始めるにあたって押さえておきたい5本はこちら。最新ニュースやマーケット情報はブルームバーグ日本語サイト（https://www.bloomberg.com/jp）でもご覧いただけます。 「極めて低い」 トランプ米大統領はイランとの2週間の停戦を延長する可能性は低いと述べた。電話インタビューで、4月7日に発表した停戦は「ワシントン時間22日夕刻」に期限を迎えると述べた。交渉のための時間をさらに確保する可能性を示唆した格好だ。ただ、期限までに合意に至らなければ「延長する可能性は極めて低い」と語った。ホルムズ海峡については、封鎖を当面維持する方針を改めて示した。 5%余り急騰 20日のエネルギー市場で、原油と天然ガスの価格が急騰した。ホルムズ海峡を通るエネルギー輸送を巡るリスクが再燃し、米国とイランの和平協議が頓挫するとの懸念が広がった。原油の主要指標である北海ブレントとウェスト・テキサス・インターミディエート（WTI）は共に5%超上昇し、ブレントは1バレル=95ドルを上回った。欧州のガス価格も約4%上げた。米海軍は19日にイラン船を拿捕（だほ）。米国とイランの双方が、停戦合意が破られたと主張した。 独立性維持にコミット トランプ大統領が次期連邦準備制度理事会（FRB）議長に指名したケビン・ウォーシュ元FRB理事は、指名が承認された場合、FRBの独立性を守る考えを示した。ウォーシュ氏は21日に上院銀行委員会で行われる指名公聴会で「金融政策の独立性は獲得されるものであり、不要な影響を排することでより良い政策判断が形成されると考えている」と発言する。「金融政策運営が厳格に独立性を維持するよう確実にすることにコミットする」と表明する。証言原稿をブルームバーグが確認した。 不可抗力を宣言 クウェートはホルムズ海峡の封鎖により、ペルシャ湾内に船舶を入港させられない顧客に対して供給義務を履行できなくなったとして、原油および石油製品の出荷についてフォースマジュール（不可抗力）条項を宣言した。ブルームバーグ・ニュースが入手した文書によると、国営石油会社のクウェート・ペトロリアム（KPC）は17日の時点で、同条項の発動を顧客に通知した。フォースマジュールは有事において供給側の引き渡し義務を免除する契約条項。KPCの広報担当者からは、現時点でコメントを得られていない。 関税還付の手続き開始 米連邦最高裁判所が違憲と判断したトランプ政権の関税を巡り、税関・国境警備局（CBP）は、還付手続きの第1段階を20日に開始すると発表した。第1段階は、最終的な関税額が確定していない案件や清算後80日以内の案件の一部に限定される。CBPは還付申請を効率化するために、新たなシステムを開発を進めていると説明。従来の個別申告ごとの処理ではなく、利息を含む関税の還付をまとめて処理する設計となっているという。

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ブルームバーグがお届けするニュースレター「Five Things to Start Your Day: Japanese Edition 日本語版」にご登録いただきありがとうございます。 登録内容の変更 Bloomberg.com/jp お問い合わせ 〒100-6321 東京都千代田区丸ノ内2-4-1 丸ノ内ビルディング21

Get In at 9:35 AM. Out by 10 AM

No all-day screen watching required. ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­

Hey, I’m going to do something that may seem a little out of the “norm” these days… I’m going to give you my #1 trade setup. For FREE. It’s the same one I used to find winners like: 113% on GOOGL in under 2 hours. 240% on META in a single session. I call it the “Opening Bell Breakout.” It’s one simple setup I look for every morning. When it shows up… I simply take the trade. And by 10 AM, I’m done. I’ve put all the details on how it works in a simple, no-fluff guide. No credit card required. No strings attached. Get Your FREE “Opening Bell Breakouts” Trade Guide Here This guide shows you the exact 15-minute window I trade, and how to spot the same setups the big funds are watching. It’s yours for free. Thomas Wood P.S. This isn’t a 100-page novel. It’s a short, actionable guide you can read in about 10 minutes and put into action by tomorrow morning. Get it here. Today’s editorial pick for you Airline Earnings Q1 Preview: Fuel Costs Threaten Profits Posted On Apr 20, 2026 by Ian Cooper Airline earnings are back in focus as major carriers prepare to report first-quarter results, and one theme is already clear: strong demand isn’t translating into stronger profits. Table of Contents American Airlines Earnings Preview: Strong Demand Meets Rising Fuel Costs United Airlines Earnings Preview: Premium Demand in Focus JetBlue Earnings Preview: Turnaround Progress Takes Center Stage The Bottom Line on Airline Earnings While demand has been strong, rising costs – particularly with fuel – are putting pressure on profits. After all, in an industry where fuel can account for about a quarter of operating costs, even a small increase in the cost of fuel can have a substantial impact on margins.  Delta Air Lines set the tone earlier this month, highlighting resilient travel demand. However, the company also warned that rising fuel costs are starting to weigh heavily on margins. The company expects a $2 billion surge in fuel expenses through June, including a $400 million hit in March alone. CEO Ed Bastian also struck a cautious tone on the 2026 outlook. That same dynamic is likely to show up when American Airlines (NASDAQ: AAL), United Airlines (NASDAQ: UAL), and JetBlue Airways (NASDAQ: JBLU) over the next few days. American Airlines Earnings Preview: Strong Demand Meets Rising Fuel Costs American Airlines is scheduled to report first-quarter earnings on April 23. The company recently raised its revenue outlook, now expecting growth of more than 10%, up from prior guidance of 7% to 10%, driven by stronger-than-expected demand. However, that strength is offset by costs—particularly fuel costs. American expects a $400 million hit to first-quarter expenses due to higher jet fuel prices, tied in part to geopolitical tensions in the Middle East. Wall Street remains cautiously optimistic. UBS recently raised its price target on AAL to $16 from $14 with a Buy rating, citing healthy demand trends and improving revenue per available seat mile. Among 23 analysts covering the stock, sentiment is mixed but leans positive. Looking ahead, a potential easing of geopolitical tensions—and fuel prices—could act as a meaningful near-term catalyst. United Airlines Earnings Preview: Premium Demand in Focus United Airlines reports on April 21, and investors will be watching closely for signals on both demand and cost pressures heading into the peak summer travel season. Analysts expect earnings per share in the range of $1.08 to $1.15 on approximately $14.3 billion in revenue. Strength in premium seating and long-haul international travel has been a key driver of recent performance. But like its peers, United isn’t immune to rising fuel costs, which are expected to weigh on margins and potentially impact forward guidance. Beyond the headline numbers, investors will be focused on management commentary around capacity growth, pricing power, and whether demand can remain resilient in a more uncertain macro environment. JetBlue Earnings Preview: Turnaround Progress Takes Center Stage JetBlue Airways will report first-quarter earnings on April 28. The company is expected to post a loss of approximately $0.72 per share on revenue of about $2.24 billion, reflecting ongoing profitability challenges. As a result, the focus will be less on the quarter itself and more on progress in JetBlue’s turnaround strategy. Recent analyst upgrades suggest some growing confidence. Seaport Research upgraded JBLU to Buy with an $8 price target, while Barclays raised its rating to Equal Weight and increased its target to $7 from $4. Both firms pointed to improving expectations around the company’s “Jet Forward” plan, which aims to deliver $800 million to $900 million in EBITDA by 2027. The Bottom Line on Airline Earnings The setup for this round of airline earnings is relatively straightforward: demand remains strong, but costs—especially fuel—are doing the damage. That creates a challenging near-term backdrop for airline stocks. Even if revenue comes in strong, profitability and forward guidance may disappoint. For investors, that means focusing less on headline beats and more on margins, cost trends, and management outlooks for the rest of 2026. This is a PAID ADVERTISEMENT provided to the subscribers of StockEarnings Free Newsletter. Although we have sent you this email, StockEarnings does not specifically endorse this product nor is it responsible for the content of this advertisement. Furthermore, we make no guarantee or warranty about what is advertised above. Your privacy is very important to us, if you wish to be excluded from future notices, do not reply to this message. Instead, please click Unsubscribe. 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Now on Deck: Get (Nasdaq: GCTK) On Your Radar Before Tomorrow Morning

Any content you receive is for information purposes only. Always conduct your own research. *Sponsored See Why Glucotrack, Inc. (Nasdaq: GCTK) Will be Topping the Krypton Street Watchlist Tomorrow Morning—Tuesday, April 21, 2026 Don’t Miss The Next Breakout—Get Real-Time Alerts Sent Directly To Your Phone. Up To 10X Faster Than Email. ***Expect Full Coverage On (GCTK) To Begin Early*** Take A Look At (GCTK) Before Tomorrow Morning… April 20, 2026 Now on Deck | Get (Nasdaq: GCTK) On Your Radar Before Tomorrow Morning Dear Reader, After today’s low-float AI profile made an approximate 80% move, we’re already turning our attention to what just hit our radar for tomorrow. And this next story starts with something surprisingly simple: A small patch. Worn on the arm. Replaced every couple of weeks. For many living with diabetes, that routine has become part of daily life. But Glucotrack, Inc. (Nasdaq: GCTK) is working on something very different: a fully implantable continuous blood glucose monitor designed to track glucose levels continuously for years—with no on-body wearable component at all. No patch. No replacements every 10–14 days. No visible device. And with early human data already in hand and a key FDA filing expected in the coming weeks, (GCTK) is starting to draw attention as it moves into a pivotal stage of development. Let me show you what’s going on. Glucotrack, Inc. (Nasdaq: GCTK) is developing a fully implantable continuous blood glucose monitor designed for long-term use—without the on-body wearable component required by today’s standard CGM systems. Which is exactly why (GCTK) will be topping our watchlist tomorrow morning—Tuesday, April 21, 2026. Right now, (GCTK) appears to be flying under the radar, currently trending below $1, as of this week. But keep in mind, (GCTK) has less than 1.8M shares listed as available to the public. When companies have small public floats like this, the potential exists for big moves if demand begins to shift. Recently, (GCTK) made an approximate 53% move in less than a week, from around $.65 on April 9 to $1.00 on April 13. That combination—a differentiated device, early human data, and a development timeline that is beginning to tighten—is starting to put (GCTK) in a very interesting position for us. In a space dominated by wearable systems, a company working on a fully implantable alternative is naturally going to stand out. And when that story is paired with a small public float and a recent move that already showed this name can react sharply, it becomes easier to see why more eyes could begin shifting here. In other words, the setup is no longer just conceptual—it is starting to look like a story the market may have to pay closer attention to. With a pivotal FDA filing weeks away and a U.S. clinical trial slated for the second half of 2026, (GCTK) is quickly becoming one of the most intriguing names in the medtech diabetes space. To understand why this story is starting to stand out, it helps to take a closer look at what (GCTK) is building—and why its approach could be so different from what patients use today. Company Overview Glucotrack, Inc. (Nasdaq: GCTK) is a Rutherford, New Jersey–based medical technology company focused on the design, development, and commercialization of novel technologies for people with diabetes. The company's flagship program is its Continuous Blood Glucose Monitor (CBGM)—a long-term implantable system that measures blood glucose from blood, not interstitial fluid, eliminating the calibration lag that plagues traditional wearable CGM devices. The CBGM is designed for a 3-year sensor longevity, requires minimal calibration, and has no on-body wearable component—a major quality-of-life boost for many of the people currently wrestling with wearable patches, adhesives, and frequent sensor replacements. Unlike first-generation subcutaneous sensors that max out at 14 days, or larger pacemaker-class devices, (GCTK)’s design bridges a clear gap in the market: long-term, low-burden, fully implanted glucose visibility. The company has already completed a first-in-human study in Brazil and a follow-up feasibility study in Australia, generated three issued U.S. patents, secured a U.S. clinical trial site, and engaged a CRO—all culminating in an IDE submission to the FDA planned for Q2 2026. The Market Potential : Diabetes Is a Massive and Growing Problem The scale of the diabetes epidemic is staggering. The International Diabetes Federation reports approximately 589M adults worldwide are currently living with diabetes—a figure expected to reach 700M by 2045. Diabetes caused at least $1T in health expenditure – a 338% increase over the last 17 years. Against that backdrop, the global CGM market was valued at approximately $13.3B in 2025 and is projected to grow to $31.4B by 2031 at a 15.4% CAGR, making it one of the fastest-growing segments in all of medical devices. Today's market is dominated by wearable subcutaneous sensors from Abbott, Dexcom, and Medtronic—three companies that collectively controlled over 98% of 2025 shipments according to Mordor Intelligence. But every one of their devices requires periodic on-body replacement. (GCTK) is targeting the patient population that wants continuous monitoring without the daily or biweekly maintenance burden. That represents a genuinely differentiated niche within a rapidly expanding market. Clinical Progress & Regulatory Readiness (GCTK)’s development program is now at a critical inflection point. The company completed a first-in-human study in São Paulo, Brazil between December 2024 and January 2025. The 5-day in-hospital study enrolled 10 participants with Type 1 or Type 2 diabetes on intensive insulin therapy. Results were compelling: a Mean Absolute Relative Difference (MARD) of 7.7% across 122 matched pairs, a 99% data capture rate, and zero procedure- or device-related serious adverse events. The study met all primary and secondary endpoints. In July 2025, the company initiated a multicenter feasibility study in Australia at St. Vincent's Hospital in Melbourne. Learnings from that study have been incorporated into product design iterations ahead of the U.S. program. A U.S. clinical site has been secured, a CRO has been engaged, and the company confirmed it expects to file its Investigational Device Exemption (IDE) with the FDA in Q2 2026, targeting a U.S. trial launch in the second half of 2026, subject to FDA approval. Intellectual Property & Financial Position In October and November 2025, the USPTO issued three critical patents for (GCTK)'s CBGM platform (Patent Nos. US 12,453,494, US 12,458,257, and US 12,458,258), covering proprietary sensor chemistry, intravascular lead design, and low-power electronics. These patents protect the core innovations that differentiate (GCTK)'s system from both short-lived subcutaneous sensors and larger, more invasive implantable devices. On the financial side, (GCTK) reported $7.4M in ca-sh and ca-sh equivalents as of December 31, 2025, up from $5.6M at the prior year-end, aided by a $4.0M private placement completed in December 2025. Full-year 2025 R&D expenses were $9.8M, reflecting continued investment in product design, manufacturing, and preclinical work. The company stated that existing cash is sufficient to fund its 2026 operating plan through at least the end of Spring 2026—covering the IDE submission. Management has assembled a leadership team with deep backgrounds at Dexcom, Abbott, Senseonics, and Medtronic. 7 Reasons Why GCTK Will Be Topping Our Watchlist Tomorrow Morning—Tuesday, April 21, 2026… 1. Implantable Edge: Glucotrack (Nasdaq: GCTK) is developing a fully implantable continuous blood glucose monitor designed for years of use with no on-body wearable component, setting it apart from standard CGM systems. 2. Tight Float: With less than 1.8M shares listed as available to the public, (GCTK)’s small public float could have the potential for big moves if demand begins to shift. 3. Recent Momentum: (GCTK) recently made an approximate 53% move in less than a week, rising from around $.65 on April 9 to $1.00 on April 13. 4. Human Data: Early clinical results for (GCTK) showed a 7.7% MARD across 122 matched pairs, a 99% data capture rate, and zero procedure- or device-related serious adverse events. 5. FDA Timing: The company said (GCTK) expects an IDE submission to the FDA in Q2 2026, with a U.S. clinical trial targeted for the second half of 2026, giving the story a defined near-term timeline. 6. Patent Protection: Three issued U.S. patents give (GCTK) protection around key parts of its platform, including sensor chemistry, intravascular lead design, and low-power electronics. 7. Market Potential: (GCTK) is going after a differentiated segment within a global CGM market projected in the report to grow from about $13.3B in 2025 to $31.4B by 2031, focused on people who want continuous monitoring without frequent wearable replacement. Take A Look At (GCTK) Before Tomorrow Morning… When you step back and look at what’s coming together here, the picture starts to get very interesting. Glucotrack, Inc. (Nasdaq: GCTK) is developing a fully implantable continuous blood glucose monitor designed for long-term use, without the on-body wearable component required by today’s standard systems. That alone makes (GCTK) stand out. And the setup around this one is hard to ignore. With fewer than 1.8M shares available to the public, (GCTK)’s small float could witness the potential for big moves if demand begins to shift. It recently just made an approximate 53% move from around $.65 to $1.00 in less than a week. There’s also real progress behind the story. Early clinical data showed a 7.7% MARD across 122 matched pairs, a 99% data capture rate, and zero procedure- or device-related serious adverse events. Now add a defined timeline, with an IDE submission expected in Q2 2026 and a U.S. clinical trial targeted for the second half of 2026, along with three issued U.S. patents protecting key parts of the platform. Put it all together, and (GCTK) is becoming a name that deserves a closer look. We will have all eyes on (GCTK) tomorrow morning. Take a look at (GCTK) before you call it a night. And watch for my next update, it could be coming bright and early. Sincerely, Alex Ramsay Co-Founder / Managing Editor Krypton Street Newsletter   KryptonStreet.com (“KryptonStreet” or “KS” ) is owned by Media 1717 LLC, a single member limited liability company. Data is provided from third-party sources and KS is not responsible for its accuracy. Make sure to always do your own research and due diligence on any day and swing profile KS brings to your attention. Any emojis used do not have a specific defined meaning, and may be used inconsistently. We do not provide personalized in-vest-ment advice, are not in-vest-ment advisors, and any profiles we mention are not suitable for all in-vest-ors. Pursuant to an agreement between Media 1717 LLC and TD Media LLC, Media 1717 LLC has been hired for a period beginning on 04/20/2026 and ending on 04/21/2026 to publicly disseminate information about (GCTK:US) via digital communications. Under this agreement, TD Media LLC has paid Media 1717 LLC six thousand two hundred fifty USD (“Funds”). These Funds were part of the nineteen thousand USD funds that TD Media LLC received from a third party named Interactive Offers LLC who did receive the Funds directly or indirectly from the Issuer and does not own stock in the Issuer but the reader should assume that the clients of the third party own shares in the Issuer, which they will liquidate at or near the time you receive this communication and has the potential to hurt share prices. Neither Media 1717 LLC, TD Media LLC and their member own shares of (GCTK:US). Please see important disclosure information here: https://kryptonstreet.com/disclosure/gctk-qCfGt/#details

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New American Airlines-SpaceX deal?

CNBC says Elon Musk may be about to win his biggest airline contract yet. And the decision could come any day now.

According to CNBC… American Airlines is in talks with SpaceX to adopt Starlink across its fleet. It's the largest airline in the world by passengers, carrying 225 million a year across more than 1,000 aircraft. It would be a major win after inking similar deals with United and Southwest. Starlink’s massive growth is fueling SpaceX’s IPO. Here's how to claim your IPO shares before the listing. Ian Unsubscribe from these types of emails   Manage your email preferences   Our Website - www.WyattResearch.com     © Wyatt Investment Research LLC. All rights reserved. Wyatt Investment Research is not a broker dealer of financial advisor. This content is for informational purposes. Nothing in this email should be considered investment advice. Every investment has risk and you could lose your investment. You can review terms of use and disclosures by clicking here.   You are subscribed with the following email address: reunisoft.cryptonews@blogger.com   We love hearing from subscribers. Please reply to this email with any feedback or suggestions. Contact abuse@wyattresearchnewsletters.com to report any issues or concerns. For questions regarding your account please call 866-447-8625.   Wyatt Investment Research LLC 65 Railroad Street,   Richmond, Vermont USA 05477

It doesn’t matter what Kevin Warsh has to say

To get John Authers’ newsletter delivered directly to your inbox, sign up here. Kevin Warsh will say the Fed stretched its credibility “to t

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To get John Authers’ newsletter delivered directly to your inbox, sign up here. Today’s Points: Kevin Warsh will say the Fed stretched its credibility “to the very edge of, if not beyond” its statutory responsibilities. Old-line Japanese manufacturers are far outperforming the likes of Nvidia.  One survivor of the Iran war — Bitcoin. Tim Cook is standing down as Apple’s CEO in favor of John Ternus. AND: John Oliver on prediction markets.

We Need to Talk to Kevin... Kevin Warsh is about to face the Senate in confirmation hearings that will determine whether he is appointed to chair the Federal Reserve and becomes the most powerful figure in the global economy. It’s not being treated as that big of a deal. That’s because: Nothing Warsh says will affect the single greatest obstacle to his confirmation, which is Senator Thom Tillis’s stance that he won’t allow the nomination to proceed unless the case against incumbent Jerome Powell over spending on the Fed’s renovations is abandoned. The assumption is that this will be resolved eventually and Warsh will get the job, but nothing that happens Tuesday will likely affect this. Nothing any nominee says in confirmation hearings tends to matter much in the long run. Warsh, like his predecessors, has a long paper trail of decisions and opinions, including a stint as a Fed governor during the Global Financial Crisis. He has been a vocal critic at times. But Alan Greenspan was an acolyte of Ayn Rand, who opposed the existence of central banks, and that didn’t stop him from taking many activist policies in office.   Beyond that, a still-possible prolonged oil spike would rule out any chance of interest rate cuts. It also, probably, gives Warsh a get-out clause to avoid committing himself when he faces inevitable questions about President Donald Trump’s pressure for rate cuts.  On the Fed’s role, under attack from the administration over the last 12 months, Warsh can only say that he will safeguard independence while being duly polite to the president who nominated him. This is a needle he threaded quite well in his preliminary remarks, which were leaked on Monday. For Tillis, it’s all about Powell. Photographer: Alex Kent/Bloomberg After the crisis, Warsh will say, he witnessed “an institution that was tempted to play a larger role in the economy and society... to extend its reach and stretch its hard-earned credibility, often with the best intentions, to the very edge of, if not beyond, the Fed’s statutory responsibilities.” He then lays out a view that monetary policy should be independent of political interference, while the rest of the Fed’s remit is fair game for politicians: Fed independence is at its peak in the operational conduct of monetary policy. That degree of independence does not extend to the full range of its congressionally mandated functions. Fed officials are not entitled to the same special deference in their stewardship of public monies... or in bank regulatory and supervisory policy... or in areas affecting international finance, among other matters. And the Fed must stay in its lane. Without offering examples, he says Fed independence is at greatest risk “when it strays into fiscal and social policies” and the bank should “not act as some general-purpose agency of the US government.” That should be independent enough to keep the markets happy, while bolshy enough to keep Trump onside.  Warsh’s most interesting views, which potentially bring him into conflict with politicians and the markets, concern the Fed’s balance sheet. He is loudly on record that it should be smaller — meaning that the Fed should sell down some of the huge portfolio of bonds it took on to deal with the GFC and then the pandemic. At the margin, that would mean less liquidity in the market, and higher bond yields. And the balance sheet has begun to enlarge a little once more. Senators are bound to ask him about this, and his answers could have a market effect:  Powell’s first black eye from the markets came in late 2018, when he said he would shrink the balance sheet “on auto-pilot.” An immediate selloff forced him into what became known as the Powell Pivot. Anything that risks pushing up bond yields in the current environment risks a similar outcome. There’s no mention of the balance sheet or QE in Warsh’s five-page opening statement. But that’s not surprising. Here are some words never mentioned during  Ben Bernanke’s confirmation hearing in 2005: QE (or Quantitative Easing) Balance Sheet Subprime CDOs Lehman Bernanke’s chairmanship would be dominated by just these issues as he battled the crisis, but nothing in that hearing gave any guide as to how he would deal with the challenges of 2008. Warsh is a smart enough operator to avoid saying anything important on the key financial issues of the moment — and the chances are that nobody will ask him about the key issues that he will in fact have to face over the next four years. It should still make for good entertainment.  Bitcoin Sails Bitcoin investors’ troubles aren’t over, but they’re probably feeling a little better. A confluence of favorable fundamentals is supporting the cryptocurrency’s best run in almost a year, up nearly 10% this month. It partially owes its decent rally to the Middle East peace talks: quite the irony for the so-called haven asset. Bitcoin is still down for the year, but it has trimmed its losses to about 14%: Whether the rally will hold rests on the fundamentals, and there’s a sense in a corner of the market that it will be short-lived. K33’s Vetle Lunde notes: Traders are actively building short positions and betting against a breakout, creating conditions where a short squeeze becomes more likely if upward momentum persists.  Since its spectacular collapse from October’s peak, short rallies have often been followed by pullbacks, suggesting investors are selling at every opportunity to pare losses. Thus, traders betting on a similar snapback are understandable, but the fundamentals will have the final say. Regarding the tailwinds, the ceasefire brokered a fortnight ago proved instrumental, suggesting that renewed talks for a more meaningful pause in hostilities are likely to have a similar effect. Of course, investors may already have priced in an extension, though the weight of concessions either side must make in any final deal could alter their resolve.  Bitcoin’s rally has coincided with a great run for the tech-heavy Nasdaq, perhaps re-establishing a relationship that appeared broken. Continuing rallies for both now depend on the broader AI story.  Meanwhile, Michael Saylor’s digital asset treasury company, Strategy, bought more than $2.5 billion in Bitcoin last week, its biggest buy since 2024, and prompting a modest rally in the share price. Doubling down like this shows confidence, but Strategy’s investors need Bitcoin to rally a while longer if they are to recoup their losses: Bitcoin has also just survived a test. The loss of almost $300 million in a hack of the Aave decentralized finance (DeFi) platform over the weekend prompted more than $10 billion in outflows, but this hasn’t spilled into the broader digital assets universe. Bitcoin gained 2.1% on Monday, even as the stock market took a pause.  Further, institutional investors last week poured in almost $1 billion via exchange-traded funds, and the resurgence rests on persuading them to keep investing. Last week, Goldman Sachs filed for a Bitcoin ETF, joining Morgan Stanley and BlackRock: Goldman’s is aiming to provide exposure to Bitcoin while also generating an income by selling options tied to it. That would sacrifice some upside during market rallies, but could deal with one of the cryptocurrency’s biggest disadvantages by offering a yield. It’s getting ever further from the decentralized and libertarian vision of Satoshi Nakomoto (whoever he is), but investors sitting on losses will be only too happy to get some help from the Wall Street establishment. —Richard Abbey Big in Japan Time for some hindsight. We all now know that the first great TACO, when Trump rowed back his Liberation Day tariffs a year ago, was a great buying opportunity. But what would it have been best to buy?  Very few people would have suggested Japan’s Topix Nonferrous Metals sub-index. But it’s left such exciting sectors as European arms contractors or the Magnificent Seven tech platforms far behind, gaining more than 400%: The Topix sub-index has 20 companies, the biggest of which, Fujikura Ltd., is worth $60.2 billion. It makes wires and cables, and over the last five years has left global stars like Rheinmetall AG, Nvidia Corp. or Tesla Inc. in the dust: This is ultimately being driven by a heavenly confluence of growth and value. The sector makes vital components for data centers, helping to raise revenues. And, like most of corporate Japan, its stock started dirt cheap because the entire country has long been out of favor. The sector lagged the global semiconductor industry, but did follow its rise over the last three years — and then Sanae Takaichi, who is seen as likely to force through major corporate governance reforms, arrived as prime minister and catalyzed a big re-rating: The shift in the way Corporate Japan is operating didn’t start with Takaichi, but she has been seen as a guarantee that it will continue. Mergers and acquisitions exploded last year. The first quarter alone has seen more deals than the whole of 2024, as illustrated by Nicholas Smith of CLSA in Tokyo: Corporate activism more broadly has also at last taken off. Smith shows in this chart that with foreign private equity groups looking for value, and many overcrowded sectors ripe for consolidation, it becomes far easier for activist investors to put pressure on managements: Is the opportunity gone? It’s hard to believe that there is much juice left in nonferrous metals after their extraordinary rally. On a blended 12-month forward basis, the sector’s price/earnings ratio has now overtaken the SOX semiconductor index, the main benchmark of the US chipmaking industry: Value investors look for a catalyst, and it has arrived for these Japanese manufacturers. It is at least proof of concept that value investing can work. As Japan has many other sectors ripe for consolidation, the chances are that there are more opportunities, even if they don’t seem as exciting as Nvidia or Tesla.

Survival Tips

I’m currently working on a piece about prediction markets (on which I welcome all thoughts), but John Oliver has just produced a brilliant segment on the subject that I recommend, and says much of what needs to be said. Be warned that there are a lot of four-letter words (which I won’t be using in my piece).  More From Bloomberg Opinion Struggling to Understand Sanaenomics? A New Book Helps: Gearoid Reidy A Wartime Economy Would Be Different This Time: Allison Schrager Goldman and BlackRock Calm Private Credit Panic. Blue Owl Less So: Paul J. Davies

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