Thursday, 23 April 2026

St. George’s Day. Is The Fed Going To Ease On Inflation?

Baltic Dry Index. 2675 +35     Brent Crude 103.45

Spot Gold  4730                           Spot Silver 76.18

US 2 Year Yield 3.79 +0.01

US Federal Debt. 39.152 trillion

US GDP 31.351 trillion.

A Very Happy St. George’s Day to all celebrating St George today.

Not just England - all the countries celebrating St George's Day on Thursday

22 April 2026

St George's Day is the most important day on the calendar for England, but the patron saint is celebrated around the world in April and May - not just here in the UK.

While England will officially honour its patron saint on Thursday, April 23, many other countries will also pay their respects to the legendary figure who is championed in both Christian and Islamic mythology.

It means that St George, who is believed to have died 1,700 years ago in 303 AD, is celebrated by many countries around the globe this week and beyond.

As explained by English Heritage: "England shares St George with Venice, Genoa, Portugal, Ethiopia and Catalonia among others as their patron saint and many of these places have their own celebrations and ceremonies in his honour."

Indeed, many more countries around the world will hold events for St George, who is honoured by the Eastern Orthodox Church as 'a great martyr'.

In Bulgaria, George's Day is held on May 6 and is a public holiday (unlike in England, where it is still not a Bank Holiday).

In Serbia and Bosnia and Herzegovina, the day is also celebrated on May 6, while in Egypt, the day is celebrated on May 1.

In India, feasts and events for George are held from April 27 to May 14.

The nation of Georgia, in Europe, is not technically named after St George but does use the St George's Cross as its national flag, which makes it very similar to the English flag (always confusing during football matches).

Turkey and Brazil also celebrate St George, as well as Greece, Romania, Syria, Lebanon and others - a truly international event.

English Heritage adds: "He might be our national patron, St George was likely a Greek-speaker who lived and died in the Roman Near East. A Christian, he died a martyr's death in about AD 303.

"His tomb at the city of Diospolis or Lydda (now Lod in Israel) in Roman Palestine soon attracted pilgrims."

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Not just England - all the countries celebrating St George's Day on Thursday

In stock casino news, is war trumping hopium? Get ready for a big change at the US central bank.

Asia-Pacific markets give up early gains amid reports U.S. intercepted Iranian oil tankers in Asian waters

Published Wed, Apr 22 2026 7:49 PM EDT

Asian markets gave up early gains and swung to losses, as investor confidence wavered on media reports that the U.S. has intercepted at least three Iranian oil tankers in Asian waters, heightening uncertainty that the Middle East conflict may drag on.

Earlier in Thursday’s session, Japan and South Korea stocks hit record highs, trailing overnight gains on Wall Street after President Donald Trump’s extended a ceasefire with Iran, boosting investor sentiment alongside strong corporate earnings.

The U.S. military has intercepted at least three Iranian-flagged tankers in Asian waters and is redirecting them away from positions near India, Malaysia and Sri Lanka, shipping and security sources said on Wednesday.

This followed Iran’s navy saying it had seized two container ships in the Strait of Hormuz.

Trump extended a two-week U.S. ceasefire on Tuesday, saying it was warranted due to Tehran’s “seriously fractured” government.

“Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal,” Trump said in a Truth Social post.

The ceasefire will remain in place until Iran submits a proposal or talks conclude, while the U.S. military continues its blockade of Iranian ports, Trump said.

However, the timeline remains uncertain. Iranian state media reported Wednesday that Tehran’s negotiators would not attend talks with the U.S., calling them a “waste of time.” A lack of commitment from Iran reportedly prompted Vice President JD Vance to pause his trip to join peace talks.

Oil prices extended gains. The West Texas Intermediate futures rose 1.60% to $92.96 per barrel as of 12:03 p.m. ET. Brent crude added 1.28% to $101.91 per barrel.

Japan’s Nikkei 225 briefly touched an all-time intraday high of 60,013.98, before slipping 1.20% on profit taking.

Japan’s manufacturing activity expanded at its fastest pace in four years in April, according to the S&P Global flash Purchasing Managers’ Index, as firms boosted output amid supply concerns linked to Middle East tensions.

Index heavyweight Softbank Group Corp was at 3.01% higher, paring early gains. A Bloomberg report said the company is taking on more debt in its push for AI, seeking a $10 billion margin loan backed by its OpenAI holdings.

South Korea’s Kospi also reached an all-time intraday high of 6,538.72, before slipping 0.74%. The small-cap Kosdaq was 0.58% higher. The country’s economy grew more than expected in the first three months of the year, recording the fastest growth since the third quarter of 2020.

The 1.7% growth in January to March from the previous quarter exceeded Reuters’ estimates of 1.0% and rebounded from the 0.2% contraction in the prior quarter.

Samsung Electronics shares hit a new intraday record of 227,000 in early trade. Investors were also monitoring labor developments, as the company’s unions expected more than 30,000 workers to attend a rally in South Korea on Thursday, ahead of a planned strike next month.

Australia’s S&P/ASX 200 traded choppy, fallling 0.88%.

Mainland China’s CSI300 index fell 0.79%, while Hong Kong’s Hang Seng index fell 1.12% ahead of the release of the city’s March inflation data.

India’s Nifty50 fell 0.62%.

S&P 500 futures slipped 0.1%, while the Nasdaq 100 futures were around the flatline. Futures tied to the Dow Jones Industrial Average fell by 173 points, or 0.4%.

During Wednesday’s regular session, the S&P 500 added 1.05% to finish at 7,137.90, while the tech-heavy Nasdaq added 1.64% to settle at 24,657.57. The latter had hit a new all-time intraday high in the session.

Meanwhile, the Dow Jones Industrial Average advanced 340.65 points, or 0.69%, to end the day at 49,490.03.

Asia markets today: Nikkei 225, Hang Seng Index, Kospi

S&P futures decline following another record-setting day for benchmark: Live updates

Updated Thu, Apr 23 2026 12:22 AM EDT

S&P 500 futures declined early Thursday after both the broad market index and Nasdaq Composite rose to fresh records during the regular session.

S&P 500 futures slipped 0.63%, while the Nasdaq 100 futures fell 0.71%. Futures tied to the Dow Jones Industrial Average fell by 353 points, or 0.71%.

Some of the biggest movers on Wednesday night included IBM and ServiceNow, which were respectively trading 6% and 13% lower after reporting their latest results. Shares of Tesla initially rose on better-than-expected earnings. However, the stock later shed about 2% when CEO Elon Musk warned capital expenses would rise “substantially” as the electric vehicle maker moves into AI-powered self-driving cars and humanoid robots.

Both the broad market index and tech-heavy Nasdaq finished at record levels on Wednesday after President Donald Trump extended the U.S. ceasefire with Iran. The S&P 500 and Nasdaq rose 1.05% and 1.64%, respectively. The Dow Jones Industrial Average gained 340.65 points, or 0.69%.

Late Tuesday afternoon, Trump said that the ceasefire extension was warranted due to Tehran’s government being “seriously fractured.”

Still, geopolitical relations in the region remain tense. A lack of commitment from Iran reportedly resulted in Vice President JD Vance pausing his trip to join peace talks. Iran state media also reported that Tehran negotiators said they wouldn’t be present, calling talks with the U.S. a “waste of time.” And on Wednesday, Iran’s navy said that it had seized two container ships in the Strait of Hormuz.

Investor sentiment has also been strengthened by a strong earnings season so far. Of the 87 S&P companies that have reported so far, 81% have reported an earnings beat, while 76% have reported revenue that surprised to the upside.

“The thing that’s really difficult is we keep getting these very, very intense news headlines that give everyone a lot of pause, everyone a lot of heartburn. But at the end of the day, earnings estimates continue to rise, and that really kind of indicates that businesses are figuring out a way to muddle through all of this noise and manage through this uncertainty in a way that they can still deliver profit growth,” said Julie Biel, chief market strategist at Kayne Anderson Rudnick, on CNBC’s “Closing Bell: Overtime” on Wednesday afternoon.

HoneywellAmerican ExpressBlackstoneAmerican Airlines and Lockheed Martin are among the stocks reporting earnings Thursday morning. Traders will also watch out for April’s S&P Global PMI manufacturing and services preliminary readings.

Stock market today: Live updates

Kevin Warsh gave his preferred way for measuring inflation. It could come back to bite him

Published Wed, Apr 22 2026 2:00 PM EDT Updated Wed, Apr 22 2026 3:29 PM EDT

Kevin Warsh, President Donald Trump’s nominee for Federal Reserve chair, told lawmakers that he would like the central bank to change its strategy for measuring inflation.

But Bank of America economist Aditya Bhave warned Wednesday that such a reconfiguration — part of a broader “regime change” that Warsh has promised for the central bank — might not pan out as he hopes.

The Fed has long favored the core price index for personal consumption expenditures, known in short as the core PCE, because it excludes volatile food and energy prices.

But Warsh wants to go a step further, by rooting out extreme price shocks when calculating overall inflation.

“What I’m most interested in is: What’s the underlying inflation rate? Not: What’s the one-time change in prices because of a change in geopolitics or change in beef?” Warsh said at his Senate hearing Tuesday.

“The measures I prefer are looking at things that are called trimmed averages,” Warsh added. “We take out all of the tail-risks, all of the one-off items, and we ask ourselves whether the generalized change in prices is having second-order effects on the economy.”

Under Warsh’s system, Bank of America’s Bhave said, inflation today does look softer. The bank found a 12-month inflation gauge that’s using the trimmed method would have a mean of 2.3% and median of 2.8% as of February. By comparison, core PCE sat at 3%.

Warsh called the current trend in inflation “quite favorable” during Tuesday’s hearing.

Be careful what you wish for

But Bhave said that making this switch may mean energy and food — currently excluded — would matter more for Fed policy.

“Even if these shocks get trimmed out, they might still raise the trimmed mean by preventing other shocks from getting trimmed,” Bhave said. “This is ironic because Warsh also argued yesterday for looking through one-off, supply-driven price increases.”

In other words, by trimming only the most extreme readings, some more minor spikes in inflation — perhaps caused by food and energy prices jumping — could creep into the inflation reading under Warsh’s method and cause it to be higher than the Fed’s current preferred view.

And Bank of America’s data showed that’s occurred in the past.

A trimmed-median inflation gauge tracked by Bank of America was higher than the core PCE in 2019 and 2020. In those years, using a trimmed basket would have encouraged a hawkish stance from the Fed.

If trimmed inflation outpaced the core PCE in the future, Bhave said, Warsh would likely have to stand by his view, tying his hands.

“To preserve Fed credibility and avoid optics of cherry picking, Warsh will need to stick with his preferred metrics even when they are outpacing the core,” Bhave said.

Critics of Warsh said they expect him to sway the Fed in a direction that appeases Trump rather than by what’s best for the economy.

During Tuesday’s hearing, Warsh pushed back on the idea that he would lower interest rates solely at the request of Trump. But the former Fed governor faced tough lines of questioning over his wealth and ability to break with Trump.

Kevin Warsh's preferred inflation measure could come back to bite him

In other news.

Clearing Strait of Hormuz of mines could take 6 months, Pentagon tells Congress

April 22, 2026

It could take six months to fully clear the Strait of Hormuz of mines deployed by the Iranian military, and any such operation is unlikely to be carried out until the U.S. war with Iran ends, the Pentagon has informed Congress — an assessment that means the conflict’s economic impact could extend late into this year or beyond.

A senior Defense Department official shared the estimate during a classified briefing Tuesday for members of the House Armed Services Committee, said three officials familiar with the discussion. The timeline — met with frustration by Democrats and Republicans alike, two of these people said — is the latest sign that gasoline and oil prices could remain elevated long after any peace deal is reached.

Beyond any economic ramifications, such an outcome also could have significant implications politically in the United States — particularly for Republicans — as November’s midterm elections draw near. President Donald Trump’s decision to start the war has proved unpopular with most Americans, recent polls have shown, and it has fractured his political base, which voted him into office based in part on his repeated promises to New foreign military entanglements and focus more on domestic issues.

On Wednesday, the average cost of a gallon of gas in the United States was $4.02, according to AAA, up from $2.98 just before the war began in February. Trump has vacillated on the question of when gas prices may come down, saying this month that they “could be the same or maybe a little bit higher” by the midterms before declaring that they would be “much lower” before the election. His treasury secretary, Scott Bessent, has said it could be late September before “we can have $3 gas again.”

Three officials, speaking on the condition of anonymity because of the discussion’s sensitivity, said lawmakers were told that Iran may have emplaced 20 or more mines in and around the Strait of Hormuz, a vital waterway for the movement of Middle Eastern oil through the Persian Gulf. Some were floated remotely using GPS technology, which has made it difficult for U.S. forces to detect the mines as they are deployed, the senior defense official told lawmakers. Others are believed to have been laid by Iranian forces using small boats.

More

Clearing Strait of Hormuz of mines could take 6 months, Pentagon tells Congress

Hormuz is just a ‘dry run’ if China and U.S. go to war in the Pacific, Singapore foreign minister warns

Published Tue, Apr 21 2026 11:15 PM EDT

Should a war break out between China and the U.S. in the Pacific, “what you are seeing in the Strait of Hormuz will be a dry run,” Singapore Foreign Minister Vivian Balakrishnan said Wednesday.

Balakrishnan made the remarks at CNBC’s CONVERGE LIVE event in Singapore, responding to a question on whether the city-state was facing any pressure from Washington and Beijing to choose between the two.

Singapore has relationships with both the countries, and is uniquely positioned to take advantage of developments in the U.S. and China, Balakrishnan told CNBC’s Steve Sedgwick.

The U.S. is Singapore’s largest foreign investor with around 6,000 American companies based in the city-state. Singapore also runs a goods trade deficit with Washington to the tune of about $3.6 billion, according to the office of the U.S. Trade Representative.

Meanwhile, China has been Singapore’s largest trading partner, and Singapore has been China’s largest foreign investor.

Singapore will “refuse to choose” one over the other, he added. “The way we conduct our affairs is we assess what is in Singapore’s long term national interests, and if I have to say no to Washington or Beijing or anyone else, we don’t flinch from that.”

“We are acting in our own long term national interest. We will be useful, but we will not be made use of,” he added.

‘Choke points matter’

Separately, Balakrishnan also said that said the conflict in the Middle East had shown that “chokepoints matter,” pointing out that Singapore also sits astride one of the world’s critical trade arteries in the form of the Strait of Malacca.

At its narrowest point, the Strait of Malacca is two nautical miles, compared to 21 nautical miles for the Strait of Hormuz.

The minister was also asked if the actions of Iran in trying to extract tolls from ships passing the Strait of Hormuz would be have other countries thinking of also collecting tolls through chokepoints such as the Strait of Malacca.

More

Hormuz is just a ‘dry run’ if China and U.S. go to war in the Pacific, Singapore foreign minister warns

With age comes wisdom, but sometimes age comes alone.

Oscar Wilde

Global Inflation/Stagflation/Recession Watch.

Given our Magic Money Tree central banksters and our spendthrift politicians.

The Dollar Is Still King—But Treasury Bonds Have Lost Their Crown

Featuring Wenxin Du. By Rachel Layne on April 15, 2026.

Treasuries and the US dollar—safe havens that have long moved in parallel—are on the road to divorce.

A persistent gap between the value of the dollar, the modern world’s bedrock currency, and US Treasuries began after the 2008 global financial crisis and widened further around 2015, says research by Harvard Business School Professor Wenxin Du. The trend continued in 2020 as the US government borrowed at rock-bottom rates to prop up the economy amid the COVID-19 pandemic.

Investors now see more risk in owning US government-issued debt, which could raise questions about future borrowing, write Du and collaborators Ritt Keerati, economist for the Board of Governors of the Federal Reserve System, and Columbia Business School Associate Professor Jesse Schreger in “Decoupling Dollar and Treasury Privilege.” The Fed formally released the working paper in December.

Traditionally, investors have accepted a lower yield—or interest rate—for Treasuries because of their perceived safety and liquidity. Buy a Treasury and you could sell or pledge it almost instantly for cash anywhere in the world. Today, that "convenience yield” has disappeared amid record US debt.

Treasuries help stabilize the US economy, covering funding gaps and providing a source of stimulus during crises. The findings come as US policymakers and central bankers wrestle with inflation concerns, rising unemployment, and geopolitical uncertainty.

Two factors speeding decoupling

The value of Treasuries should track the value of the dollar, but two factors have pushed them apart:

Scarcity in dollar lending

Regulations enacted in the wake of the 2008 global financial crisis limited banks' ability to lend in US dollars. The premium that buyers outside the US pay to acquire dollars rose as lending capacity shrank.

Oversupply of Treasuries

Starting in 2008, the US issued massive amounts of Treasuries, flooding the global market and lowering their value, making them less “special” than other instruments used as dollar equivalents. The outstanding value of Treasury bonds reached $29 trillion in 2025, up from $5 trillion in 2008.

Measuring the waning appeal of Treasuries

To compare the two forms of American financial “privilege”—the unique global clout of the dollar and Treasuries—the authors used a tool called covered interest parity deviations.

Think of it this way: If you are a European investor who wants to earn a dollar return, you have two choices:

·         Buy a US government bond directly.

·         Buy a German government bond and use currency markets to convert your euros into dollars, creating what researchers call a "synthetic" dollar investment.

If US and German government bonds are equally desirable, both strategies should produce the same return. When they don’t, and investors willingly accept a lower return to hold a real US government bond instead of the synthetic alternative, that gap is the Treasury "convenience yield.” It measures the premium the world places on holding US government bonds.

For most of the pre-2008 era, that premium was real and meaningful. Investors accepted lower yields on US government bonds because they were uniquely liquid, safe, and universally accepted as collateral. However, the Treasury premium has now essentially vanished.

By the researchers’ calculations, long-term US government bonds have been offering higher yields relative to comparable foreign bonds since 2008. Even more striking, this shift has spread to short-term maturities for the first time in recent years. The premium on Treasury bills, the short-term IOUs issued by the US government, held up for more time than longer-dated bonds, but they too have also vanished since 2023 when the Treasury department issued more short-term bills.

“Treasuries have lost ‘specialness’ in the international comparison, in the sense that bond investors need to be incentivized with extra return for holding the actual Treasury,” says Du, the Sylvan C. Coleman Professor of Financial Management.

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The Dollar Is Still King—But Treasury Bonds Have Lost Their Crown | Working Knowledge

Technology Update.

With events happening fast in the development of solar power and graphene, among other things, I’ve added this section Updates as they get reported.

Global Wind Power Adds Record 165 GW in 2025, Still Below Pace Needed for Climate Goals

 Wednesday, 22 April 2026 09:58

Wind energy hit a new milestone in 2025, with global capacity continuing its steady expansion.

According to a report released Monday by the Global Wind Energy Council (GWEC), the industry added 165 gigawatts (GW) of new capacity last year. This brought total installed wind power worldwide to nearly 1,299 GW and extended a 25-year growth streak.

Since 2001, when global capacity stood at just 24 GW, the sector has grown continuously. Installed capacity increased tenfold by 2012, surpassed 500 GW in 2017 and crossed 1,000 GW in 2023, supported by falling equipment costs and resilience despite disruptions such as the COVID-19 pandemic and global supply chain constraints.

GWEC said wind energy is becoming a central technology in modern electricity systems. It noted that among clean energy sources, wind is currently the only one that combines sufficient maturity, reliability and geographic flexibility at scale to support power grids, meet rising industrial demand and strengthen energy security.

Onshore wind led growth in 2025, with 155.3 GW of new capacity commissioned, up 42% from 2024. Offshore wind expanded more moderately, adding 9.3 GW, a 16% increase.

China drives global expansion

China remained the dominant player. The country added 120 GW of new capacity, bringing its total installed wind fleet to 640 GW in 2025, more than half the global total, according to GWEC. It also remains the world’s largest supplier of wind equipment.

Strong investment in both onshore and offshore wind is driving growth across Asia. The region accounted for 131 GW of new capacity, or 80% of the global total. India also posted solid gains, installing an additional 6.34 GW.

Europe ranked second, adding 19.1 GW and pushing its total capacity above 300 GW. The United States installed nearly 7 GW of new onshore wind capacity.

In Africa, South Africa led expansion, adding 509 megawatts (MW) to reach 4,037 MW. Morocco followed with 261 MW, bringing its total to 2,629 MW, while Egypt added 242 MW to reach 3,097 MW. Egypt could regain the regional lead in the near term, with 1.3 GW currently under construction.

Strong outlook, but gaps remain

GWEC expressed optimism about future growth, describing wind as an abundant, affordable, scalable and locally available energy source that can support energy sovereignty.

Global wind capacity is expected to grow by 969 GW between 2026 and 2030, averaging 194 GW per year. At that pace, total capacity would exceed 2 terawatts by 2029, with China playing a central role.

In September 2025, China said it aims to cut greenhouse gas emissions by 7% to 10% by 2035. It has also adopted a new five-year plan covering 2026 to 2030 that requires annual wind installations of at least 120 GW, including a minimum of 15 GW offshore.

Analysts say current efforts will need to accelerate significantly.

Data from the International Renewable Energy Agency shows that annual wind installations must reach 320 GW by 2030 to meet the COP28 target of tripling global renewable energy capacity. That goal is aimed at keeping global warming within 2 degrees Celsius above pre-industrial levels, in line with the 2015 Paris Agreement.

Global Wind Power Adds Record 165 GW in 2025, Still Below Pace Needed for Climate Goals - Ecofin Agency

Next, the world global debt clock. Nations debts to GDP compared.

World Debt Clocks (usdebtclock.org) 

A person who never made a mistake never tried anything new.

Albert Einstein

Wednesday, 22 April 2026

24 Hours After Threatening War Crimes, TACO Again!

Baltic Dry Index. 2640 +07       Brent Crude 98.41

Spot Gold  4754                           Spot Silver 78.54

US 2 Year Yield 3.78 +0.06

US Federal Debt. 39.148 trillion

US GDP 31.348 trillion.

The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.

Ernest Hemingway

To the global stock casinos, their bets that the erratic, bombastic, TACO prone, President Trump would fold and extend the Iran ceasefire, paid off.

The big question now is, did any/how many District of Crooks insiders place bets?

About 24 hours after threatening US war crimes in Iran by “blowing up every power station and bridge in Iran”, President Trump gave in to Iran, getting nothing back in return.

Vice President Vance, who President Trump said on Monday was travelling to Pakistan for talks with Iran, remains in the District of Crooks.

Trump Fed Pick Warsh Grilled By Democrats

April 21, 2026 at 11:02 PM GMT+1

US President Donald Trump reversed himself again, this time on repeated statements that he was unlikely to approve an extension of the ceasefire in the US-Israel war with Iran. On Tuesday, the 79-year-old Republican did just that, as he continues to look for a way out of a deeply unpopular conflict that’s driven up gas prices while driving down his poll numbers.

Earlier, Vice President JD Vance’s planned trip to Pakistan for peace negotiations was put off because Iranian officials refused to attend, citing what they said were unreasonable US demands. Iran’s semi-official Tasnim news agency said there is currently no prospect of Iran participating in negotiations.

Top Iranian officials didn’t immediately comment on Trump’s latest pronouncement. Tasnim reported Iran didn’t request an extension of the ceasefire, citing unidentified sources. It also said the country won’t reopen the Strait of Hormuz as long as the American naval blockade continues, which Trump has pledged to keep in place.

Before Trump’s latest turnabout, the world’s top oil traders warned that the ongoing closure of the strait is increasing the risk of a global recession. While international forecasters already acknowledge the conflict is sapping economic growth and oil demand, merchants including Vitol, Gunvor and Trafigura cautioned the situation will get even worse if the strait doesn’t open soon. —Jordan Parker Erb

Trump’s Fed Pick Grilled By Democrats: Evening Briefing Americas - Bloomberg

Japan's Nikkei 225 rises to record high as Trump extends Iran ceasefire

Published Tue, Apr 21 2026 7:49 PM EDT

Japan’s Nikkei 225 hit a record high on Wednesday as President Donald Trump extended a U.S. ceasefire with Iran, even as other Asia-Pacific markets were broadly lower amid concerns that the Middle East conflict could drag on.

“Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal,” Trump said in a Truth Social post.

He added that the ceasefire would be extended until Tehran submitted a proposal or discussions were concluded, and that the U.S. military would continue its blockade of Iranian ports.

However, the timeline remains uncertain. Negotiators from Tehran said they wouldn’t attend the talks with the U.S., calling them a “waste of time,” Iranian state media reported on Wednesday.

The uncertainty also delayed Vice President JD Vance’s trip to join peace talks, according to reports from Axios and The New York Times, citing U.S. officials with knowledge of the situation.

Oil futures gave up earlier gains. West Texas Intermediate futures were 0.49% lower at $89.23 per barrel as of 11:50 p.m. ET. Brent crude declined 0.31% to $98.17 per barrel.

Japan’s Nikkei 225 rose to a new record of 59,691 following the release of its latest trade data. The country’s exports rose for a seventh straight month, posting a trade surplus of 667 billion yen ($4.18 billion) in March, compared with a surplus of 1.1 trillion yen forecast, data from Reuters showed. The focus will also be on the Bank of Japan’s policy meeting next week. The Topix, however, lost 0.63%.

South Korea’s Kospi pared earlier losses and slipped 0.14% amid some profit-taking after reaching a record high on Tuesday. The small-cap Kosdaq dropped 0.81%. Producer prices in March grew at their fastest pace in over three years, supported by higher oil prices amid the conflict in the Middle East, central bank data showed.

Mainland China’s CSI300 index gained 0.30%, while Hong Kong’s Hang Seng index declined 1.32%.

India’s Nifty 50 slipped 0.48%. Shares of IT company HCL Technologies dropped 8.87% after its fourth-quarter earnings missed expectations.

Australia’s S&P/ASX 200 was 0.94% lower.

S&P 500 futures and Nasdaq 100 futures both added 0.4%. Futures tied to the Dow Jones Industrial Average rose by 190 points, or 0.4%

During Tuesday’s regular session, the S&P 500 closed down 0.63% at 7,064.01, while the Nasdaq Composite settled 0.59% lower at 24,259.96. The Dow Jones Industrial Average shed 293.18 points, or 0.59%, to finish at 49,149.38.

Asia-Pacific markets today: Nikkei 225, Kospi, Hang Seng Index

Oil edge lower as fragile Iran ceasefire extension clouds outlook

Published Tue, Apr 21 2026 8:57 PM EDT

Oil prices edged lower on Wednesday as uncertainty lingered over the trajectory of the U.S.–Iran conflict, after President Donald Trump extended a fragile ceasefire with Tehran but signaled tensions remain far from resolved.

International benchmark Brent crude and U.S. West Texas Intermediate futures both slid, with Brent declining 0.68% to $97.81 per barrel while the WTI lost 0.29% to $89.04 per barrel.

The moves come after Trump said the U.S. would prolong its temporary truce with Iran beyond the previously set deadline, citing a “seriously fractured” political situation within Tehran.

The ceasefire will remain in place until Iranian leaders present a unified proposal to end hostilities with Washington and Israel, he said in a post on Truth Social. In the meantime, the U.S. would continue its blockade of Iran’s ports.

The ceasefire extension underscores the uncertain path toward de-escalation. While the move delays the risk of imminent military strikes, it also highlights deep divisions within Iran’s leadership and the lack of a clear diplomatic breakthrough.

Earlier on Tuesday, oil prices rose after it became clear that Vice President JD Vance had not departed for Pakistan, where peace talks with Iran were supposed to resume.

However, Iranian state news outlet Tasnim reported that negotiators from Tehran had informed their U.S. counterparts through an intermediary in Pakistan that they would not appear for further talks.

“Iran ultimately announced today that under these circumstances, attending the negotiations is a waste of time because the US prevents reaching any suitable agreement,” Tasnim reported.

Oil price: WTI, Brent, Iran ceasefire extension clouds outlook

Why Trump’s latest blink on Iran could be more than a TACO Tuesday

Analysis by Stephen Collinson, CNN

Wed, April 22, 2026 at 5:00 AM GMT+1

President Donald Trump blinked again by extending the ceasefire with Iran.

His critics are mocking another TACO (“Trump always chickens out”) Tuesday after the president caved on one more personal red line days after warning there’d be “no more Mr. Nice Guy” if the Islamic Republic didn’t capitulate.

But the derision would be more justified if a president risked more Iranian and US lives by doubling down on what looks like an unwise war purely to preserve his tough-guy persona.

A haunting question about the Vietnam War that future Sen. John Kerry posed to the Senate Foreign Relations Committee in 1971 seems apt here: “How do you ask a man to be the last man to die for a mistake?”

Still, Trump’s climbdown cast fresh doubts on his wartime leadership skills on a day when Iran refused to show up to talks in Islamabad aimed at ending the war — leaving Vice President JD Vance cooling his heels at home.

Trump wrote on Truth Social that he’d put US attacks on hold at the request of Pakistan to allow Iran to send a proposal and until talks conclude one way or the other. He also argued that the process was complicated because Iran’s leadership was “seriously fractured.”

CNN reported that top officials believe there was little point in Vance traveling to Pakistan for the talks. They believe Iran didn’t reply to US proposals because its leaders don’t yet have consensus on their position or on how far to empower negotiations on the country’s uranium stockpile. One complicating factor may be that new Supreme Leader Mojtaba Khamenei is in hiding and may be unable to transmit clear directions, the sources said.

This is possible, but it may also be a self-serving way to cover Trump’s climbdown. Doubts about Iranian diplomats’ authority to negotiate always cloud talks with the Islamic Republic. And it may also highlight the incoherence of US strategy, since the Iranian leadership’s fractures were exacerbated by Israeli assassination raids that wiped out top officials with the political clout to do deals.

One big Trump failure revealed

The president’s spin cannot obscure the most important takeaway from Tuesday: His strategy of using threats of overwhelming US military force to coerce Iran into surrendering at talks has now failed multiple times. Inside Iran, therefore, it must appear that Trump’s threats of military escalation lack credibility.

More

Why Trump’s latest blink on Iran could be more than a TACO Tuesday

In other news.

Explainer-Who are the candidates running for UN secretary-general?

Tue, April 21, 2026 at 6:02 AM GMT+1

GENEVA, April 21 (Reuters) - The 10th United Nations secretary-general will be elected this year for a five-year term starting on January 1, 2027.

Here are the candidates so far running to take over from outgoing U.N. chief Antonio Guterres.

RAFAEL GROSSI

Rafael Grossi, a 65-year-old career diplomat from Argentina, has been an omnipresent, hyperactive director general of the U.N. ‌nuclear watchdog for the past six years.

While the International Atomic Energy Agency has long policed Iran's nuclear programme, Grossi led negotiations aimed at salvaging parts of a landmark nuclear deal ‌between Tehran and major powers after President Donald Trump's decision to pull the United States out of it in 2018. Grossi's critics argue he has gone too far in trying to cut deals with Iran.

A father of eight and polyglot who ​speaks English, Spanish, French and Italian, Grossi has raised both his and the IAEA's profile with his shuttle diplomacy in international crises.

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REBECA GRYNSPAN

Rebecca Grynspan, 70, depicts herself as a reform‑minded multilateralist who has battled gender barriers and has had a lifelong belief in the U.N. and its commitment to peace, development and human rights.

A former vice president of Costa Rica who ⁠heads the U.N. Conference on Trade and Development, Grynspan said she stepped back from duties until September to avoid conflicts of interest during the campaign. Grossi has continued in his role at the IAEA while campaigning.

Born to parents who fled Europe after World War Two, she links her worldview directly to the origins of the U.N. and its role in international cooperation and preventing conflict.

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MICHELLE BACHELET

Michelle Bachelet, 74, is a two-time president of Chile and a former U.N. High Commissioner for Human Rights, who also served from 2010-13 as executive director of U.N. Women, an agency promoting women's rights.

In March, Chile withdrew its backing for Bachelet after a right-wing shift in the country's leadership, but she said she would press ahead with support from Brazil and Mexico.

Chilean President Jose Antonio Kast's government said her campaign lacked broad political consensus at home and faced poor odds internationally.

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MACKY SALL

Macky Sall, who was Senegal's president for 12 years until 2024, emphasises his experience as head of state as a key asset for ‌the role of secretary-general.

The 64-year-old geologist - the son of a peanut seller from ​a poor part of the West African country – completed ​major infrastructure projects during his tenure and has championed African development.

Sall has stressed the need to support developing countries burdened by debt. He is calling for an overhaul of the Security Council, in a nod to demands from developing nations for permanent seats on the most powerful U.N. body.

"More than ever, a reinvented multilateralism remains the best way to respond to ​the challenges of a world in full transformation," he said on X.

More

Explainer-Who are the candidates running for UN secretary-general?

The rain will stop, the night will end, the hurt will fade. Hope is never so lost that it can't be found.

Ernest Hemingway

Global Inflation/Stagflation/Recession Watch.

Given our Magic Money Tree central banksters and our spendthrift politicians.

Retail sales post biggest jump in more than 3 years on record spike in gas prices

April 21, 2026

A record spike in gas prices drove US retail sales higher in March, rising by the fastest monthly pace in more than three years, new Commerce Department data showed Tuesday.

Retail sales jumped 1.7% in March, a sharp upswing from February’s 0.7% gain, marking the fastest pace since January 2023.

The retail sales figures are adjusted for seasonal swings but not inflation.

Gas prices soared in March as a result of the war with Iran and the effective closure of the Strait of Hormuz, a critical channel for the transport of oil.

Retail sales post biggest jump in more than 3 years on record spike in gas prices

UK unemployment rate drops unexpectedly

21 April 2026, 07:13 BST

The UK's unemployment rate has fallen unexpectedly but wages are growing at their slowest pace for more than five years, the latest official figures show.

Unemployment fell to 4.9% in the three months to February, despite predictions it would remain unchanged at 5.2%.

However, the fall appears to reflect a slight rise in the number of people no longer looking for work, largely among students, who are not included in the unemployment figures.

The numbers from the Office for National Statistics (ONS) also show wages rose at an annual pace of 3.6% between December and February, the weakest rate since late 2020. Despite the slowdown, pay is still rising faster than inflation.

Liz McKeown, director of economic statistics at the Office for National Statistics (ONS) figures, said: "Alongside falling unemployment, the number of people not actively seeking work increased, with data suggesting fewer students seeking work alongside their studies."

The inactivity rate – which measures the proportion of people unemployed but not looking for work – was 21% in the December to February period, up from 20.7%.

Most of the data released by the ONS was gathered before the outbreak of the US-Israeli war with Iran, which has led to a surge in energy prices.

If these energy prices remain high, economists have warned this could affect the jobs market in coming months.

More

UK unemployment rate drops unexpectedly - BBC News

The Strait of Hormuz blockade: how US action against Iran risks global economic fallout

21 April 2026

A US naval blockade targeting Iranian shipping is beginning to disrupt one of the world’s most critical trade routes, raising fears of rising energy prices and wider economic instability.

The move is designed to pressure Tehran by cutting off key revenue streams—but its effects are already being felt far beyond the region.

Pressure on Iran

According to the BBC, The United States has imposed restrictions on ships traveling to and from Iranian ports following failed negotiations and amid a fragile ceasefire.

The strategy targets Iran’s core economic lifelines, particularly oil exports and maritime revenues linked to the Strait of Hormuz. US forces have already intercepted vessels and forced others to turn back, tightening control over Iran’s access to global markets.

Iran has condemned the move as “piracy” and warned of retaliation, signaling that tensions could escalate further.

----Economic and geopolitical risks

The consequences of the blockade extend far beyond Iran.

Energy prices have already shown signs of volatility, with Asia particularly exposed due to its reliance on oil flows through the region. China, a major buyer of Iranian crude, could face supply disruptions, while other economies risk knock-on effects across fuel, food and industrial sectors.

At the same time, the blockade increases the risk of military escalation. Iran has threatened to restrict access to the strait, and any breakdown of the ceasefire could draw in regional powers and deepen the conflict.

The longer the standoff continues, the greater the risk that a targeted economic move turns into a broader global crisis.

Sources: BBC, Digi24

The Strait of Hormuz blockade: how US action against Iran risks global economic fallout

Technology Update.

With events happening fast in the development of solar power and graphene, among other things, I’ve added this section Updates as they get reported.

Homeowner converts used BMW car battery into emergency power source

April 20, 2026

Upgrading your home with solar panels and battery storage is one of the tried and tested methods for saving money on home energy, preparing for power outages, and even cutting ties with power companies. 

One homeowner recently took to Reddit to share how they transformed a BMW i3 battery into a home backup energy solution. The original poster had the comment section intrigued after sharing an image of the large battery system.

In the comments, the OP explained they used an inverter and battery emulator to pair the electric vehicle battery with their solar panels. The total cost of the project was $1,176. "I think this is the cheapest way for sure to get a large home battery!" the OP added.

They aren't the only one reaping the benefits of cheap at-home energy. With some solar owners seeing thousands of dollars in savings on their bills over the years, panels and batteries are becoming popular upgrades across the United States.

If you're curious about how solar panels can transform your home energy, connect with the experts at EnergySage. Its free tools can help you get quick installation estimates and compare quotes.

While some commenters had valid safety concerns, which the OP addressed, others offered support for the DIY endeavor.

"Does anyone have a business doing this yet?" one user wrote. "I'm a huge fan of reusing electronics like this, and also it seems like an economical way to get a massive home battery backup."

Another said: "This is simply awesome. I never knew. That's a lot of stored power!"

While this homeowner chose a DIY approach, many find it easier to work with trusted partners to find the best solar panels for their homes and budgets. Homeowners using free comparison tools can save up to $10,000 on solar purchases and installations.

EnergySage also offers a helpful mapping tool that shows you, at the state level, the average cost of home solar and available incentives. It ensures you lock in the best price for rooftop panels and snag all the incentives you can.

Plus, if you're looking for home battery solutions like this homeowner, EnergySage can help you with competitive installation estimates and information on storage options. If you're concerned about power outages or rising energy costs, or looking to cut ties with the grid entirely, a home battery backup could be a good fit. 

Homeowner converts used BMW car battery into emergency power source

Next, the world global debt clock. Nations debts to GDP compared.

World Debt Clocks (usdebtclock.org) 

Every man's life ends the same way. It is only the details of how he lived and how he died that distinguish one man from another.

Ernest Hemingway