Global financial media highlights from last night through this morning include:
1. Trump described Iran's ceasefire proposal as "significant" but "not good enough," emphasizing that the April 7 deadline is non-negotiable and warning of swift military action if demands are not met. 2. Iran rejected a 45-day ceasefire proposal, insisting instead on a permanent end to hostilities. 3. JPMorgan maintained its bearish stance on Tesla, citing downward revisions to earnings per share (EPS) estimates as evidence of slowing growth momentum. 4. OpenAI called for an investigation into Elon Musk, alleging that his actions hinder AGI development and constitute anti-competitive behavior. 5. A Goldman Sachs trader indicated that "fast money" funds are poised to re-enter equity markets as selling pressure subsides. 6. Citrini Research analysts, after visiting the conflict zone, reported that the Strait of Hormuz remains partially open, with tankers continuing to pass in an orderly manner.
Trump described Iran's ceasefire proposal as "significant" but "not good enough," emphasizing that the April 7 deadline is non-negotiable and warning of swift military action if demands are not met. U.S. President Donald Trump stated on Monday that the latest ceasefire proposal between the U.S. and Iran was "not good enough." He had previously set a deadline for Iran to reopen the Strait of Hormuz or face large-scale strikes on civilian infrastructure. "They made a proposal, which is a significant proposal, an important step," Trump told reporters during the traditional Easter Egg Roll event on the South Lawn of the White House. "It's not good enough, but it's a very important step," he added. "They are negotiating now, and they've taken a very important step. Let's see what happens." Later, during a White House press briefing, Trump reiterated his threat: if the strait remains closed, the U.S. will strike Iran's energy and transportation infrastructure by 8 p.m. Eastern Time on Tuesday. Should no agreement be reached in time, Trump stated, "We have a plan that, with our military strength, by midnight tomorrow, every bridge in Iran will be destroyed, every power plant will be disabled, burning, exploded, and never usable again."
Iran rejected a 45-day ceasefire proposal, insisting instead on a permanent end to hostilities. According to informed officials, Iran has turned down the latest two-phase proposal from the U.S. and its regional mediators, presenting a counterproposal of its own. The U.S. proposal offered a 45-day ceasefire in exchange for reopening the Strait of Hormuz, while Iran demanded a permanent end to the war. The officials stated that Tehran, in a written response conveyed through mediators, requested guarantees for a permanent ceasefire, the lifting of sanctions, compensation for war damages, and a new arrangement for managing the strait. Additional demands included an end to all conflicts in the region and assurances that Israel would not target the Lebanese militia group Hezbollah in the future.
JPMorgan maintained its bearish stance on Tesla, citing downward revisions to earnings per share (EPS) estimates as evidence of slowing growth momentum. Tesla once again came under scrutiny from JPMorgan, which reiterated its view that the stock has significant downside potential. Ahead of Tesla's first-quarter earnings report, the bank maintained its "underweight" rating and lowered its forecasts. It now expects Tesla to report EPS of approximately $0.30 for the first quarter, down from a previous estimate of $0.43 and below the consensus estimate of $0.38. This adjustment follows Tesla's weaker delivery report and a decline in energy storage deployments, both indicating a cooling of its core business.
OpenAI called for an investigation into Elon Musk, alleging that his actions hinder AGI development and constitute anti-competitive behavior. As a closely watched court hearing between the two parties approaches, OpenAI sent letters on Monday to the attorneys general of California and Delaware, urging an investigation into what it described as "improper and anti-competitive conduct" by Elon Musk and related entities. In the letters, OpenAI's director of strategy accused Musk of deliberately undermining the company through a series of "attacks," including what he termed "coordinated actions" with Meta Platforms, Inc. CEO Mark Zuckerberg. The director stated that Musk's behavior could impede OpenAI's progress in developing artificial general intelligence (AGI)—AI systems with capabilities matching or surpassing human intelligence. He wrote, "The purpose of these attacks is to shift control over the future of AGI from entities legally obligated to uphold the mission of 'ensuring AGI benefits all of humanity' to competitors lacking mission-driven principles and disregarding safety responsibilities."
A Goldman Sachs trader indicated that "fast money" funds are poised to re-enter equity markets as selling pressure subsides. Goldman Sachs' trading desk reported that systematic investors, after reducing equity exposure to multi-year lows during recent market declines, are set to return to buying mode. In a client note on Monday, Goldman stated that so-called "fast money" players—including commodity trading advisors and volatility target strategies—sold approximately $240 billion in global equities during the past month's market slump. This selling appears to be easing, and the bank's traders estimate that this group could net buy around $55 billion over the next month, including about $20 billion in U.S. stocks. Goldman expects any such buying to be gradual, with only about $5 billion in purchases expected over the next week. The bank noted that this suggests their short-term impact on markets may be limited. "Mechanical buying is improving, but it's more of a mid-month tailwind than an immediate cushion," wrote Lee Coppersmith, a managing director at the bank.
Citrini Research analysts, after visiting the conflict zone, reported that the Strait of Hormuz remains partially open, with tankers continuing to pass in an orderly manner. Citrini Research, which earlier this year released a market-moving AI-driven bearish report, stated that it sent analysts to the Musandam Peninsula in Oman amid escalating U.S.-Iran tensions. There, they observed local shipping activity by boat. Their findings challenge the widespread market assumption that the critical oil chokepoint is completely blocked. A report published by the firm on Substack indicated that analysts observed various vessels still transiting the Strait of Hormuz, with recent shipping volumes recovering to about 15 vessels per day. Although this figure remains well below normal levels, the ongoing maritime traffic suggests that disruptions are localized and dynamic rather than representing a full blockade. The Citrini report stated, "Four to five tankers pass through daily, with no signals showing on the automatic identification system. Sources indicated that the actual traffic volume is higher than the data suggests, and the number of vessels passing through the Strait of Qeshm has been steadily increasing in recent days."
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