Good morning. Iranian state television reported details of a plan to extend the US-Iran ceasefire and reopen the Strait of Hormuz yesterday. The White House called the report “a complete fabrication”. Oil fell anyway. Does the market trust Iranian TV more than the US president? Perhaps, but a better explanation is that this market believes whichever side says the war will be over soon. Email us: unhedged@ft.com.
Today, I look at semiconductor stocks’ amazing surge and Hakyung writes about the industry’s vulnerable supply chain.
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