U.S. Treasury Secretary Bessant: Swap lines could be a step toward creating new financing centers.

L'Oréal CEO: The Middle East conflict impacted first-quarter revenue by approximately €100 million.

Technology & AI - Xiaomi MIMO-V2.5 series large model open beta launches, including MIMO-V2.5, V2.5-Pro, TTS, and ASR series - ByteDance has officially launched Seed3D 2.0, a next-generation 3D generation model with higher precision - SpaceX warns of “substantial capital expenditures” including from manufacture of graphics processing units (GPU), S-1 filing shows - SpaceX sees $26.5 trillion of total addressable market from AI, according to filing - DeepSeek mulls share buyback or performance-based valuation: FT EVs, Robotics & Industry - Tesla to start preparing first humanoid robot factory in Q2 - Tesla’s third-generation humanoid robot to debut mid-year, production set for July-August 2026 - Tesla’s self-driving ride-hailing service sees dramatic growth, preparing for new markets - XPeng president: expect full-scale delivery of flying cars in terms of volume production next year - XPeng president: will mass producing robots towards Q4, plans to expand significantly with external partners next year - Tesla’s market share in EU, Britain, EFTA in March rises to 3.3% vs BYD’s 2.4%; Tesla BEV market share at 15.3% China Policy & Regulation - China MOFCOM, SAMR: to prioritize standards development in software, data flow, and new tech integration with AI and VR - China commerce ministry: US tax refund measures a positive step in correcting mistakes - Hong Kong’s Securities and Futures Commission reaches agreement with PwC for shareholder compensation of HK$1 billion regarding false financial statements of China Evergrande Group for 2019 and 2020 Geopolitics & Iran Conflict - Trump: we have total control over Strait of Hormuz - Trump: Hormuz is sealed up tight until Iran can make a deal - Trump: Iran deal only made when appropriate and good for US, allies and world - Trump: if there is no deal with Iran, I’ll finish it up militarily - US military developing plans to target Iran’s Strait of Hormuz defenses if ceasefire fails - CNN - Hamideh Reza Haji Babai, deputy speaker of the Islamic Consultative Assembly: any negotiations are prohibited until the United States admits to its failure - No Israeli activity in Iranian airspace - Israel’s Channel 13 cites military source - Iranian sources deny Ghalibaf resignation report Corporate & Earnings - Intel 1Q rev. $13.58B, est. $12.36B; Intel sees 2Q revenue $13.8B to $14.8B, est. $13.04B Markets & Commodities - CME cuts initial margin on its COMEX 100 gold futures to 6% from 7%