Rice prices have risen more than 47% since the Iran conflict began, Hedgeye analysis shows. Disruptions to fuel, fertilizer and shipping are the primary drivers; analysts say global rice supply remains broadly ample but higher costs are concentrated in freight, fertilizer and premium varieties such as basmati. The rice rally is spilling into broader commodity markets and, amid rising geopolitical tensions, could put upside pressure on crude oil prices.

The U.S. Securities and Exchange Commission is investigating AI hedge fund Situational Awareness after a near-collapse and has issued subpoenas to major Wall Street banks that provided leverage to the fund. The SEC requested trade timestamps, communications between the banks and lenders about borrowed funds, and ordered preservation of all materials related to the fund. Situational Awareness, founded by former OpenAI researcher Leopold Aschenbrunner, peaked at over $30bn AUM and had borrowed tens of billions of dollars to lever positions. Late last month, declines in popular AI stocks and rallies in legacy tech names it had shorted produced rapid losses that forced a "sell-off liquidation"; the fund sold most of its equity portfolio to Citadel at a discount. The SEC said the probe is in its early stages and does not imply enforcement; the fund is not accused of wrongdoing and says it will "fully cooperate with any regulatory request."

晨星：日本債券ETF年初至今淨流入創紀錄的15億美元，是2025年全年總額的三倍。