CLSA initiates coverage of SpaceX (SPCX.O) with an Overweight rating and a $250 PT.

Trump rejected Iran's seven-day proposal to reopen the Strait of Hormuz, raising the prospect of further delays to reopening the chokepoint. WTI and Brent crude rose more than 1% at the open. Traders will continue to monitor actual flows through the Strait of Hormuz. Trump said a "record" amount of oil was taken from the strait on Saturday night. Regional tensions remain elevated: the Saudi-led coalition in Yemen said it intercepted a Houthi drone bound for Riyadh and a missile aimed at Khamis Mushait on Saturday; alerts were issued in Abha and Jazan, locations of Saudi Aramco energy facilities.

Thailand’s Disaster Prevention and Mitigation Department said on the 28th that floods since the 16th have killed eight people and affected more than 1.8 mln residents across over 40 provinces. The Meteorological Department warned of locally heavy to very heavy rain on the 28th in northern, central and eastern regions. Thai media reported continued rain and full upstream reservoirs are likely to push flood levels higher in eastern provinces including Chanthaburi and Rayong. Bangkok rainfall has eased; the mayor said central districts have improved but extensive flooding remains in outer areas and full drainage could take two to three weeks, with no flood deaths reported in Bangkok.