Japan and South Korea stocks hit records despite Middle East tensions
Trump’s ceasefire extension lifted Japanese and South Korean stocks to records, even as Tehran rejected talks and oil prices stayed elevated.
Ben Carter
Ben Carter is a staff writer at P&L, covering markets, dealmaking, and public companies. He previously worked in equity research, focusing on valuation, earnings, and IPOs.
Oil markets: Brent drops after Iran's Hormuz warning
Iran's foreign minister called the Strait of Hormuz "completely open," but Brent crude still fell 10% before rebounding 5% after an attack on an Indian tanker.
Home-purchase applications jump 10.1% amid lower mortgage rates
Home-purchase applications jumped 10.1% last week as the average 30-year fixed mortgage rate fell to 6.35%, giving buyers a little more room.
Germany cuts 2026 growth forecast on Iran war energy shock
Germany cuts its 2026 growth forecast to 0.5%, as the Iran war drives up energy costs and weakens confidence across Europe’s biggest economy.
Wall Street rally rides Iran ceasefire extension and tech rebound
The Nikkei 225 and Kospi hit records as a fresh Iran ceasefire extension and a tech-led U.S. stock rebound fueled the rally.
Markets Lose Control of Critical Resources
The U.S. leads crude output at 13.2 million barrels a day, but it still relies on foreign sources for 15 vital minerals.
Alphabet Is Trading Search for AI Utility
Google Cloud revenue rose 34% to $15.2 billion in Q3 2025, while operating margin expanded to 23.7%.
Alphabet Is Rebuilding Search as AI Infrastructure
Google Services brought in $87.1 billion in Q3 2025, while Search revenue rose 15% to $56.6 billion and YouTube Shorts reached revenue parity with in-stream video in the US.
Alphabet Is Trading Search for AI Compute
Alphabet is shifting from search ads to AI infrastructure, leaning on TPUs, Google Cloud and YouTube to fund the pivot.
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Markets No Longer Allocate Critical Resources
China controls more than 90% of refining capacity for graphite and rare earths, giving Beijing leverage over battery materials and modern hardware supply chains.
Alphabet’s Search Moat Is Shifting to Compute
Alphabet is shifting from search ads to AI infrastructure, with Google Services still funding new compute and cloud growth.