Iran hasn't paid the price

Axios reported that Tehran is proposing a one-month deadline to reach an agreement.

President Trump has said that Iran has not yet paid a big enough price for what they've done to humanity and the world over the last 47 years.

Donald Trump has said Iran hasn't paid the price for all the damage they've done over the years.

The Nasdaq was 0.9% higher, hitting a new record high.

Major banks in America are trying to package up their AI debt to non-bank lenders to offload some of that risk.

Brent crude was down 2%, around $108 a barrel now.

The S&P finished up 0.3%, also a new high.

There was not much bond movement on Friday, except for the UK, where 10-year yields fell five basis points.

Many countries were on holiday on Friday.

The US dollar was marginally up on Friday, but only after a sharp fall the day before.

Over the week, the US dollar was actually down about 0.4%.

The Aussie dollar was up 0.7% last week to just over 72 US cents.

Iran provided a 14-point plan.

The US has now responded to Iran's 14-point plan, according to BBC reports.

Iran has come out and said that the president has the choice between a bad deal and an impossible war.

The proposed agreement would reopen the Strait of Hormuz with complete cessation of hostilities within 30 days.

The proposed agreement includes guarantees that there are no renewed strikes.

The proposed agreement includes withdrawal of US forces from the area, from Iran.

The proposed agreement includes lifting sanctions.

Tehran is saying they're not going to talk about the nuclear stuff until after a month of no tensions.

President Trump doesn't think this is a workable deal.

There haven't been any attacks coming from the Americans.

There has been a response from the Americans in terms of their own proposals.

There are no discussions yet in terms of what's going on with the nuclear sort of agreement.

The US and Iran seem to be very far apart on an agreement.

President Trump has shifted his focus a little bit to Europe and to Germany.

President Trump said he's going to raise tariffs on cars up to 25% from Europe.

5,000 troops are being pulled out of Germany.

President Trump accuses the Europeans of not remaining compliant with the existing deal they struck last year.

Reports from Europe suggest this could be a significant lift in terms of tariffs.

Exports of European cars to the US have declined significantly.

The situation could exacerbate tensions that exist between Europe and the US, which expand beyond trade to the military component.

Tariffs on Scotch whisky have been dropped.

King Charles managed to pull off the dropping of Scotch whisky tariffs over his trip last week.

Equity markets continue unfazed by what's happening in the Middle East.

Strong earnings were reported last week, including Apple coming in particularly strong.

Apple shares also hit a new high.

US executives have been cautioning that the global economy has performed well due to using buffers and stockpiles.

If the current situation lasts for another two months, those buffers are going to disappear.

When buffers disappear, the strain will be felt.

In Asia, there's not a great deal of stock and reserves of refined products.

The US equity market is running on high IT cap stocks that are doing really well.

Visa and MasterCard showed that the consumer is continuing to demonstrate resilience.

Consumption has been weakening in the last couple of quarters.

Tech stocks are still doing fine.

The US equity market is still travelling with a nice beat.

Repackaging AI debt sounds a bit like the subprime crisis all over again.

Banks tend to offload and package debt so they can get new debt, which is a normal process.

The market is demanding more evidence of productivity gains and yielding revenues from the AI revolution.

The pace of revenue from AI companies needs to be large enough to justify the level of expanding capex.

OpenAI has been challenged this week or last week.

The level of sensitivity will certainly increase as time goes by for AI investments.

If the global economy slows down, it may pose a bit of a challenge for AI investments.

There is an increase in non-bank lending, which is causing some concern.

US ISM manufacturing for April fell, but not that much, to 52.7.

ISM manufacturing is still a bit expansionary because orders were up.

The impact of the oil crisis is seen on prices and delivery timelines.

There's a bit of an inventory build-up in manufacturing.

Forward orders in manufacturing were not as strong.

Prices paid increased significantly in manufacturing.