The United Arab Emirates is preparing to help the US and other allies open the Strait of Hormuz by force, Arab officials said, a move that would make it the first Persian Gulf country to become a combatant, after being hit by Iranian attacks.

The UAE is lobbying for a United Nations Security Council resolution that would authorize such action, the officials said. Emirati diplomats have urged the US and military powers in Europe and Asia to form a coalition to open the strait by force, a UAE official said, adding that the Iranian regime thinks it is fighting for its existence and is willing to bring the global economy down with it in a chokehold on the strait. (WSJ – Continue Reading)

Japan saw the business mood improve and corporate inflation expectations heighten in the three months to March, a closely watched survey showed, helping the central bank make the case for an interest rate hike as soon as this month.

But firms expect conditions to worsen ahead as soaring fuel costs from the Iran war threaten to squeeze margins, the "tankan" survey showed, highlighting looming risks to a fragile economy that complicates the Bank of Japan's rate decisions.

"Companies are obviously worried about the fallout from the conflict. As fuel costs spike, they will have little choice but to raise prices," said Mari Iwashita, executive rates strategist at Nomura Securities. (RTRS – Continue Reading)

President Donald Trump will deliver a speech on Wednesday at 9 PM Washington time to give an update about the war in Iran, White House Press Secretary Karoline Leavitt said.

The plans for a prime-time address come after the US president said that he foresaw the US ending the war in Iran in the coming weeks. Trump said on Tuesday the US had largely accomplished its military goals and would leave it to other nations to reopen the Strait of Hormuz, a critical waterway for oil. (BBG – Continue Reading)