Good afternoon and welcome to Markets Desk, your midday read on what's moving markets and making news.
Oil is catching a bid today as geopolitical risk re-enters the trade. Reports that the United States and Israel are weighing fresh strikes against Iran have pushed crude prices higher, with energy markets repricing the possibility of renewed conflict in the Middle East. Supply disruption fears are doing the heavy lifting here.
Turning to corporate governance, Mark Zuckerberg reportedly threatened to relocate out of California after a proposed billionaire wealth tax raised the prospect of a forced share sale that could have diluted his voting control over Meta. His board responded by cutting a deal to protect that control, underscoring just how seriously Zuckerberg guards his grip on the company he built.
And in the crypto space, a new wave of so-called meme games is being pitched as the next frontier after memecoins. Illuvium co-founder Kieran Warwick is refreshingly blunt about the risks, warning that plenty will be outright ponzi schemes, many will be exploited, and investors will suffer severe losses alongside any outsized gains. It is the wild west, and he is saying the quiet part loud.
That's the tape. Markets Desk, signing off the floor.
