Iran quietly secured a Chinese spy satellite in late 2024 and used it to track US military bases across the Middle East during the current war, the Financial Times has newly – an allegation Beijing has flatly and angrily denied.

The TEE-01B satellite, built and launched by Chinese firm Earth Eye Co, was allegedly taken over by the Islamic Revolutionary Guard Corps’ (IRGC) Aerospace Force after launch from China, according to the report, which cites leaked Iranian military documents. Of course, the usual caveats must apply when it comes to major Western MSM reporting on an emerging ‘axis of evil’ doing all things anti-America: Russia, China, Iran (and certainly South Korea could soon be thrown in the mix given its pro-Moscow role in the Ukraine war). 

“Recently, some forces have been keen on fabricating rumors and maliciously associating them to China,” according to the official statement from the Chinese Foreign Ministry. In the meantime, Earth Eye Co has not commented.

Further, the Chinese embassy in Washington told the Financial Times: “We firmly oppose relevant parties spreading speculative and insinuative disinformation against China.” But we should note that this wasn’t exactly a full-on denial of the charge, and the embassy would likely not have a full picture of what the highest echelons of Chinese intelligence is up to at any given moment in Beijing.

Per the FT report, Iranian commanders tasked the satellite with monitoring key US military sites, using time-stamped coordinate lists, satellite imagery, and orbital analysis. The Financial Times said the images were captured in March, before and after drone and missile strikes on those locations. 

As part of the arrangement, the IRGC gained access to commercial ground stations run by Emposat, a Beijing-based satellite control and data provider with a network spanning Asia, Latin America, and beyond.

One surprising development within the first month of Trump’s Operation Epic Fury was that Iran’s ballistic missiles were able to reach very precise locations all the way over in Jordan, where US bases were pummeled, amid an alarming trend where billions of dollars in regional American air defenses were quickly taken out. Of course, sensitive Israeli military and energy sites were also hit, especially in Haifa and Tel Aviv. Reuters has also picked up on the FT report Wednesday, writing:

According to the report, the satellite also monitored Muwaffaq Salti Air Base in Jordan and locations close to the US Fifth Fleet naval base in Manama, Bahrain, and Erbil airport, Iraq, around the time of IRGC-claimed attacks on facilities in those areas.

US outposts in northern Iraqi Kurdistan have also been repeatedly hit by Iranian drones, or at times drones and projectiles possibly sent by local Tehran-aligned paramilitary forces.

As for more specifics cited in the original FT report, the satellite was described has having captured images of Prince Sultan Air Base in Saudi Arabia on March 13, 14, and 15.

There’s some credibility to this, given that on March 14, Trump confirmed that very expensive US surveillance aircraft at the base had been hit. “Four of the five had ⁠virtually no damage, and ​are already back in service. One ​had slightly more damage, but will be in the air shortly,” ​Trump had written at the time ​on Truth Social.

Still, Trump is trying to ‘play nice’ with Beijing – even amid such public and damning allegations – ahead of his planned mid-May visit, saying in a Wednesday Truth Social post he asked his Chinese counterpart Xi Jinping not to supply weapons to Iran, and Xi replied he was not doing so. “I had heard that China’s giving weapons to, I mean – you’re seeing it all over the place – to Iran.” This was in a newly published Fox Business interview.

FT produced the following graphic as part of its report:

“And I wrote him a letter asking him not to do that, and he wrote me a letter saying that essentially he’s not doing that.” Major media outlets previously reported that US intelligence indicated China was preparing to ship advanced weaponry to Iran. Beijing’s public rejection of the “baseless smear” – as the Foreign Minister called it – has indeed been swift and vehement.

Trump has also newly explained on Truth Social that China is “very happy that I am permanently opening the Strait of Hormuz” – this even though in many cases it is China bound tankers being blocked and turned back by the US naval armada. “This situation will never happen again,” Trump added. He is set to meet with Xi in Beijing on May 14-15. On this he wrote that “President Xi will give me a big, fat, hug when I get there in a few weeks. We are going working together smartly, and very well!” But then Trump says “But remember, we are very good at fighting, if we have to.”

Summary

• The Iran war is “very close to over” with authorities in Tehran eager to agree a peace deal, Trump says, adding: “We’ve beaten them militarily.” Axios cites ‘progress’ toward framework to end war.

• AP/Bloomberg reporting the two sides have an “in principle agreement” to pursue further diplomacy; however, this is batted down as ‘unconfirmed’ by Tehran & a US official.

• The Pentagon is sending thousands of additional troops into the Middle East in coming days: WaPo

• Trump claims China “very happy” the US is permanently opening the Strait of Hormuz, also Xi told him Beijing was not sending weapons/defense items to Tehran.

• Significant Lebanon fighting continues: Israel issues more evacuation orders, moving into south; Tehran outraged, threatens Red Sea shipping. Unconfirmed reports of one-week Lebanon ceasefire about to take effect.

*  *  *

CENTCOM Updates Tanker Numbers amid Blockade

CENTCOM provides a Wednesday update: “During the first 48 hours of the U.S. blockade on ships entering and exiting Iranian ports, no vessels have made it past U.S. forces. Additionally, 9 vessels have complied with direction from U.S. forces to turn around and return toward an Iranian port or coastal area.”

A big question remains: will Iran confront the US blockade militarily?… or will an uneasy status quo of limited vessel traffic continue to make it through Hormuz amid a potentially extended ceasefire that goes beyond the 2-week window?

A new warning from the White House/CENTCOM:

The White House and the U.S. military published a clip of a warning to ships, telling them not to breach the blockade of Iranian ports and coastal areas. In a maritime radio message, a U.S. servicemember tells ships that they will be boarded for interdiction and seizure if they attempt to travel to or from an Iranian port.

U.S. naval vessels are on patrol in the Gulf of Oman as CENTCOM continues to execute a U.S. blockade on ships entering and departing Iranian ports. U.S. forces are present, vigilant, and ready to ensure compliance. pic.twitter.com/dnHR2oz0ZN

— U.S. Central Command (@CENTCOM) April 15, 2026

Meanwhile in Tehran…

Footage of Iran’s Foreign Minister Seyyed Abbas Araghchi welcoming Pakistan’s Chief of Army Staff Field Marshal Syed Asim Munir upon his arrival in Tehran.

Follow Press TV on Telegram: https://t.co/LWoNSpkc2J pic.twitter.com/32pF6ONkiZ

— Press TV 🔻 (@PressTV) April 15, 2026

‘Progress’ Reported in US-Iran Contacts

Axios reports that US and Iranian negotiators “made progress in talks on Tuesday” while moving closer to a framework agreement to end the war, according to two US officials. The headline briefly pushed oil lower. This comes as Pakistan’s top general headed a high-ranking political-security delegation from Pakistan to convey the US message and plan the second round of talks to Tehran. Per details in Axios:

• “They were on the phone and backchanneling with all the countries and they are getting closer,” the U.S. official said.
• A second U.S. official confirmed progress was made Tuesday.
• “We want to make a deal. And parts of their government want to make a deal. Now the trick is to get the whole of government over there to make the deal,” a third U.S. official said.

Meanwhile, state Tasnim is reporting that Pakistan is getting ready to host the second round of Iran-US talks.

Lebanon Ceasefire Imminent? 

The Hezbollah-affiliated Al-Mayadeen channel, citing a senior Iranian source, reports that a ceasefire in Lebanon will begin tonight. “The duration of the ceasefire will be one week and will extend until the end of the ceasefire period between Iran and the United States.”

However, there’s been no confirmation of this from Israel or the US, or in Israeli media. The Lebanese government just met with Israeli officials for Rubio-sponsored talks in Washington yesterday, but there was no word of a definitive ceasefire coming from the meeting, and currently Hezbollah and Israel are not directly talking at all. It remains unclear whether this could be a sign of Lebanese officials getting Hezbollah on board with a pause in fighting.

Meanwhile, two fresh notes on the question of advancing a second round of US-Iran negotiations:

• Iranian media reported that Field Marshal Asim Munir, Chief of Staff of the Pakistani Army, headed a high-ranking political-security delegation from Pakistan to convey the US message and plan the second round of talks, and is scheduled to meet with officials of the Islamic Republic.
• Regional mediators are trying to extend the U.S.–Iran cease-fire and restart talks after failed negotiations in Islamabad, but no date or venue has been set. A new round is unlikely before Pakistan completes its regional diplomatic

‘Very Close’ To War Over, Diplomacy in Reach: Trump

The latest from Trump: The Iran war is “very close to over” with authorities in Tehran eager to agree a peace deal, President Trump claimed in a fresh interview broadcast Wednesday. “We’ve beaten them militarily, totally,” Trump told Fox Business in a prerecorded interview. “I think it’s close to over, I view it as very close to over… If I pulled up stakes right now it would take them 20 years to rebuild that country, and we’re not finished.” He added: “We’ll see what happens, I think they want to make a deal very badly.”

This as the Associated Press has reported the US and Iran are closer to extending a ceasefire and restarting negotiations, even amid the intensifying standoff over the Strait of Hormuz as the US Navy has blockaded it for all shipping leaving Iranian ports or with ties, or under sanction.

The two sides have an “in principle agreement” to pursue further diplomacy after last weekend’s failed Islamabad talks. Trump on Tuesday had optimistically cited that the next round could be just two days away. Mediators are said to be pushing for a compromise on outstanding issues including Hormuz and Iran’s nuclear program before the April 7 truce expires next week, the news agency said – as they also eye the extension off the initial two weeks.

IRAN’S TASNIM: US-SANCTIONED CONTAINER SHIP GOLBON PASSED THROUGH HORMUZ pic.twitter.com/Wtca8fTZ2b

— zerohedge (@zerohedge) April 15, 2026

However, Iran’s Foreign Ministry has made clear the reports about the ceasefire extension are not confirmed, while Axios’ Barak Ravid similarly writes – US official tells me: “The US has not agreed to an extension of the ceasefire. There is continued engagement between the U.S. and Iran to reach a deal.”

Iran meanwhile is warning that it sees a prolonging of the US blockade as “a prelude to a breach of the ceasefire,” a military spokesman said, as featured state TV. Iran’s military “will not permit any exports or imports to continue in the Persian Gulf, the Sea of Oman or the Red Sea” if it continues, the spokesman added. 

IRAN’S BAGHAEI: NO SPECIFIC DAY SET FOR NEW US NEGOTIATIONS

Trump on China

President Trump says he asked his Chinese counterpart Xi Jinping not to supply weapons to Iran, and Xi replied he was not doing so. “I had heard that China’s giving weapons to, I mean – you’re seeing it all over the place – to Iran,” Trump also said in the aforementioned Fox Business interview.

“And I wrote him a letter asking him not to do that, and he wrote me a letter saying that essentially he’s not doing that.” Major media outlets previously reported that US intelligence indicated China was preparing to ship advanced weaponry to Iran. Beijing’s public rejection of the “baseless smear” – as the Foreign Minister called it – has indeed been swift and vehement.

With oil prices remaining elevated, with Brent crude trading about 33% higher than before the start of the war, Trump has issued a new Truth Social claiming China is “very happy that I am permanently opening the Strait of Hormuz.” This even though in many cases it is China bound tankers being blocked and turned back by the US naval armada. “This situation will never happen again,” Trump added. He is set to meet with Xi in Beijing on May 14-15. On this he wrote that “President Xi will give me a big, fat, hug when I get there in a few weeks. We are going working together smartly, and very well!” But then Trump says “But remember, we are very good at fighting, if we have to…”

More Troops Sent to Mideast

The Washington Post is out with a new report of more troops being sent to the theatre. “The Pentagon is sending thousands of additional troops into the Middle East in the coming days, as the Trump administration attempts to pressure Iran into a deal that could end the weeks long conflict there while considering the possibility of additional strikes or ground operations if a fragile ceasefire deal does not hold.”

Already a combined estimated ten thousand US sailors, Marines, and personnel – on at least a dozen US warships, are maintaining the Trump-ordered blockade on Hormuz. So Washington continues to try and build leverage, also with the announced additional forces being prepped, while also sounding optimistic on a potential peace deal – thought to two sides are very far apart especially on the nuclear issue.

Trump has at times still shrugged off the importance of a final peace deal, having told ABC News that while an official peace agreement may not be necessary, “I think a deal is preferable because then they can rebuild.” He had said, “They really do have a different regime now. No matter what, we took out the radicals.”

Trump:

I wrote a letter to Xi. I asked him not to give Iran weapons. He wrote me a letter, and he is saying that he is essentially not doing that. pic.twitter.com/yrTT9Dwi2V

— Clash Report (@clashreport) April 15, 2026

Tehran (& Houthis) Threaten Red Sea Trade as Lebanon Fighting Persists

Iran’s army warned it will block trade through the Red Sea, the Persian Gulf, and the Sea of Oman if the US naval blockade on Iranian ports continues. In a statement carried by Iranian state television, the head of the military’s central command center said the “powerful armed forces of the Islamic Republic will not allow any exports or imports to continue in the Persian Gulf, the Sea of Oman and the Red Sea.”

According to more via Al Jazeera, he added that Iran will “act decisively to defend its national sovereignty and its interests.” One key factor which has outraged Iran is Israel’s continued major attacks on Lebanon, after last Wednesday’s massive aerial attack on Beirut and elsewhere which left over 300 dead. Israel on Wednesday said that Hezbollah fired 40 rockets into Israel earlier in the morning.

An Israeli drone strike on the Jiyeh road, Lebanon

More Geopolitical Headlines

via Newsquawk…

Authored by Steve Watson via Modernity.news,

Vice President JD Vance has publicly committed to investigating references in the Jeffrey Epstein files that he says evoked the Pizzagate conspiracy theory, citing emails mentioning “pizzas or grape sodas” in odd contexts.

His remarks come as Acting Attorney General Todd Blanche doubled down on the Department of Justice’s position that every relevant document has already been released, leaving critics to question whether the full truth about Epstein’s network will ever see daylight.

In remarks at a Turning Point USA event, Vance described reviewing the files and encountering an email that stood out.

JD Vance says he is in the process of opening an investigation into the “Pizzagate conspiracy theory” after he read strange words involving pizza and grape soda in the Epstein files.

Vance has now publicly pledged to follow up on this matter.

“I remember it sounding like the… pic.twitter.com/eu122DyAhw

— Shadow of Ezra (@ShadowofEzra) April 14, 2026

“One person sent an e-mail to Jeffrey Epstein saying oh they were some really nice like pizzas or grape sodas or something like that,” he recalled. “And I remember it sounding like the Pizzagate conspiracy theory.”

His reaction was direct: “We should absolutely investigate.”

Vance added that he plans to follow up “to see whether we’ve investigated that person because we should. We absolutely should when you see evidence of sexual assault sexual misconduct regardless of who the powerful not fact.”

The comments have reignited scrutiny over language in the Epstein files that some have long argued resembles coded references first highlighted in 2016. Those earlier claims, known as Pizzagate, originated from WikiLeaks releases of John Podesta’s emails that contained repeated, seemingly out-of-context mentions of pizza alongside other odd terms.

Recent Epstein document dumps have revived the debate, with analysts pointing to hundreds of “pizza” references that do not appear to describe food.

New Jeffery Epstein documents have emails consistently use one very familiar word

The word Pizza

The emails they write when referring to pizza don’t make any sense if they were talking about the food….

Pizzagate was 100% real. Where are the arrests pic.twitter.com/KqkmsHk4c6

— Wall Street Apes (@WallStreetApes) February 6, 2026

Mike Benz, in analysis of the newer files, noted: “In these new files, you’ll see a lot of people talking about PIZZA in a way that (seems like a code), it’s kind of impossible.”

Mike Benz:

In these new files, you’ll see a lot of people talking about PIZZA in a way that (seems like a code), it’s kind of impossible.

Drop a ? if you’ve been vindicated

Cliphttps://t.co/M6YlH9oRMY
Full Interviewhttps://t.co/03XLFBWHQm pic.twitter.com/tSXCvFBOa5

— MJTruthUltra (@MJTruthUltra) February 5, 2026

A separate development underscores the tension. Acting Attorney General Todd Blanche appeared on Fox News and doubled down on declaring the Epstein files exhausted.

“We have released everything. We reviewed six million pieces of paper!” Blanche stated, adding “We are not sitting on a single piece of paper to be released.”

Acting Attorney General Todd Blanche tells Americans he will cover up the child trafficking network of Jeffrey Epstein by not releasing the rest of the Epstein files.

He says people should trust him when he says there is not a single document that the government has that should… pic.twitter.com/Hi52DfzKxM

— Shadow of Ezra (@ShadowofEzra) April 14, 2026

He insisted that if anything new surfaces it would be made public, but emphasized the DOJ’s review covered millions of pages unrelated to Epstein and that Congress could access unredacted materials if lawmakers chose to examine them.

ernity.news/wp-includes/js/wp-embed.min.js

The Pizzagate theory first gained traction in late 2016 after WikiLeaks published thousands of emails from Hillary Clinton’s campaign chairman John Podesta. Researchers flagged phrases like “pizza” and “hot dogs” appearing in contexts that seemed unrelated to meals—patterns that echoed an FBI intelligence bulletin on pedophile code words, where “pizza” was listed as slang for girl and “hot dog” for boy. Comet Ping Pong, a Washington, D.C. pizzeria, became the focal point after its owner’s Instagram posts and the restaurant’s alleged basement (which does not exist) fueled speculation of a child-sex ring operating out of the basement.

While mainstream outlets quickly labeled the theory a hoax, the Epstein files have now surfaced hundreds of similar “pizza” mentions. Multiple reports note exchanges involving Epstein’s urologist, Dr. Harry Fisch, that pair “pizza and grape soda” with references to erectile-dysfunction medication in ways that read as cryptic to outsiders. One 2018 message reads: “lets go for pizza and grape soda again. No one else can understand. Go kno.” Another simply states “Pizza and grape soda[.] Nough said.”

Debunkers argue these are innocent food references or jokes, yet many counter that the volume and context—especially when layered atop Epstein’s documented trafficking network—demand investigation rather than dismissal.

This latest flare-up fits a pattern of incremental disclosures followed by official assurances that the matter is closed. Vance’s willingness to revisit the “Pizzagate” framing, however tentatively, marks a rare high-level acknowledgment that some of the file language warrants a second look.

The Epstein saga has repeatedly exposed fractures between what officials claim has been fully disclosed and what the public believes remains concealed. Whether Vance’s pledged follow-up produces meaningful accountability—or joins the growing list of unfulfilled promises—will test whether transparency on elite networks is still possible. For now, the strange language in the files keeps the questions alive, and the public’s demand for answers shows no sign of fading.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

By Michael Every of Rabobank

With US stocks up, the Nasdaq with its longest winning streak since 2021, and screen oil down for a second day in a row, markets continue to price the starkly binary physical outcomes smack in front of us on the side that’s full of stardust.

The IMF just warned of a potential world recession ahead if Hormuz stays shut. Its latest three global growth scenarios are ‘weaker’, ‘worse’ and ‘severe’ – “because markets”, and politics, the Fund chose the most benign as its base case, even as “downside risks are clearly very elevated.” That’s as Spain, for example, just released 4 of their 90 days of strategic oil reserves, with another 8 to follow. While that leaves 78, even if Hormuz reopened tomorrow, it would take at least 60 and possibly as many as 150 days before normal oil flows could be restored, according to IEA. Imagine driving home in a convoy through a blazing desert in an air-conditioned car knowing you all have 50 miles of fuel in the tank, and the next station is 30 miles away… and then hearing on the radio that it could be shut, and the following one is at least 60 miles away. That’s where much of the world economy stands now – and markets are opting to pump up the radio and aircon and say, ‘The next station will be open and I want a slushy.’

Most governments are doing the kind of pumping oil wells aren’t: 

• Brussels is pitching a “state subsidy bonanza” to combat the energy shock which “goes much further than the current state aid rules.”

• Canada’s PM Carney, who ran two central banks, has suspended federal taxes on gasoline and diesel.

• Australian Treasurer Chalmers has introduced a 20-year retrospective capital gains tax on mining, energy and infrastructure.

• Malaysia is to increase its biofuel mandate.

Provided the war ends soon, those kinds of policies could cushion the economy: but across all schools of economic thought, textbooks are clear about what demand-side boosts into structural supply-side shocks do – leave you stuffed.

So, to the war. CENTCOM says no ships passed the Iran blockade in the first 24 hours. Moreover, the US Treasury says is not renewing its temporary easing of Iran oil sanctions and has sent notices to China and Hong Kong asking for help in enforcement. The US is clearly escalating hard vs Iran despite messages pinging yesterday that a sanctioned Chinese vessel, Starry Rich, had transited Hormuz, ignoring IF an interception was to be made, it would be in the Gulf of Oman or Arabian Sea; then clarified the vessel was carrying methanol from the UAE, not fuel from Iran, so wasn’t in scope; then the ship turned round anyway. Some press today claims the Saudis, who’ve been pushing the US to finish the job vs. Iran, are now pressuring it to ease the blockade in fear of a Red Sea counter-blockade that hasn’t taken place yet: more fog?

Yes, there will be more US-Iran talks in Pakistan, possibly tomorrow, which is the lodestar market bulls are guided by. As the Telegraph notes, this seems to be the one place that Iran’s battered leadership can physically meet without being killed: but what will they say that’s different from the last rejection of US demands on uranium, nuclear weapons, missiles, proxies, and Hormuz? Vice President Vance has reiterated Trump wants a “grand bargain” with Iran, not “a small deal,” and one that sees it abandon its nuclear ambitions. Trump has added that he wasn’t happy with the proposed 20-year moratorium on uranium enrichment offered in Pakistan and wants a permanent end to the matter. Israel is also stating that the removal of Iran’s enriched uranium is a “threshold condition” for it ending its Iran campaign – though the head of Mossad chief has additionally declared, “Our mission isn’t over until regime falls.”

The question is perhaps if any grand bargain is only US-Iran, or will involve others, as top Russian and Chinese envoys meet in Beijing to discuss Iran, Ukraine, and Taiwan. Yet showing how complex this gets as our global crises conflate, Ukraine, now providing anti-drone tech to the GCC, which aids Israel, has asked Jerusalem to detain a Russian ship carrying stolen grain that just docked in Haifa, which will infuriate Moscow. The US is elsewhere suggesting Cuba is complicit in helping Russia fight Ukraine, both countries being flashpoints between DC and Moscow. Isolated, Europe is drawing up plans for keeping Hormuz open once the war is over, which, beyond any aid with minesweeping, logically won’t be needed: if the war is over, energy will flow. The EU proposal is notably modelled on its Red Sea Aspides force, which failed to reopen it to normal trade flows.

On a positive note, if assuming ‘escalate to deescalate’, Israeli and Lebanese envoys just held an historic summit in the US to discuss a peace deal. As the Israelis put it, “Lebanon wants to be liberated from (Iran-backed) Hezbollah… we discovered today that we’re on the same side of the equation.” By contrast, France, with its Sykes-Picot-logical focus on Lebanon, insists Hezbollah has to be included in these talks aimed at removing it, so has been deliberately excluded from them.

On exclusion, after attacking the Pope, Trump has now done the same to Italian PM Meloni for “lacking courage”: the EU will need that and more fiscal spending again given the Wall Street Journal report it’s accelerating a NATO fallback plan in case Trump pulls out – or waters his commitment down: “Article 5, Shmarticle 5.” Militarily, 5% of GDP would need to be spent on defense a lot sooner than the 2035 planned if so, and the Journal notes Europe would need to reinstitute a draft in order to get the necessary personnel. Yet in terms of providing muscle for any Rules-Based Order 2.0 without the US, Europe’s primary military power, France, just had to scale back its participation in key Balikatan naval exercises in the Philippines to a mere 15 participants.

Meanwhile, the Financial Times warns of a ‘China shock 2.0’, this time with a flood of high-tech goods “that will change the world” – or at least deindustrialize other parts of it. Bloomberg matches that with a report underlining that India’s plans to develop its own manufacturing base are hamstrung by China’s controls over the critical tech supply chain within that sector. The Nikkei Asia argues China is snapping up US chip tools via Southeast Asia sources (in the same way that many Chinese exports to the US are being transshipped via third parties), which from a neo-mercantilist perspective again makes the case for a global economy fragmented into geopolitical trade blocs.

That reality is one of the reasons I’ve argued lies behind this Iran war, both in terms of control of oil and the related IMEC trade corridor; and it’s why escalation will continue until the economic pain is so great that one side submits.

Yet will the unfolding slow-motion catastrophe in the background get key global players to cooperate before it’s too late? Only time will tell; and it’s a binary outcome; and while your car journey as you ponder this may be comfortable for now, the fuel tank is still the fuel tank, and the blazing desert is still the blazing desert. And as I type that, I just heard the following play on my radio:

“Now I understand; What you tried to say to me; And how you suffered for your sanity; And how you tried to set them free; They would not listen, they did not know how; Perhaps they’ll listen now.”

Eos Energy Enterprises’ stock jumped over 60% in the last few days as investor enthusiasm grew around its scaling production and role in powering AI-driven infrastructure demand, according to the International Business Times.

The company designs, develops, manufactures, and markets energy storage solutions for utility-scale, microgrid, and commercial and industrial applications in the United States. The stock surge builds on earlier momentum after the company reported strong preliminary Q1 2026 revenue of $56–$57 million. Growth was fueled by higher shipments, improved output, and better manufacturing efficiency at its Pennsylvania facility, signaling progress in ramping up its second production line.

This positive update helped ease concerns from earlier setbacks, including missed 2025 revenue guidance and ongoing class-action lawsuits tied to production projections. While legal risks remain, recent operational gains have renewed investor confidence.

IBT writes that Eos is positioning itself to meet rising electricity demand from AI and data centers, highlighted by a new partnership aimed at rapidly deploying large-scale power solutions. Its zinc-based batteries—seen as safer, cheaper, and more domestically sourced than lithium alternatives—are gaining attention as utilities and tech firms seek reliable energy storage.

Looking ahead, the company expects 2026 revenue between $300 million and $400 million, with improving margins as production scales. A $701 million backlog supports future growth, though profitability, cash needs, and execution risks remain concerns.

Analysts are cautiously optimistic and broader market optimism and policy support for U.S.-based energy solutions have also contributed to the stock’s recent strength.

Overall, Eos appears to be at a turning point. Continued manufacturing progress and successful contract wins could solidify its position in the energy storage sector—but uncertainty and risk remain part of the story.

Following stellar equity trading results from Goldman and JPMorgan, this morning Bank of America reported that its traders also pulled in the business’s highest quarterly revenue in more than a decade, riding a wave of volatility that pushed the firm’s stock-trading desk to an all-time record. Bank of America said Q1 profit rose 17% from a year earlier, while net income came in at $8.58 billion. That amounted to $1.11 a share, above analyst estimates of $1.01. Revenue was 7% higher at $30.27 billion, driven by solid net interest income, sales and trading and investment banking fees. 

Revenue from equity trading climbed 30% to $2.8 billion in the first quarter, beating expectations, while fixed-income trading, which fell short of a consensus of analyst estimates, rose less than 1% to $3.5 billion, similar to Goldman’s FICC miss. Bank have benetted from a volatile quarter, when the Iran war sent oil prices surging and concerns about artificial intelligence and private credit whipsawed stocks. Trading desks were already on a roll since President Donald Trump won the 2024 election, as his policy moves often spurred reactions across stocks, commodities and rates. The total trading haul helped push revenue to $30.3BN, above the $29.92BN consensus estimate, while adjusted EPS rose 25% to $1.11 a share, also beating the $1.01 analyst estimate. Overall, Bank of America’s net income was up 17.3% to $8.16 billion.

Here are the Q1 highlights

• EPS $1.11, beating ests of $1.01
• Revenue net of interest expense $30.27 billion, beating estimates of $28.63 billion
  • Trading revenue excluding DVA $6.32 billion, estimate $6.34 billion
    • Equities trading revenue excluding DVA $2.83 billion, beating estimate $2.51 billion
    • FICC trading revenue excluding DVA $3.50 billion, missing estimate $3.78 billion
• Net interest income FTE $15.91 billion
• Wealth & investment management total revenue $6.71 billion, beating estimate $6.59 billion

Last month, BofA Co-President Dean Athanasia said that he was feeling good about net interest income, expecting growth of at least 7%. Well, the final number was even stronger, and the bank reported NII of $15.7 billion, up 9% from the first quarter of 2025 (more below). Just as importantly, BofA raised its full-year NII forecast, now expecting it to grow 6%–8%, up from previous estimates of 5%–7%, driven by strong first-quarter performance, and suggesting the Fed’s rate cuts won’t negatively impact the bank.

Balance sheet metrics were also solid

• Return on average equity 12%, estimate 10.8%
• Return on average assets 0.99%, estimate 0.92%
• Return on average tangible common equity 16%, estimate 14.5%
• Basel III common equity Tier 1 ratio fully phased-in, advanced approach 12.5%, estimate 12.7%
• Standardized CET1 ratio 11.2%, estimate 11.4%

Turning to asset quality, aside from some concerns about Private Credit (see below), the results were solid with BofA’s net charge-offs down 3% to $1.41 billion, below the estimate of $1.42 billion while the provision for credit losses also dropped to $1.34 billion, and also below estimates of $1.5 billion, and down $143MM YoY. As BBG notes, the number “came in way below estimates, offsetting larger-than-expected numbers for some of its peers. Overall, the combined tally is tracking lower than feared, helping soothe concerns about private-credit contagion into financials.” BofA also announced a net reserve release of $72MM in 1Q26 vs. net reserve build of $28MM in 1Q25 and $21MM in 4Q25. Meanwhile, the allowance for loan and lease losses of $13.1B represented 1.09% of total loans and leases. Nonperforming loans (NPLs) of $5.8B decreased $0.3B from 1Q25, and were flat to 4Q25, as higher consumer NPLs, driven by residential mortgage relief extended for borrowers impacted by 2025 California wildfires, were mostly offset by lower commercial NPLs. 

In its earnings presentation, BofA highlighted solid growth across most segments…

… and noted that every segment contributed to YoY growth.

Looking at the bank’s high margin trading businesses, results here were stellar in equities, and subpar in credit. Total revenue ex net DVA of $7.1B increased 8% from 1Q25, driven by higher sales and trading revenue, partially offset by the absence of gains related to leveraged finance positions in 1Q25. Sales and trading revenue of $6.4B increased 13% from 1Q25; excluding net DVA, up 12%

• Revenue net of interest expense $30.27 billion, beating estimates of $28.63 billion
  • Trading revenue excluding DVA $6.32 billion, estimate $6.34 billion
    • Equities trading revenue excluding DVA rose 20% to $2.83 billion, beating estimate $2.51 billion
    • FICC trading revenue excluding DVA rose 2% to  $3.50 billion, missing estimate $3.78 billion

As an aside, noninterest expense of $4.4B increased 15% vs. 1Q25, driven by higher revenue-related expenses and investments in the business, including people and technology. Lastly, average Q1 VaR tumbled to just $47MM in 1Q26 as even trading desks retrenched. 

Momentum in markets was coupled with a comeback in dealmaking: this boosted investment-banking revenue to $1.89 billion, above the  average estimate of $1.79 billion. Fees for advising on mergers and acquisitions rose to $553 million. The bank’s equity-capital markets business generated $353 million in revenue, while debt-underwriting revenue totaled $986 million, with both beating estimates. Analysts had expected revenue of $312 million and $963 million, respectively. 

The second-largest US bank said that net interest income, a key source of revenue for the company, rose 9% to $15.7 billion. Analysts had expected a 6.5% increase for NII, the revenue collected from loan payments minus what depositors are paid. Net Interest Yield dropped from 2.08% to 2.07% as a result of declining interest rates. 

The company’s loan balances rose 8.5% to $1.21 trillion at the end of the first quarter, above analysts’ estimates of $1.19 trillion. Lending has been a key focus for investors, with interest rates holding steady.

Bank of America’s noninterest expenses were up 4.3% to $18.5 billion from a year earlier. Charges and costs are another focal point for investors, with persistent inflation putting pressure on spending. Analysts had expected a 4% increase to $18.47 billion.

Earlier in the week, JPMorgan and Citigroup reported earnings that were boosted by record trading results. Wall Street banks have also been tallying and detailing their exposure to the private-credit industry, with many investors on edge over valuations and the growing impact of artificial intelligence.

Commenting on the state of the US consumer, CEO Brian Moynihan said consumer spending points to a “resilient American economy”, while also warning of risks. Earlier, JPMorgan CEO Jamie Dimon said “the U.S. economy remained resilient in the quarter, with consumers still earning and spending and businesses still healthy.” Wells Fargo CEO Charlie Scharf: “While markets have been volatile, we still see continued resiliency in the underlying economy and the financial health of the consumers and businesses we serve remains strong, though the impact of higher oil prices will likely take some time to materialize.”

Turning to the number one topic in banking these days, Bank of America disclosed $20 billion of private credit exposure, noting that typical advance rates on private credit and broadly syndicated loans are between 70% to 75%. The company said the underlying collateral of those loans are showing “strong” earnings and are often senior in the credit stack. BofA also noted that it has less than $2 billion in lending to BDC companies which have been the epicenter of the private credit meltdown. 

Bank of America’s results also offered a look at how US consumers fared during the first three months of the year with investors eager to hear details on the national economy from bank executives whose firms cater to America’s consumers and businesses. The bank noted that total credit and debit-card spending was up 6% in the first quarter, while consumers are facing pressure from higher gas prices: spending on gas was up 16% in March from a year earlier.

“We remain watchful of evolving risks,” CEO Brian Moynihan said in a statement. “However, we saw healthy client activity, including solid consumer spending and stable asset quality, indicating a resilient American economy.” Earlier this week, JPMorgan, Citigroup and Wells Fargo also said consumer spending was holding up despite surging gas prices.

Shares of Charlotte, North Carolina-based Bank of America, rose about 4% to $55 in early trading Wednesday, a two month high. They’ve gained 45% in the 12 months through Tuesday, outpacing the 9.8% increase in the S&P 500 Financials Index.

The full BofA Q1 presentation is below (pdf link)

The Presentation Materials_1Q26 by Zerohedge

Federal prosecutors on Tuesday made a surprise visit to the Federal Reserve headquarters building that’s undergoing a $2.5 billion renovation, as they continue to investigate whether Fed Chair Jerome Powell lied to Congress about the cost and scope of the project. Construction workers told the prosecutors they couldn’t come on the site without prior authorization, the Wall Street Journal reported. Instead, they were referred to the Fed’s lawyers to coordinate a return visit.  

The provocative move is the latest chapter in a months-long legal drama over the enormously expensive renovation of two Fed office buildings built in the 1930s, and whether Powell made false statements about the project in a congressional hearing last June. Specifically, Powell disputed media reports and accusations from administration officials and congressional Republicans that the project had extravagant design features, such as a VIP dining room, premium marble, water features and a rooftop terrace garden. 

Last year, Office of Management and Budget Director Russell Vought reported that the $2.5 billion cost was $700 million over budget. President Trump, who has repeatedly criticized Powell for not pushing interest even lower than they are, was quick to condemn the Fed director for the steep price of the project. “When you spend $2.5 billion on, really, a renovation, I think it’s really disgraceful,” he said last year. More recently, he said the lead contractor “is probably one of the richest men in the country right now.”

The ongoing drama had a moment of comic relief in July, when Trump joined Powell in touring the construction site with reporters tagging along: 

JUST IN: President Trump starts arguing with a clearly uncomfortable Jerome Powell as the two wear their hard hats.

Trump: So we’re taking a look and it looks like it’s about 3.1 billion.

Powell: I’m not aware of that.

Trump: Yeah, it just came out.

Powell: Yeah, I haven’t… pic.twitter.com/CKAAvd0lvp

— Collin Rugg (@CollinRugg) July 24, 2025

Last month, US District Judge James Boasberg threw out two subpoenas that federal prosecutors had issued to the Fed. “There is abundant evidence that the subpoenas’ dominant (if not sole) purpose is to harass and pressure Powell either to yield to the President or to resign and make way for a Fed Chair who will,” wrote Boasberg, an Obama appointee. Tuesday’s surprise visit to the construction zone signals the DOJ’s dedication to chasing the case. 

“Any construction project that has cost overruns of almost 80 percent over the original construction budget deserves some serious review,” US Attorney for the District of Columbia Jeanine Pirro told the Journal on Tuesday. “And these people are in charge of monetary policy in the United States?” Pirro, a long-time Trump ally, gave a green light to the investigation in November. 

Powell’s term as chair will expire on May 15, though his underlying seat on the Fed’s Board of Governors doesn’t end until 2028. In January, Trump nominated Kevin Warsh to replace him, but his Senate confirmation is being held up by Republican North Carolina Sen. Thom Tillis, who said he won’t vote to advance Warsh’s nomination until the DOJ investigation of Powell and the Fed is complete. Powell has said he’ll stay on as chair until his successor is confirmed. Fed chairs usually give up their Board of Governors seat after leaving the top job, but Powell has said he will make a decision on that “based on what I think is best for our institution and the people we serve.”

Just when you thought you’d seen the last of the AI pivot idiocy…

Allbirds (yes, the wool sneaker people) is mooning—up as much as 360%—after announcing it’s ditching shoes and pivoting to, of course, AI. This comes just weeks after agreeing to sell off its brand and footwear business for $39 million, according to Sherwood News.

The plan? Rebrand as “NewBird AI,” raise $50 million, and reinvent itself as a GPU-as-a-Service / AI cloud company. Translation: buy a bunch of high-powered GPUs and rent them out to companies desperate for AI compute. The company’s press release out Wednesday morning said: “Following its prior announcement that it has entered into a definitive agreement to sell the Allbirds brand and footwear assets to American Exchange Group, which intends to continue to build on Allbirds’ legacy and deliver compelling products to Allbirds’ customers, Allbirds, Inc. today announced the execution of a definitive agreement with an institutional investor for a $50 million convertible financing facility.”

It continues: “The Facility, which is expected to close during the second quarter of 2026, will enable the Company to pivot its business to AI compute infrastructure, with a long-term vision to become a fully integrated GPU-as-a-Service (GPUaaS) and AI-native cloud solutions provider. In connection with this pivot, the Company anticipates changing its name to “NewBird AI.””

“NewBird AI expects to use initial capital from the Facility to acquire high-performance GPU assets, which will be deployed to serve customers requiring dedicated access to AI compute capacity. NewBird AI’s long-term vision is to become a fully integrated GPU-as-a-Service (GPUaaS) and AI-native cloud solutions provider. Over time, the Company intends to grow its neocloud platform by expanding its compute and service offerings, deepening partnerships with operators and customers, and evaluating strategic M&A opportunities,” the release continues.

It adds:

The rise of AI development and adoption has created unprecedented structural demand for specialized, high-performance compute that the market is struggling to meet. Global enterprise spending on AI services and data center investment are on the rise. At the same time, GPU procurement lead times are increasing for high-end hardware, North American data center vacancy rates have reached historic lows, and market-wide compute capacity coming online through mid-2026 is already fully committed. The result is a market where enterprises, AI developers, and research organizations are unable to secure the compute resources they need to build, train and run AI at scale.

NewBird AI is being built to help close that gap. The Company will initially seek to acquire high-performance, low-latency AI compute hardware and provide access under long-term lease arrangements, meeting customer demand that spot markets and hyperscalers are unable to reliably service.

In the process, we’re guessing they’ll also scrub references to their environmental mission—because nothing says sustainability like a rack of energy-hungry GPUs.

The pitch is that insatiable AI demand will carry them back toward their former $4 billion valuation.

At this rate, we’ll be back to Chamath SPACs and gamma squeezes just like the good ole’ days of Covid in just weeks. Who knew that apparently, selling compute to tech execs is the new, more durable version of selling them “eco-friendly” sneakers?

Summary

• The Iran war is “very close to over” with authorities in Tehran eager to agree a peace deal, Trump says, adding: “We’ve beaten them militarily.”

• AP/Bloomberg reporting the two sides have an “in principle agreement” to pursue further diplomacy; however, this is batted down as ‘unconfirmed’ by Tehran & a US official.

• The Pentagon is sending thousands of additional troops into the Middle East in coming days: WaPo

• Trump claims China “very happy” the US is permanently opening the Strait of Hormuz, also Xi told him Beijing was not sending weapons/defense items to Tehran.

• Significant Lebanon fighting continues: Israel issues more evacuation orders, moving into south; Tehran outraged, threatens Red Sea shipping. Unconfirmed reports of one-week Lebanon ceasefire about to take effect.

*  *  *

Lebanon Ceasefire Imminent? 

The Hezbollah-affiliated Al-Mayadeen channel, citing a senior Iranian source, reports that a ceasefire in Lebanon will begin tonight. “The duration of the ceasefire will be one week and will extend until the end of the ceasefire period between Iran and the United States.”

However, there’s been no confirmation of this from Israel or the US, or in Israeli media. The Lebanese government just met with Israeli officials for Rubio-sponsored talks in Washington yesterday, but there was no word of a definitive ceasefire coming from the meeting, and currently Hezbollah and Israel are not directly talking at all. It remains unclear whether this could be a sign of Lebanese officials getting Hezbollah on board with a pause in fighting.

Meanwhile, two fresh notes on the question of advancing a second round of US-Iran negotiations:

• Iranian media reported that Field Marshal Asim Munir, Chief of Staff of the Pakistani Army, headed a high-ranking political-security delegation from Pakistan to convey the US message and plan the second round of talks, and is scheduled to meet with officials of the Islamic Republic.
• Regional mediators are trying to extend the U.S.–Iran cease-fire and restart talks after failed negotiations in Islamabad, but no date or venue has been set. A new round is unlikely before Pakistan completes its regional diplomatic

‘Very Close’ To War Over, Diplomacy in Reach: Trump

The latest from Trump: The Iran war is “very close to over” with authorities in Tehran eager to agree a peace deal, President Trump claimed in a fresh interview broadcast Wednesday. “We’ve beaten them militarily, totally,” Trump told Fox Business in a prerecorded interview. “I think it’s close to over, I view it as very close to over… If I pulled up stakes right now it would take them 20 years to rebuild that country, and we’re not finished.” He added: “We’ll see what happens, I think they want to make a deal very badly.”

This as the Associated Press has reported the US and Iran are closer to extending a ceasefire and restarting negotiations, even amid the intensifying standoff over the Strait of Hormuz as the US Navy has blockaded it for all shipping leaving Iranian ports or with ties, or under sanction.

The two sides have an “in principle agreement” to pursue further diplomacy after last weekend’s failed Islamabad talks. Trump on Tuesday had optimistically cited that the next round could be just two days away. Mediators are said to be pushing for a compromise on outstanding issues including Hormuz and Iran’s nuclear program before the April 7 truce expires next week, the news agency said – as they also eye the extension off the initial two weeks.

IRAN’S TASNIM: US-SANCTIONED CONTAINER SHIP GOLBON PASSED THROUGH HORMUZ pic.twitter.com/Wtca8fTZ2b

— zerohedge (@zerohedge) April 15, 2026

However, Iran’s Foreign Ministry has made clear the reports about the ceasefire extension are not confirmed, while Axios’ Barak Ravid similarly writes – US official tells me: “The US has not agreed to an extension of the ceasefire. There is continued engagement between the U.S. and Iran to reach a deal.”

Iran meanwhile is warning that it sees a prolonging of the US blockade as “a prelude to a breach of the ceasefire,” a military spokesman said, as featured state TV. Iran’s military “will not permit any exports or imports to continue in the Persian Gulf, the Sea of Oman or the Red Sea” if it continues, the spokesman added. 

IRAN’S BAGHAEI: NO SPECIFIC DAY SET FOR NEW US NEGOTIATIONS

Trump on China

President Trump says he asked his Chinese counterpart Xi Jinping not to supply weapons to Iran, and Xi replied he was not doing so. “I had heard that China’s giving weapons to, I mean – you’re seeing it all over the place – to Iran,” Trump also said in the aforementioned Fox Business interview.

“And I wrote him a letter asking him not to do that, and he wrote me a letter saying that essentially he’s not doing that.” Major media outlets previously reported that US intelligence indicated China was preparing to ship advanced weaponry to Iran. Beijing’s public rejection of the “baseless smear” – as the Foreign Minister called it – has indeed been swift and vehement.

With oil prices remaining elevated, with Brent crude trading about 33% higher than before the start of the war, Trump has issued a new Truth Social claiming China is “very happy that I am permanently opening the Strait of Hormuz.” This even though in many cases it is China bound tankers being blocked and turned back by the US naval armada. “This situation will never happen again,” Trump added. He is set to meet with Xi in Beijing on May 14-15. On this he wrote that “President Xi will give me a big, fat, hug when I get there in a few weeks. We are going working together smartly, and very well!” But then Trump says “But remember, we are very good at fighting, if we have to…”

More Troops Sent to Mideast

The Washington Post is out with a new report of more troops being sent to the theatre. “The Pentagon is sending thousands of additional troops into the Middle East in the coming days, as the Trump administration attempts to pressure Iran into a deal that could end the weeks long conflict there while considering the possibility of additional strikes or ground operations if a fragile ceasefire deal does not hold.”

Already a combined estimated ten thousand US sailors, Marines, and personnel – on at least a dozen US warships, are maintaining the Trump-ordered blockade on Hormuz. So Washington continues to try and build leverage, also with the announced additional forces being prepped, while also sounding optimistic on a potential peace deal – thought to two sides are very far apart especially on the nuclear issue.

Trump has at times still shrugged off the importance of a final peace deal, having told ABC News that while an official peace agreement may not be necessary, “I think a deal is preferable because then they can rebuild.” He had said, “They really do have a different regime now. No matter what, we took out the radicals.”

Trump:

I wrote a letter to Xi. I asked him not to give Iran weapons. He wrote me a letter, and he is saying that he is essentially not doing that. pic.twitter.com/yrTT9Dwi2V

— Clash Report (@clashreport) April 15, 2026

Tehran (& Houthis) Threaten Red Sea Trade as Lebanon Fighting Persists

Iran’s army warned it will block trade through the Red Sea, the Persian Gulf, and the Sea of Oman if the US naval blockade on Iranian ports continues. In a statement carried by Iranian state television, the head of the military’s central command center said the “powerful armed forces of the Islamic Republic will not allow any exports or imports to continue in the Persian Gulf, the Sea of Oman and the Red Sea.”

According to more via Al Jazeera, he added that Iran will “act decisively to defend its national sovereignty and its interests.” One key factor which has outraged Iran is Israel’s continued major attacks on Lebanon, after last Wednesday’s massive aerial attack on Beirut and elsewhere which left over 300 dead. Israel on Wednesday said that Hezbollah fired 40 rockets into Israel earlier in the morning.

An Israeli drone strike on the Jiyeh road, Lebanon

More Geopolitical Headlines

via Newsquawk…

Diana Choyleva wrote an excellent editorial for the Wall Street Journal entitled “The Iran War Is A Boon For The Petrodollar.”

She pushes back against claims that the Iran conflict is accelerating the death of the petrodollar.

Instead, RealInvestmentAdvice.com points out that she argues the opposite: between Iran and Venezuela, the U.S. is defending and bolstering dollar dominance in the oil trade.

The 75-year-old petrodollar system rests on oil being priced and traded in dollars, which keeps the dollar prominent in all global trade.

China has been undermining the petrodollar through yuan settlement systems and by deepening its ties with some Arab nations.

Rather than Iran being a “perfect storm” weakening the petrodollar, as some argue, Choyleva sees American military engagement in Iran as supportive of the dollar. 

Simply, control the flow of oil, and you control the currency it’s traded in.

Most Arab nations back the US campaign against Iran. Importantly, “the security commitment was tested; it held.”

This reinforced the security-for-oil-pricing bargain that underpins the petrodollar system.

The removal of Venezuelan President Maduro and influence over Venezuelan oil accomplishes similar goals.

If the US controls Western Hemisphere oil reserves, it would command more oil than OPEC combined, thus providing enormous leverage for keeping oil priced in dollars.

The author sees two scenarios for how the war ends.

First, an agreement that gives the U.S. influence over Iranian oil flows.

Second, US forces seize Kharg Island and police the Strait of Hormuz.

In her words, controlling “the choke point through which a fifth of the world’s oil flows.”

Either way, both events lead to more dollar-based oil trades, not less.

She concludes that “those who conclude that the petrodollar is already in its death throes are reading the map upside down. The storm is real. The dollar is fighting back.”