Aggregator

New York’s City Council is intent on helping nonprofits snap up apartment buildings, whether owners want to sell to them or not.

Federal tax dollars could fund a controversial program allowing drag queens into schools to read to young children if Democrats regain majority control of the House of Representatives, The Post has learned. Rep. Dan Goldman and his Democratic primary opponent, former City Comptroller and Councilman Brad Lander, told an LGBT Democratic club they support funding...

"This phenomenon was particularly pronounced among older adults, individuals with cardiac [history] and after two or more consecutive holidays," the researchers wrote.

The food fight over banning Israeli products from Brooklyn’s lefty Park Slope Food Coop is getting rotten — and members are saying a few bad apples are ruining the bunch.

Japan's Auto Giants Are Losing The EV Race To China

Japan’s car industry is being forced into a major reset as Chinese automakers rapidly outpace traditional rivals in electric vehicles, software, and manufacturing speed, according to Nikkei.

The shift is especially visible at Honda Motor. In 2021, CEO Toshihiro Mibe pledged that EVs and fuel-cell vehicles would account for all new Honda sales by 2040. Last week, however, he admitted the plan was “not realistic under the current circumstances,” formally backing away from the target.

Nikkei writes that Honda’s retreat marks a sharp reversal. The company had committed trillions of yen to EVs, battery production, and a Canadian supply chain while also betting heavily on Afeela, its software-focused electric vehicle partnership with Sony Group. The project was meant to prove Japanese automakers could compete in the era of connected, software-defined cars.

Instead, Honda is cutting EV spending, delaying major factory projects, and pivoting back toward hybrids after posting its first full-year net loss since going public in 1957.

The company’s problems mirror a wider struggle across Japan’s auto sector. Nissan Motor has recorded heavy losses for two straight years, while even Toyota Motor expects another decline in annual profits.

Industry analysts say the biggest pressure is no longer coming from U.S. or European rivals, but from China. Companies such as BYD and Geely have rapidly expanded worldwide, using low-cost production, aggressive pricing, AI-assisted development, and advanced battery technology to gain market share.

Chinese firms are also moving far faster than Japanese competitors. New vehicle programs in Japan typically take four to five years to reach market, while leading Chinese brands can launch models in under two years. Their rapid rollout of new EV platforms, self-driving features, and ultra-fast charging systems has transformed China into the center of automotive innovation.

“There is no doubt that Chinese automakers are the root cause of Japanese manufacturers’ steadily declining market share,” said Masatoshi Nishimoto of S&P Global Mobility.

At the Beijing auto show this year, Chinese companies highlighted technologies that underscored the gap. BYD demonstrated a battery capable of charging from 10% to 97% in roughly nine minutes, while rivals showcased advanced autonomous-driving systems and fully digital steering and braking controls.

Japanese automakers still maintain advantages in reliability, resale value, and after-sales service, particularly in developing markets where used Japanese vehicles dominate roads and repair networks are already established. Analysts say those strengths may become increasingly important as companies focus on the Global South for growth.

That strategy is already reshaping corporate alliances. Toyota is deepening partnerships with Suzuki, Mazda, Subaru, and NTT, while Nissan and Honda continue discussing cooperation even after merger talks collapsed. Both companies are also working more closely with Chinese suppliers and technology firms to reduce costs and accelerate development.

Some executives see collaboration as essential to survival. Toyota chairman Koji Sato warned recently that “there is complete agreement on the sense of crisis” facing Japan’s auto industry.

Still, some analysts believe the scale of China’s rise may be too large to counter. As one observer put it, the challenge is no longer Toyota competing with a single rival, but with hundreds of Chinese EV brands moving simultaneously across global markets.

Tyler Durden Tue, 05/26/2026 - 05:45

“Cruel” vandals have ripped down posters for a missing Jewish teenage girl in Toronto – who vanished more than a week ago.

A collision ‌between a ​train ​and a ⁠school ​bus ​in the Belgian ​town ​of Buggenhout ‌on ⁠Tuesday morning killed ​several ​people, ⁠a ​source ​on ⁠the ground ⁠told ​Reuters.

Nothing quite prepared me for going from pelvic tilts to learning how to grip a pistol — and then testing my aim at a firing range — all in the course of a Friday night. 

Sonny Rollins, the tenor saxophonist and restless genius whose bold, distinctive tone and constant experimentation kept him on the cutting edge of jazz for more than 50 years, died Monday at age 95.

Sonny Rollins, the tenor saxophonist and restless genius whose bold, distinctive tone and constant experimentation kept him on the cutting edge of jazz for more than 50 years, died Monday at age 95.

Nearly 1.2 Billion People Live With Mental Disorders Globally: Study

Authored by Naveen Athrappully via The Epoch Times,

There were an estimated 1.17 billion people suffering from mental disorders worldwide in 2023, up by 95.5 percent from 1990, according to a May 23 peer-reviewed study published in The Lancet journal.

The study assessed the prevalence of 12 types of mental disorders across 204 nations and territories between 1990 and 2023. Types of disorders assessed in the study included bipolar disorder, schizophrenia, attention-deficit hyperactivity disorder, major depressive disorder, and anxiety disorders. All mental disorders saw case numbers rise during the study period.

Researchers estimated there were 171 million disability-adjusted life-years (DALYs) due to mental disorders in 2023. DALY is used to calculate how medical conditions and diseases affect the length and quality of life of a population. One DALY equals one year of healthy life lost due to sickness, disabilities, and death. As such, the study estimates that 171 million years of healthy life were lost in 2023 alone due to mental disorders.

Mental disorders made up 6.1 percent of all-cause DALYs in 2023 globally due to all sickness, disabilities, and deaths, making it the fifth leading cause of DALYs, up from 12th spot in 1990. Leading causes of mental disorder DALYs were anxiety disorders, major depressive disorder, and schizophrenia.

“A significant health burden was imposed by mental disorders in all countries and territories in 2023, irrespective of the health resources available. In some instances, this burden has increased over time and is unevenly distributed across populations,” the study said.

“Stronger surveillance systems, particularly in low-income and middle-income countries, are required. Additionally, we need more coordinated and inclusive policies to reduce the burden through early treatment and prevention, tailored to sex and age differences across locations.”

In a May 21 statement, the Institute for Health Metrics and Evaluation (IHME), whose researchers led the study, said that high-income regions such as Western Europe and Australasia recorded some of the highest mental disorder burden rates globally, which included countries such as Portugal, Australia, and the Netherlands. Large increases in burden rates were also identified in parts of South Asia and Western sub-Saharan Africa.

Women were more affected by mental disorders, with 620 million females estimated to be living with such a condition, compared to 552 million men.

In terms of age, mental disorders were found to disproportionately affect individuals between 15 and 19 years of age, which is a “critical developmental period that can shape trajectories for education, employment, and relationships,” said Dr. Alize Ferrari, one of the authors of the study who is an affiliate assistant professor at IHME.

The study was funded by the Gates Foundation, the University of Queensland in Australia, and Queensland Health.

US Mental Health

According to a May 19 report from the Centers for Disease Control and Prevention, mental health is closely linked to physical health.

For instance, having depression raises the risk for various types of physical conditions such as heart disease, stroke, and diabetes.

Risk factors of mental health include lack of access to housing or education, experiencing institutional or interpersonal discrimination, social isolation, lack of economic and employment opportunities, use of drugs or alcohol, adverse childhood experiences, and ongoing or chronic medical conditions such as cancer and traumatic brain injury.

In the United States, 23 percent of adults are estimated to live with a mental health condition. Almost 6 percent of adults have a serious mental health condition that “significantly interferes” with their daily activities, the CDC said.

Among adolescents aged 12 to 17, about 20 percent are estimated to have a diagnosed mental or behavioral health condition.

A 2025 study found that committing acts of kindness is beneficial for mental health.

Volunteers insert flags at the National Memorial Cemetery of Arizona in Phoenix on May 23, 2026. Allan Stein/The Epoch Times

In the study, Trinity Western University psychology professor Yeeun Archer Lee randomly assigned more than 200 participants to either take daily wellness breaks involving self-care for two weeks or perform acts of kindness every day during this period.

Lee said the study found acts of kindness to be “more effective in reducing loneliness and increasing social contact,” which is especially true for people who are highly lonely or socially anxious.

Tyler Durden Tue, 05/26/2026 - 05:00

“Adding a fifth firefighter to FDNY engine companies would reduce the time required to put out fires -- protecting the lives of civilians and firefighters alike,” Council Speaker Julie Menin said.

A mom to two missing Utah boys has issued a desperate plea amid fears they may have been snatched by their dad, whom authorities have previously described as “seriously depressed.” Lizzie Tomich’s voice cracked in a social media video as she begged for the safe return of Will Richman, 1, and 10-month-old Wesley, both of...

The Appearance Of 'Action': Britain's Navy Docked At Gateway To Mediterranean For Hormuz Mission

Is Washington's ally the United Kingdom making preparations to 'do more' related to the Iran crisis at the behest of President Trump? 

New reporting in The Associated Press suggests so. But the new Monday report also points to the UK possibly just making an appearance of action: "Aboard the RFA Lyme Bay docked off the coast of Gibraltar, hundreds of British sailors are waiting to be deployed for a mine-clearing mission to the Strait of Hormuz that is still in doubt," the report says.

The AP continues, "On the southern tip of the Iberian Peninsula, in the British Overseas Territory of Gibraltar, the U.K.’s Royal Navy is preparing to do that — but only once a peace agreement is reached."

Royal Navy image: Any deployment of RFA Lyme Bay to the Strait of Hormuz is unlikely to take place until the situation stabilizes.

So indeed this potential mine-clearing mission by the Royal Navy is heavily dependent on a series of conditions and caveats being met. Currently Washington has been teasing that a final deal with Tehran is nearing the goal-line. 

And yet the latest words from Tehran have voiced caution, and have warned against any premature assessments.

Back in March Trump had told NATO allies to "go get your own oil" and secure the strait themselves amid a series of reprimands for not joining a US-led coalition in the Persian Gulf.

For now, the UK Royal Navy mission is in a holding pattern:

Britain’s Armed Forces Minister Al Carns took a small group of reporters to visit the RFA Lyme Bay as it prepares for a possible international operation, led by the U.K. and France, to secure the strait. As Carns spoke, the amphibious landing vessel, docked at the gateway to the Mediterranean, was being loaded with ammunition and mine-hunting sea drones equipped with sonar.

With a crew of several hundred sailors, the RFA Lyme Bay will soon depart Gibraltar to link up with the U.K. destroyer HMS Dragon and allied ships for air support before sailing through the Suez Canal to the Persian Gulf.

Again, all this seems merely London's way of signaling to Trump that it is preparing to take action in support of the US but without actually pulling the trigger.

Other European nations have made similarly symbolic displays, such as pledging support for a post-war navigation mission, but not actually signing on to a regional deployment while the conflict is still in an active phase.

via Encyclopedia Britannica

Weeks ago, Iran allegedly fired off more drones on Gulf states, which highlighted how fragile the current ceasefire remains, and even amid continued Qatar-led diplomatic mediation efforts.

Tyler Durden Tue, 05/26/2026 - 04:15

US Launches "Self-Defense Strikes" Near Hormuz, Killing Several Iranian Personnel Summary

• The US military carried out “self-defense strikes” on Monday in southern Iran against targets including boats attempting to lay mines and missile launch sites, the U.S. Central Command (CENTCOM) said. 
• Iran has reportedly lifted its nationwide internet ban after nearly 90-days.
• Israel dramatically ramps up war and bombing of Lebanon, citing Hezbollah drones on its territory.
• Al Arabiya claims Tehran ready to transfer highly enriched uranium to China.
• Trump urges all countries join post-deal Abraham accords, including Iran: Negotiations with the Islamic Republic of Iran are proceeding nicely! It will only be a Great Deal for all or, no Deal at all — Back to the Battlefront and shooting (TS).
• Iran FM Araghchi, parliament speaker Ghalibaf, and central bank governor are in Doha for 'Talks to End War'.
• Foreign Ministry cautions: "It is true that a consensus was reached on many of the topics discussed, but no one can claim that the signing of an agreement is imminent."

//--> //--> US x Iran permanent peace deal by June 7, 2026?
Yes 47% · No 54%
View full market & trade on Polymarket

*  *  *

Centcom Confirms Self-Defense Strikes In Iran

The US military carried out “self-defense strikes” on Monday in southern Iran against targets including boats attempting to lay mines and missile launch sites, the U.S. Central Command (CENTCOM) said. The strikes were designed “to protect our troops from threats posed by Iranian forces,” CENTCOM said in a statement to The Epoch Times.

“U.S. Central Command continues to defend our forces while using restraint during the ongoing ceasefire,” CENTCOM spokesman Navy Captain Tim Hawkins said in a statement.

The attack took place south of Larak Island in the Strait of Hormuz, with several Iranian personnel killed, Iran’s state-run Nour News reported, without providing further details. Trump had earlier said negotiations with Iran over an agreement to extend their ceasefire and reopen the strait were “proceeding nicely.”

Trump, in a Truth Social post on Monday, had also urged Saudi Arabia, Qatar and other countries to join the Abraham Accords and recognize Israel. In a later statement, the president said Iran’s enriched uranium would either be handed over to the US or, preferably, destroyed in Iran.

Meanwhile, Prime Minister Benjamin Netanyahu said Israel would intensify attacks on Iran-backed Hezbollah after striking sites in southern Lebanon. The escalation followed Hezbollah drone attacks that landed in Israeli territory and a rocket fired toward Israel that the Israeli air force intercepted.

Iran has demanded an end to hostilities against Hezbollah in Lebanon as part of any peace agreement with the US. Axios reported that a draft of a potential deal between the US and Iran includes language ending the war between Israel and Hezbollah.

* * * 

Fresh US-Israeli Military Action in Hormuz Strait

This is either a sign of US talks falling apart (once again), or else some last minute leverage building by Washington and the Israelis: there are emerging reports that US and Israeli jets have targeted Iranian vessels in the Strait of Hormuz in the late night hours (local).

US-ISRAELI STRIKES TARGET IRAN VESSELS IN HORMUZ STRAIT: NOUR

Few details have been confirmed, but IRGC channels say as follows (unconfirmed):

Unofficial channels affiliated with the Revolutionary Guards: Fighter jets attacked two boats in the port of Bandar Abbas, killing four people

Earlier there were reports of explosions heard in the same area, and local reports of a missile having targeted the runway at Bandar Abbas airport.

Trump latest Truth Social:

Iranian Presidency Orders Reopening of International Internet Access After Nearly 90-Day Blackout

In a huge development, Iran has reportedly lifted its nationwide internet ban, which suggests a deal with the US could actually be close - after much premature reporting and back and forth. Per Reuters:

Iran's President Masoud Pezeshkian ​has issued an order to reopen international internet ‌access, Iranian state media reported on Monday, citing an official after a near-90-day blackout in the wake of the ​war against U.S. and Israel.

The report cited the ​head of public relations at Iran’s Communications ⁠Ministry.

But strange war-like things are still happening - though little is confirmed:

Iranian outlet Tabnak reports that the runway at Bandar Abbas airport was struck by a missile. https://t.co/HQ8or6UgYh

— Iran International English (@IranIntl_En) May 25, 2026

Some latest on talks:

Iranian Chairman of the National Security Committee of the Parliament says until the Americans take 5 confidence-building measures, there is no meaning in the so-called understanding with the US, Irib News reports
Measures include:

• Ending the war on all fronts, especially Lebanon.
• Lifting the US blockade and piracy.
• Transit of civilian ships through the Strait of Hormuz with Iranian arrangements
• Suspension of oil sanctions for 30 or 60 days
• Releasing Iran's frozen funds

Adds, even if an agreement is reached, it will not mean the end of its challenge with America.

Israel Ramps up Bombing of Lebanon

Israel has drastically ramped up its military campaign across Lebanon, hitting many dozens of 'Hezbollah sites' - and seriously escalating the long-running conflict, despite there officially being a US-mediated ceasefire in place.

Prime Minister Benjamin Netanyahu has confirmed on Monday that instructed the military to "press the pedal even harder" against Hezbollah, reportedly upon a greenlight being given by Washington, following increased drone attacks from the Shia paramilitary group backed by Iran on northern Israel. Over 70 sites have been struck on Monday.

Iran Ready to Transfer Enriched Uranium to China: Arabiya 

Saudi-backed Al Arabiya has issued a new Monday report saying that Iran is prepared to transfer its highly enriched uranium stockpile abroad, but only if it is sent to China. "Iran is seeking guarantees from China before proceeding with the agreement with America," the fresh reporting claims...

High-level sources for Al Arabiya: Iran is prepared to remove highly enriched uranium from its territories.

But this flies in the face of recent official statements from Tehran leadership, which has repeatedly insisted it will never allow its nuclear material to be moved out of Iranian territory, seeing the issue as central to national sovereignty. 

Arabiya itself has of late issued headlines which later prove to be fake or exaggerated, and so has not had the best track record. And so the report should be taken with a grain of salt.

Massive Memorial Day Truth Social Post On Iran Talks From Trump

Below is the Truth Social post in full where in proclaims that talks are moving 'nicely' but that if there's no deal there is likely to be a bigger conflict than ever before. Strangely, he is also pushing that Iran become part of the Abraham Accords after a grand peace deal is signed, and is urging all Gulf countries to join.

Negotiations with the Islamic Republic of Iran are proceeding nicely! It will only be a Great Deal for all or, no Deal at all — Back to the Battlefront and shooting, but bigger and stronger than ever before — And nobody wants that! During my discussions on Saturday with President Mohammed bin Salman Al Saud, of Saudi Arabia, Mohammed bin Zayed Al Nahyan, of The United Arab Emirates, Emir Tamim bin Hamad bin Khalifa Al Thani, Prime Minister Mohammed bin Abdulrahman bin Jassim bin Jaber Al Thani, and Minister Ali al-Thawadi, of Qatar, Field Marshal Syed Asim Munir Ahmed Shah, of Pakistan, President Recep Tayyip Erdoğan, of Türkiye, President Abdel Fattah El-Sisi, of Egypt, King Abdullah II, of Jordan, and King Hamad bin Isa Al Khalifa, of Bahrain, I stated that, after all the work done by the United States to try and pull this very complex puzzle together, it should be mandatory that all of these Countries, at a minimum, simultaneously, sign onto the Abraham Accords. Those Countries discussed are Saudi Arabia, The United Arab Emirates (already a Member!), Qatar, Pakistan, Türkiye, Egypt, Jordan, and Bahrain (already a Member!). It may be possible that one or two have a reason for not doing so, and that will be accepted, but most should be ready, willing, and able to make this Settlement with Iran a far more Historic Event than it would, otherwise, be. The Abraham Accords have proven to be, for the Countries involved (The United Arab Emirates, Bahrain, Morocco, Sudan, and Kazakhstan), a Financial, Economic, and Social BOOM, even during this time of Conflict and War, with the current Members never even suggesting leaving, or taking so much as even a pause. The reason for this is that the Abraham Accords have been great for them, and will be even better for everybody, and bring true Power, Strength, and Peace to the Middle East for the first time in 5,000 years. It will be a Document respected like no other that has ever been signed, anywhere in the World. Its level of Importance and Prestige will be unparalleled! It should start with the immediate signing by Saudi Arabia and Qatar, and everybody else should follow suit. If they don’t, they should not be part of this Deal in that it shows bad intention. In speaking to numerous of the Great Leaders mentioned above, they would be honored, as soon as our Document is signed, to have the Islamic Republic of Iran as part of the Abraham Accords. Wow, now that would be something special! This will be the most important Deal that any of these Great, but always in Conflict Countries, will ever sign. Nothing in the past, or in the future, will surpass it. Therefore, I am mandatorily requesting that all Countries immediately sign the Abraham Accords, and that, if Iran signs its Agreement with me, as President of the United States of America, it would be an Honor to have them also be part of this unparalleled World Coalition. The Middle East would be United, Powerful, and Economically Strong, like perhaps no other area, anywhere in the World! By copy of this TRUTH, I am asking my Representatives to begin, and successfully complete, the process of signing these Countries into the already Historic Abraham Accords. Thank you for your attention to this matter! DONALD J. TRUMP PRESIDENT OF THE UNITED STATES OF AMERICA

Iran's Top Negotiating Team in Qatar 'For Talks to End War'

Iran has said that an agreement with the US is ‘not imminent’ despite progress; however, one of the clearest signs yet that things have actually advanced to some degree is that Iran's foreign minister Araghchi and parliament speaker Ghalibaf are in Doha for talks to end the war. This strongly suggests something big is in the works:

• IRAN FM, NEGOTIATOR IN QATAR FOR TALKS TO END WAR: AFP
• IRAN TOP NEGOTIATOR GHALIBAF TRAVELED TO DOHA FOR TALKS: IRNA

Reuters also writes of the delegation being in Doha: "The discussions are focused primarily on the Strait of Hormuz and Iran’s stockpile of highly enriched uranium, the official told Reuters." The report adds: "Iran’s central bank governor is also part of the delegation to discuss the potential release of frozen Iranian funds as part of a final agreement, according to the official."

But as we previewed below, Iran's foreign ministry has issued a message of caution and patience, wishing to bat down what's become typical premature and exaggerated assessments of where things stand from the US side, and international press:

Iran's Foreign Ministry:

The fact that we have reached a conclusion on a large portion of the topics under discussion is correct.

However, to say that this means the signing of an agreement is imminent. No one can make such a claim.

Policymaking and decision-making in the… pic.twitter.com/32csLiyobC

— Clash Report (@clashreport) May 25, 2026 'Consensus Reached on Many Topics': Foreign Ministry

Asian and European equities climbed on Monday, while U.S. equity futures jumped and Brent crude fell, as signs of a possible U.S.-Iran deal boosted risk appetite. To note, the U.S. is on holiday.

Both sides appear to be moving closer to ending the three-month conflict and reopening the Strait of Hormuz. However, overnight comments from senior Iranian officials suggest gaps remain, particularly over the future of Iran's nuclear program and uranium enrichment.

"It is true that a consensus was reached on many of the topics discussed, but no one can claim that the signing of an agreement is imminent," Iran's Foreign Ministry Spokesman Esmail Baghaei told reporters in response to a question on the progress in negotiations.

According to Baghaei, "It is fair to say that we have reached understandings on many issues, but whether this means an agreement is imminent is something no one can claim at this stage." #US #Iran https://t.co/sQhizVBYBl

— Al Mayadeen English (@MayadeenEnglish) May 25, 2026

Earlier today, US Secretary of State Marco Rubio said the Trump team had expected more details on progress in the US-Iran deal and may still have an update soon.

"We thought we might have some news last night. Maybe today," Rubio told reporters in New Delhi during his multi-day visit to India.

President Trump on Sunday said, "Our relationship with Iran is becoming a much more professional and productive one. They must understand, however, that they cannot develop or procure a Nuclear Weapon or Bomb."

US Naval Blockade Remains in Place

Trump added that the US naval blockade of the Hormuz maritime chokepoint would remain in place until a peace deal is signed and that both sides must take their time to "get it right."

Al Jazeera quoted Iran's semi-official ISNA news agency, which said Iran will discuss its nuclear program with U.S. negotiators once the Trump team fulfills its commitments under a potential MOU being negotiated.

BREAKING: Iran says it would discuss its nuclear programme with the US if Washington fulfils its commitments under a potential MOU being negotiated, a senior diplomat told the semi-official ISNA news agency.

🔴 More on https://t.co/5H0QqpfIYw pic.twitter.com/5xAZohOx5W

— Al Jazeera Breaking News (@AJENews) May 25, 2026

Bloomberg noted that major gaps remain in the peace talks:

Still, the broad agreement described by US officials does not address Iran's missile stockpile nor does it contain an explicit ban on uranium enrichment — two of Trump's most important goals.

Latest headlines (courtesy of Bloomberg):

US-Iran Deal Progress

• The US and Iran are closing in on a deal that would reopen the Strait of Hormuz, according to senior US officials on Sunday

• Trump said on Truth Social that negotiations are proceeding in an orderly and constructive manner, but the US will not rush into a deal

• Iran's Foreign Ministry said consensus was reached on many topics but no one can claim that signing an agreement is imminent

• Trump stated the deal will either be great and meaningful or there won't be a deal, calling it the exact opposite of the JCPOA disaster

• Pakistan has been serving as a mediator in the talks between the US and Iran over several weeks

Market Reaction

• Oil prices plunged more than 5% with WTI crude falling to around $91 and Brent dropping below $98 a barrel on deal optimism

• US stock futures rose with S&P 500 futures climbing 0.9% and Nasdaq 100 contracts jumping 1.4%

• Japan's Topix hit an all-time high closing at 3,942.57 and the Nikkei advanced 2.9% to a record 65,158.19

• European natural gas dropped as much as 6.7% on optimism about the potential deal

Wall Street Commentary

• UBS analyst George Redman: Watch Out For Holiday-Thinned Liquidity And Exaggerated Moves

Eurostoxx is up 1% to start the week as markets lean into a tentative risk-on tone after weekend reports that a US-Iran MoU to end hostilities, reopen the Strait of Hormuz and begin a further negotiation window is now “largely negotiated”. It however feels more like relief than resolution since Tehran has yet to formally approve the deal and sticking points remain around the nuclear issue, Hormuz tolling and frozen assets. US President Donald Trump later said "time is on our side".

Asia has broadly validated the positive tone, with Nikkei making all-time highs, led by AI, Taiwan, Australia, and mainland China higher. The SPX is firmer, oil down 5.6% with WTI at $91.1 and Brent $98 as crude risk premium unwinds, and FX shows a softer US dollar versus majors alongside gains in AUD, NZD and regional risk proxies. JGBs and Aussie bonds bull flattened in holiday impaired trade. The market is taking comfort from signs of improving tanker movement through Hormuz, but the full normalisation of shipping, insurance and physical crude flows will likely take time given bottlenecks, damaged infrastructure, and security concerns, so Europe should trade better but still with anticipation of delays / lagging effects.

With the US, UK, Norway, Denmark and Switzerland closed, liquidity will be thin and price action may be exaggerated, while the bigger macro constraint remains rates. Sticky US PCE, rising public and hyperscaler debt, AI-led capex inflation despite future deflation promises and increasingly hawkish ECB rhetoric mean rates may not fall as aggressively as hoped until the energy shock fades durably. US PCE, central bank commentary and mega-cap tech capex updates provide cleaner confirmation.

Strait of Hormuz

• Iran is charging ships fees for navigation services when transiting the Strait of Hormuz, according to Foreign Ministry spokesman Esmail Baghaei

• Abu Dhabi National Oil Co. has been quietly ferrying oil and gas shipments through Hormuz using dark transits with transponders switched off

• A supertanker with Iraqi crude crossed the US blockade line into the Arabian Sea carrying about 2 million barrels to China

• Three LNG tankers from Qatar and UAE appear to have crossed the Strait of Hormuz in recent days to reach key buyers

Regional Impact

• Saudi Arabia is scoring billions in added oil revenue and building trading hub ambitions during the Iran war

• China's Xi Jinping thanked Pakistan's Prime Minister Sharif for mediating in the Iran conflict during their Monday meeting in Beijing

• Iran's new Supreme Leader Mojtaba Khamenei faces a momentous decision over whether to accept an interim peace deal with the US

Charting Markets Reactions 

Brent Crude Futs

S&P500 Futs

Global Equity Futs

Polymarket: Strait of Hormuz traffic returns to normal by end of May?

//--> //--> Strait of Hormuz traffic returns to normal by end of May?
Yes 3% · No 97%
View full market & trade on Polymarket

Polymarket: US x Iran permanent peace deal by...?

//--> //--> US x Iran permanent peace deal by May 26, 2026?
Yes 9% · No 92%
View full market & trade on Polymarket

Nothing says "no deal" quite like a future promise to keep talking. 

Tyler Durden Tue, 05/26/2026 - 04:01

Canadian Prime Minister Mark Carney slammed Alberta’s planned independence vote, comparing it to Brexit.

Randy Hubbs drifted away from the drop zone after reportedly becoming unresponsive at roughly 500 feet above ground level.

Brussels Eyes Wealth Taxes As Europe’s Fiscal Crisis Spirals

Submitted by Thomas Kolbe

A fatal fiscal dynamic has become entrenched across the European Union. In nearly every member state, public spending is accelerating at all levels — from municipalities and social insurance systems all the way up to the European Commission — while the private economy at best stagnates and its industrial core sectors visibly erode.

This dangerous economic imbalance, in which a shrinking private sector is forced to finance a continuously expanding state apparatus, is already producing fiscal consequences visible in the bond markets. Interest rates have been rising steadily for years, making debt servicing increasingly expensive, while the financing needs of public budgets continue to grow under the ruling ideology of an all-encompassing state. This widening fiscal gap is fueling political appetites for higher taxation — a destructive race among parties to squeeze taxpayers at every level has begun.

And naturally, when it comes to fleecing European taxpayers, the European Commission cannot be absent. Brussels is currently preparing its seven-year budget framework, set to exceed €2 trillion beginning in 2028.

Apollo News recently reported that the European Parliament is even demanding a further 10 percent increase in this budget ceiling. Excess, wastefulness, and a complete detachment from economic reality are driving the EU’s relentless search for new independent tax revenues.

To this end, Commission President Ursula von der Leyen commissioned the Center for Social and Economic Research (CASE) last year to produce a study examining the potential of wealth taxation in the EU — another brick laid in the rapidly expanding tax debate.

//-->

Bluntly put, this reflects the incestuous culture of Brussels, where academic satellites traditionally align themselves with the ideological winds of their political sponsors in order to secure taxpayer-funded grants.

The study focused primarily on the collection methods and revenue shares associated with wealth taxes, capital gains taxation, and the so-called exit tax. In other words, Europe’s tax policy is now moving toward the heart of private property itself. Brussels is unpacking the toolkit of preparatory state propaganda. Terms such as “justice gap,” “redistribution,” and “social justice” appear throughout the report, alongside the usual resentment-driven rhetorical formulas designed for one purpose only: preparing the public for a future in which the fiscal arms of European governments reach ever deeper into family wealth and long-term financial planning.

The central thesis of the CASE study is that private wealth in Europe has grown disproportionately and become increasingly concentrated in the hands of a small number of households. Right from the outset, however, the state itself — with its swelling bureaucracy and expensive interventionism in climate policy, the Ukraine conflict, and welfare systems — is carefully removed from scrutiny.

Not a single critical word appears in the study about the darker side of taxing citizens’ accumulated assets. Taxation today is carried out in the spirit of subservience: the taxpayer no longer possesses any meaningful voice. Instead, a debate framed around “fairness” is intended to soften the final pockets of resistance. In the end, everything is reduced to fiscal design and public relations.

One particularly revealing sign of the EU’s fiscal direction can be found in the debate surrounding the so-called exit tax. Combined with the introduction of a digital euro and the possible integration of Switzerland into the EU’s fiscal regime, escape routes for capital would effectively be sealed off. Wealthy citizens would likely flee beforehand, pulling their capital out of the EU while they still can.

What is remarkable is that politicians, institutes, and media organizations appear incapable of drawing conclusions from real-world experience. Norway’s introduction of a wealth tax triggered an exodus of the super-rich, ultimately leading to a noticeable decline in tax revenues. Understandably, Brussels now seems eager to close the gates — and has even helped ignite a wealth-tax debate in Switzerland, though this effort will likely fail. Its climate-policy framing alone makes it highly suspect to Swiss voters.

Switzerland does, of course, already levy wealth taxes at the cantonal level. But the current debate within the EU reaches much further into the direct taxation of citizens’ existing wealth than anything Switzerland has implemented thus far.

Europe’s treatment of its productive classes reveals the deeply statist spirit that now dominates the political and media establishment. The fact that the top 10 percent of income earners in Germany already contribute roughly 55 percent of all income tax revenues is no longer politically relevant. Desperate states will pull every lever available to fill the fiscal holes left behind by the green transformation.

The CASE study also aligns strikingly — both in timing and substance — with the current German debate over abolishing income splitting for married couples, increasing inheritance taxes on business assets, and reintroducing the wealth tax.

Germany already imposes a form of exit tax under certain circumstances when companies relocate abroad. What may be missing is only the Dutch approach: the comprehensive fictitious taxation of unrealized capital gains. The Netherlands is serving as the testing ground. Such taxation would likely become the next maneuver of a bloated state apparatus that has lost control of its spending.

What we are witnessing is a political class that continues to believe in building an eco-socialist surveillance state despite economic reality, visible deindustrialization, and social decay. And like every socialist project before it, environmental statism will eventually damage its host economy so severely that the laws of economics, logic, and resource scarcity will ultimately bring it down.

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About the author:  Thomas Kolbe, a German graduate economist, has worked for over 25 years as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.

Tyler Durden Tue, 05/26/2026 - 03:30

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