Iran’s Supreme Leader rejected US President Donald Trump’s call for the Islamic Republic to surrender in the face of Israeli attacks. “The Americans should know that the Iranian nation is not one to surrender,” Ayatollah Ali Khamenei said in a statement, warning that that if the US joined Israel’s military offensive, it would see “irreparable damage.” Trump, meanwhile, wouldn’t say whether the US plans to join Israel’s campaign. 

The message bodes ill for a quick resolution to the conflict, now in its sixth day, as the White House deliberates whether or not to join attacks against Iran’s heavily fortified nuclear sites. Trump said today: “I may do it. I may not do it” when asked about whether the US might strike Iran. He encouraged Israel to keep attacking Iran. 

With no immediate compromise in sight, the United Nations nuclear watchdog cautioned that it isn’t currently able to verify the location of Iran’s near-bomb-grade stockpile of enriched uranium. “I’m not so sure,” International Atomic Energy Agency Director General Rafael Mariano Grossi told Bloomberg TV in an interview. His inspectors can’t access the sites while Israel attacks continue. 

The conflict also continues to shake world markets, with traders warning of significantly higher oil prices should the US join the conflict. Iran’s oil exports have jumped since the nation came under attack as traders try to clear inventory. With an already weakened economy, the people of Tehran are bracing themselves for what comes next. —Jonathan Tirone

What You Need to Know Today

Escalating conflict so far hasn’t deterred more hedge funds from piling into the Middle East. Hedge funds have been pulled by the more than $3 trillion in the hands of the UAE’s sovereign funds and wealthy families. But multiple industry executives, who wanted to stay anonymous discussing sensitive political matters, told us an attack by the US on Iran could upend things.

Another US ally is pushing back against Trump. This time it’s India, where Prime Minister Narendra Modi disputed the president’s claim that trade deals were used to clinch a recent ceasefire with Pakistan. It is the the latest sign of possible strain in the relationship between New Delhi and Washington and followed a 35-minute call between Modi and Trump, after after the two leaders failed to meet in person at the Group of Seven meeting in Canada.

Narendra Modi, India's prime minister Photographer: Prakash Singh/Bloomberg

UBS said information about the company had been stolen in a cyber attack on one of its suppliers, following a report that data on more than 130,000 employees had been subject to a hack. “A cyber-attack at an external supplier has led to information about UBS and several other companies being stolen,” the Zurich-based bank said in a statement on Wednesday. “No client data has been affected. As soon as UBS became aware of the incident, it took swift and decisive action to avoid any impact on its operations.”

 

The number of people looking for a room to rent in London has continued to slide, data from a property search website show, in a sign that high rents are pushing even that modest goal out of reach for many residents. The cost of renting a room in the capital has held above £1,000 ($1,350) a month since 2022, when property seekers idled by Covid 19 flooded back into the market as the economy reopened.

German defense manufacturers including Rheinmetall are urging domestic steelmakers to ramp up production of military-grade metal, to secure their long-term ability to make armored trucks and tanks. Their call comes as European nations including Germany boost defense spending in response to Russia’s war in Ukraine and President Donald Trump’s plan to scale back the US military’s involvement in the region.

HSBC is considering telling all its employees to work from one of the bank’s offices at least three days a week, as it looks to tighten some of its flexible policies that have been in place since the pandemic. The new arrangement is under discussion and no decision has yet been made, a person familiar with the matter told us.

China lashed out at the Group of Seven nations for what it called interference in its internal affairs and chastised a top European official for criticizing Beijing’s rare earth and economic policies. Ministry of Foreign Affairs spokesman Guo Jiakun formally protested a statement issued by Canadian Prime Minister Mark Carney after the G-7 meeting in Alberta that called on China to “refrain from market distortions and harmful overcapacity.”

What You’ll Need to Know Tomorrow

For Your Commute

It’s a Sunday spring morning in East London, just before noon, and about two dozen people are gathered outside a pub. At the stroke of 12, the door swings open and people stream in, lining up at a beat-up wooden bar. They’re not waiting for drinks, although several guests might order a pint or bottle of natural wine. Nor are they there to find crowd comfort for a Premier League match. They’re at Spurstowe Arms for one of London’s most in-demand pizzas.

Enjoying Evening Briefing? Check out these newsletters:

• Markets Daily for what’s moving in stocks, bonds, FX and commodities
• Breaking News Alerts for the biggest stories from around the world, delivered to your inbox as they happen
• Balance of Power for the latest political news and analysis from around the globe
• Money Distilled for John Stepek’s daily newsletter on what market moves mean for your money
• The Brink for exclusive coverage of corporate distress, bankruptcies and turnaround stories

Explore all newsletters at Bloomberg.com.