Overnight Headlines on March 25: U.S. stocks close lower; OpenAI to cease Sora video generation service; Iran charges some commercial ships tolls; U.S. plans to deploy the 82nd Airborne Division to the Middle East

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Markets

March 25 close: US stocks fell, technology stocks led the declines Oil prices rise again

Top 20 US stock trading volume on March 25: Microsoft and NVIDIA team up to develop AI tools for nuclear energy

March 25’s active Chinese concept stocks mixed performance Li Auto rose 3.62%, Hesai Technology fell 14.16%

Oil prices rise, Brent crude rebounds to above $100, hope of de-escalation in the Iran conflict fades

Spot gold rises more than 1%, at $4,459.60 per ounce

European stocks rise Oil prices move higher, boosting energy majors’ share prices

Macro

Trump: Iran sends a great gift The two sides have reached agreement on parts of a potential deal

As Trump claims he is in talks with Iran, the US plans to send 2,000 troops from the 82nd Airborne Division to the Middle East

Iran: “Non-hostile” vessels can pass through the Strait of Hormuz

Iran charges passage fees for some merchant ships through the Strait of Hormuz It is reported that the plan is to include the charges in post-war arrangements

Long lines at US airport security screening checkpoints Angry and frustrated passengers joke, “We’re being herded like livestock”

European Central Bank launches a new round of bank private credit exposure checks

The White House rebuts Trump’s insider trading accusations 15 minutes before he posted

Netanyahu sends a close aide to closely monitor developments in the US-Iran talks to ensure Israel’s interests

Iran’s Islamic Revolutionary Guard Corps drives out the “Selen” container ship in the Strait of Hormuz

Companies

OpenAI will stop Sora video generation services, streamlining its product line

OpenAI will raise $10 billion from MGX, Coatue, and Thrive

Saudi Aramco increases crude oil export volumes from Yanbu Port to make up for the closure of the Strait of Hormuz

Arm will sell its own chips for the first time, stepping up competition for a share of AI device spending

Castle Securities 2025 trading revenue hits a record high at $12 billion

Microsoft will lease Oracle and the Texas data centers that OpenAI has given up

Anthropic announces that Claude can now control users’ computers to complete tasks, fully advancing research and development of AI agents

United Airlines reduces more seats in economy class and switches to a new layout to expand premium cabins

Commentary

WTI falls below $89 per barrel The US steps up diplomatic efforts to end the Iran war

New York FX market: the US dollar’s year-end gains against major currencies narrow

Crude oil: Oil prices rise again With the outlook for the Strait of Hormuz reopening unclear

March 25 overseas headlines: Trump says he is in talks with Iran Iran says non-hostile vessels can transit Arm will sell its own chips Microsoft and NVIDIA to develop nuclear-energy AI

US stock market: S&P 500 index resumes its downtrend Middle East conflict and private credit worries weigh on the market

US bond market: Treasuries fall A weak 2-year auction and rising oil prices put pressure on the market

JPMorgan CEO warns that AI could lead to job losses calls for governments and companies to set up incentive mechanisms

After a “weak” 2-year US Treasury auction, yields surge

Goldman Sachs says that if the Iran war shocks economic growth, the strength of the dollar will weaken

The Iran war triggers a double shock The global economy first shows signs of simultaneous pressure

European bond market: Short-end yields on German and UK government bonds rise with oil prices ECB rate-hike expectations heat up

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Responsible editor: Li Tong