Overseas Headlines: US-Iran Ceasefire, Beige Book, and Alphabet's Investment in SpaceX

Global financial media overnight and this morning's top headlines mainly include:

US Signals Optimism on Talks, Warns of Increased Economic Pressure on Iran

The Trump administration on Wednesday expressed optimism about reaching an agreement to end the war with Iran, while warning that Iran would face growing economic pressure if it continues to resist.

President Trump said he believes the war he initiated jointly with Israel in late February is nearing its end, even though the naval blockade he announced is in effect and shipping volumes through the Strait of Hormuz remain far below normal levels.

Just weeks after Washington eased enforcement of some energy sanctions on Iran, the US warned of possible secondary sanctions on buyers of Iranian oil, a move apparently aimed at gaining more leverage ahead of subsequent negotiations.

Fed Beige Book: Iran War Leaves US Companies in Wait-and-See Mode

A report released by the Federal Reserve on Wednesday showed that US businesses and households are still adapting to the Trump administration's tariff policies while being hit by soaring energy prices due to the Iran war, although the report noted that economic activity in most US regions grew in recent weeks and employment was stable.

The Fed said in its latest Beige Book that the Middle East conflict is seen as a major source of uncertainty, complicating decisions on hiring, pricing, and capital investment, with many businesses adopting a wait-and-see stance.

US and Iran May Consider Extending Ceasefire; Strait of Hormuz Situation Remains Highly Tense

According to sources familiar with the matter, the US and Iran are considering extending the ceasefire by two weeks to buy more time for peace agreement negotiations. Despite heightened confrontation over the Strait of Hormuz, the move is expected to reduce the risk of war reigniting.

Sources said mediators are seeking technical talks to resolve key differences hindering a longer-term agreement after the ceasefire expires next week. The issues include reopening the Strait of Hormuz and the future of Iran's nuclear program.

The situation in the Strait of Hormuz remains dire. The US has imposed a naval blockade to cut off Iranian transport, while Tehran continues to restrict other ships from passing through the strait. This standoff has led to a sharp drop in shipping volumes, exacerbating the energy supply crisis and threatening a major impact on the global economy.

Investment in SpaceX Could Yield $100 Billion Return for Alphabet

Recent filings show that an early investment in SpaceX could yield a $100 billion return for Alphabet.

According to a new disclosure document filed by SpaceX this week in Alaska, as of the end of 2025, Google holds a 6.11% stake in Musk's company. In Alaska, companies must disclose shareholders with a stake of 5% or more. SpaceX aims for an initial public offering (IPO) at a valuation of over $2 trillion; at $2 trillion, the stake would be worth $122 billion.

Apple Considers Upgrading Future iPad Air to OLED Screen

Apple may adopt OLED screens for the next-generation iPad Air, improving display quality and bringing it closer to some of Apple's higher-end products.

Reports say Samsung Display may be responsible for producing these OLED panels, with mass production planned to begin by the end of this year or January 2027. This timeline suggests the new iPad Air could launch in early 2027.

This potential shift is significant because OLED screens typically offer superior color accuracy, deeper contrast, and higher energy efficiency compared to other screen types. Apple already uses OLED panels in some iPads, all iPhone models, and Apple Watch, so it is logical for the iPad Air to also feature an OLED screen.

US Government Says Tariff Refunds May Be Delayed

The Trump administration said a problem could delay the refund of tariffs totaling $166 billion.

U.S. Customs and Border Protection (CBP) said in a filing Tuesday with the Court of International Trade that its automated process for issuing refunds to importers who paid the relevant tariffs is nearly complete. However, only about 20% of the roughly 300,000 eligible businesses have completed the key steps needed to receive the refunds.

CBP raised the issue in a court filing with Judge Richard Eaton, who oversees the government's massive refund effort. Eaton held a closed-door hearing on the matter Tuesday.