‘As long as the Strait of Hormuz stays closed, markets remain on a knife-edge,’ Deutsche Bank warns

Good morning. On Fortune’s radar today:

The “six-week” war enters week 11.

Markets: Record highs on “a knife-edge.”

Wall Street admits it was wrong about the U.S. economy.

Trump’s dismal poll ratings.

How big is the backlog in the Strait of Hormuz?

When men use AI it’s good, but when women use it, it’s bad, a depressing survey shows.

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Stocks take a breather after record highs in the U.S. and South Korea

S&P 500 futures were flat this morning. The index rose 0.84% on Friday to set a new record high, at 7,398.93.

In Europe, the Stoxx 600 was down 0.16% in early trading and the U.K.’s FTSE 100 was up 0.13% before lunch.

Asia: South Korea’s KOSPI was up 4.32% to set a new all-time high. The index is up an astonishing 81.51% year-to-date. Japan’s Nikkei 225 was down 0.47%. India’s Nifty 50 fell 1.1%. China’s CSI 300 gained 1.64%. 

Brent crude was $104 per barrel this morning, up from a low of $94 the day before.

Bitcoin was at $80.8K.

“As long as the Strait of Hormuz stays closed, markets remain on a knife-edge”

No end in sight: As we enter the 11th week of the “six-week” war against Iran, hopes are fading that the U.S. and Tehran will come to terms anytime soon. President Trump yesterday blasted Iran’s response to his peace proposals as “TOTALLY UNACCEPTABLE.” He accused Tehran of “playing games” with the U.S., but added, “They will be laughing no longer!”

"I don't like their letter. It's inappropriate. I don't like their response," Trump told Axios. "They have been tapping along many nations for 47 years." 

Tehran wants compensation for war damage and control over the Strait of Hormuz, according to the BBC.

“It’s not over”: Separately, Israeli Prime Minister Benjamin Netanyahu told CBS that the war won’t end until Iran’s nuclear and military capabilities are completely eliminated: “It's not over, because there's still nuclear material, enriched uranium that has to be taken out of Iran. There are still enrichment sites that have to be dismantled. There are still proxies that-- Iran........

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