Key Takeaways
- President Trump announced that envoys Steve Witkoff and Jared Kushner will travel to Russia and Ukraine with a proposal to end the war, marking a major diplomatic push.
- The US Justice Department has reportedly paused all antitrust cooperation with the Canadian government, signaling a sharp escalation in the ongoing trade dispute between Washington and Ottawa.
- AstraZeneca (AZN) received FDA accelerated approval for Etcamah (camizestrant), a first-of-its-kind therapy guided by circulating tumor DNA (ctDNA) for advanced breast cancer.
- Treasury Secretary Scott Bessent predicted oil prices could collapse to $40-$50 per barrel once the conflict with Iran concludes, citing a potential global supply glut.
- The USS Abraham Lincoln reached Thailand after a record-breaking 286 days at sea, highlighting the logistical and human strain of the prolonged US naval presence in the Middle East.
Geopolitical Diplomacy and Peace Proposals
President Donald Trump revealed on Friday that his administration has developed a specific framework for a Russia-Ukraine peace deal. To facilitate this, he is dispatching Steve Witkoff and Jared Kushner to deliver the proposal directly to Moscow and Kyiv. This move coincides with Trump’s confirmation that he will host a state dinner for Chinese President Xi Jinping during an upcoming visit, where he expects to discuss trade and the "G-2" relationship.
Trump also addressed the global AI race, stating that "whoever wins with AI wins," and framed the competition as a binary struggle between the US and China. Despite the high-stakes technological rivalry, the President maintained that trade relations with China remain "good" while noting that Beijing has "very little involvement" with the current Iranian regime.
US-Canada Relations Hit New Low
The US Justice Department has instructed its antitrust division to "pause" all work and policy engagement with the Canadian government, according to internal emails reported by the Wall Street Journal. This directive, issued by the chief of the division’s international section, provides no specific reason but follows months of escalating trade friction.
The freeze in legal cooperation comes as Prime Minister Mark Carney’s government reportedly sees little chance of resuming trade talks before the US midterm elections. The dispute has already resulted in billions of dollars in cross-border tariffs, significantly straining the historic alliance between the two North American neighbors.
Healthcare: AstraZeneca’s Regulatory Milestone
The FDA granted accelerated approval to AstraZeneca (AZN) for Etcamah (camizestrant) in combination with CDK4/6 inhibitors. This treatment is specifically for adult patients with HR-positive, HER2-negative advanced breast cancer who develop an ESR1 mutation.
This approval is historically significant as the first cancer therapy guided by the detection of resistance mutations in circulating tumor DNA (ctDNA) before radiographic evidence of disease progression. In clinical trials, the Etcamah combination reduced the risk of disease progression or death by 56%, extending median progression-free survival to 16 months compared to 9.2 months for standard care.
Energy and Markets: Oil Price Volatility
Brent Crude futures settled at $96.28 per barrel on Friday, up 0.8%, as markets continued to price in the risks of the ongoing conflict with Iran. However, Treasury Secretary Scott Bessent offered a bearish medium-term outlook, suggesting that the end of the war would trigger a massive supply surge. Bessent noted that crude could pull back by $40 to $50, potentially taking yields down as inflationary pressures from energy costs subside.
In the UK, market sentiment remains fragile following Chancellor Rachel Reeves’ spring statement. Analysts noted that while the market initially gave the government the "benefit of the doubt," patience is wearing thin regarding the lack of clear growth measures. Traders are reportedly positioning for a "short sterling, long EUR/GBP" trade in anticipation of a second budget featuring heavy tax increases and spending cuts.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.