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Kate Moore, CIO at Citi Wealth, says the firm is taking a barbell strategy to market uncertainty around the Iran war.

Bloomberg Opinion columnist Javier Blas says the war in Iran, and the blockage of the Strait of Hormuz, has prompted warnings about another bout of global food inflation similar to the one that followed Russia's invasion of Ukraine. Despite those fears, the agricultural market isn't at risk today, at least in the short term. Oil prices may be soaring, but the world's plentiful food stocks are helping to keep commodity prices in check. However, if the US doesn't find an off-ramp from the war, rising energy and fertilizer costs could eventually push the farming industry to a breaking point. Speaking to Stephen Carroll on Bloomberg Radio Javier Blas says we're not there yet though.

Israel says it has begun strikes on Hezbollah infrastructure in Beirut, as it steps up its campaign in Lebanon. Bloomberg's Dan Williams reports.

Goldman Sachs Group says its private credit fund narrowly escaped a broader exodus due to its reliance on institutional investors. Goldman Sachs Private Credit, which manages a so-called non-traded business development company, met redemption requests in the first quarter amounting to 4.999% of its outstanding shares. That contrasts with peers including Blue Owl Capital that saw redemption requests dramatically higher than an industry-wide 5% limit. Bloomberg's Neil Callanan breaks down the situation.

Anna Edwards, Guy Johnson and Paul Dobson break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade."

UBS Chief Strategist Bhanu Baweja discusses the impact of the ongoing conflict in the Middle East and geopolitical uncertainty on markets. Speaking on Bloomberg Television, Baweja says "fixed income is where there's some value emerging" but it is "time to play defense" in equity markets. "This is not a time to be in deep cyclicals because even if you get some resolution, temporary resolution in the conflict, it's not clear where oil prices are going to settle," he adds.

Pershing Square has proposed a combination with Universal Music that would move the listing into a US-based acquisition vehicle. Bill Ackman's fund said the deal will value the world's biggest music label at a 78% premium to its last closing price. Bloomberg's Neil Campling reports.

Crystol Energy CEO Carole Nakhle says US President Donald Trump's threat to escalate the war against Iran adds more uncertainty and volatility to oil in an "already-stressed market." She speaks on Bloomberg Television.

BluGlass (ASX:BLG) announced a $1.3 million collaboration with an unnamed Fortune 500 leader.

Metallium (ASX:MTM) has successfully completed a US Department of War contract.

TMK Energy (ASX:TMK) announced the contract extension of its CEO Dougal Ferguson.

Orange Minerals (ASX:OMX) entered into a binding agreement to divest several tenements from its Majestic Project.