Marc Filippino

Plus, luxury conglomerate LVMH is trying to declutter its wardrobe.

I'm Mark Filippino, and here's the news you need to start your day.

The U.S.

is exporting more fuel than ever.

It sent over 8.2 million barrels of refined fuels overseas every day last week.

That includes gasoline, diesel, and jet fuel.

And it's a 20% increase from the same time last year, according to U.S.

energy data.

It's to make up for the shortages caused by the Iran war.

Asia and Europe have been hit especially hard.

Everyone's holding their breath as Tehran considers a peace proposal from the U.S., but things are on shaky ground.

Israel struck Beirut on Wednesday despite a ceasefire, and the U.S.

hit an Iranian ship it says violated Washington's blockade of the country's ports.

Still, the cost of Brent crude dropped below $100 a barrel at one point yesterday in anticipation of peace.

The S&P 500 closed about 1.5% higher.

Hedge funds are sitting pretty right now thanks to a tech stock rally that's led to hedge funds having their best monthly performance since 2020.

I'm joined now by the FT's Kostas Morselis to learn more.

Hi, Kostas.

Hi, thanks for having me.

Good to have you.