European Leaders Discuss Reopening Strait of Hormuz

3.22 - 21.607 Imani Moise

Here's your midday brief for Thursday, April 2nd. I'm Imani Moise for The Wall Street Journal. The U.K. is holding a meeting of 35 nations, not including the U.S., to discuss how to reopen the Strait of Hormuz once the fighting is stopped. European Commission President Ursula von der Leyen pledged to work with partners following a call with the U.K. 's prime minister.

22.188 - 43.971 Imani Moise

Meanwhile, French President Emmanuel Macron told reporters that using force to reopen the strait was unrealistic and called for a return to negotiations. Blue Owl Capital is lowering its redemption rate to 5% after investors in its $36 billion private credit fund asked to withdraw nearly a quarter of their money. They also sought to pull 41% out of a separate technology-focused fund.

44.611 - 59.468 Imani Moise

Following a handful of high-profile defaults in the past year, wealthy individuals are retreating across private credit, forcing fund managers to limit redemptions to stabilize their portfolios. The Treasury Department said yesterday that it's calling a meeting with regulators to discuss the risks for the sector.

59.448 - 70.521 Unknown

And Tesla reported a 6.3% jump in deliveries in the first quarter compared with the same quarter last year. Tesla's final tally was about 358,000 EVs delivered globally.

71.061 - 88.982 Imani Moise

Meanwhile, rival EV maker Rivian reported a 30% increase in deliveries in Q1 to roughly 10,000 vehicles. The two companies' sales growth contrasts with the broader auto industry. Ford and General Motors both reported significant sales declines earlier this week, though that was across all vehicle types.