Mumbai: The rupee sank to a new closing low and equities slumped on Monday as oil prices spiked past $100 a barrel again with Donald Trump rejecting the peace plan offered by Iran and PM Narendra Modi calling for austerity to conserve the country’s foreign exchange reserves and rein in fuel consumption amid little sign of the Gulf war ending soon.

Analysts said the Nifty is anticipated to remain in a narrow range with investors keeping a close watch on oil prices. However, the broader market is likely to be resilient, they said.

The Nifty 50 fell 1.5%, or 360.3 points, to close at 23,815.85, dropping below 24,000 levels for the first time since April 30, while Sensex slipped 1.7%, or 1,312.91 points to end at 76,015.28.

PM’s advice is anticipated to be a precursor to measures that may be taken to attract dollars, said Sunny Agrawal, head of fundamental research, SBI Securities.

Fear Gauge India VIX Rises 10.2%
“The US-Iran stalemate continued to weigh on the markets and PM Modi’s advice to restrain spending to conserve the forex and tackle pressure from rising oil prices led to panic selling today,” said Agrawal. The rupee, which has been closely tracking movements in oil prices, ended at 95.31 per dollar, weaker than the previous close of 94.48. Brent crude oil futures rose 3.1% to $104.4 on Monday after Trump rejected the new Iran peace offer. They had dropped 6.4% in the past week. The Indian currency opened at 94.88 and fell through the day. Levels above 95.20-95.25 prompted intervention by the Reserve Bank of India, traders said, with state-run banks spotted selling dollars. “Markets reacted cautiously to PM Modi’s remarks highlighting concerns over rising imports and the need to reduce dependence on imported commodities,” said Jateen Trivedi, currency research analyst, LKP Securities. “The speech has raised concerns about the pressure of a higher import bill on the economy and currency stability, especially with elevated crude prices continuing to strain the external balance.”

The increase in oil prices also spooked the 10-year benchmark government bond yield, which closed at 7.03% on Monday, five basis points higher than its previous close.
The global uncertainty due to the West Asia war has made investors hesitant about deploying lumpsum funds and the market is likely to remain range-bound in the near term with a bearish bias, said Sandeep Bagla, CEO, Trust Mutual Fund. “While Q4 earnings are largely in line, the higher oil prices are expected to eat into future earnings which could lead to valuations correcting,” he said. “Investors must temper return expectations in the short term.”The India VIX volatility index jumped 10.2% to 18.6, suggesting that traders anticipate higher risk in the near term.

Technical analysts said that the gap down opening is expected to be a corrective pullback in an uptrend and not a trend reversal.

The Nifty downside is expected to be limited to 23,500-23,600 levels and positional traders can buy at these levels as the risk reward is likely to be favourable, said Ruchit Jain, head of technical research, Motilal Oswal Financial Services.

SYDNEY — Australian musician Keli Holiday, the solo project of Peking Duk’s Adam Hyde, has been forced to cancel his final North American tour date in New York City after being detained for hours at the US-Canadian border and denied re-entry despite holding what he described as valid visa documentation.

The 37-year-old singer broke the disappointing news to fans via Instagram on May 10, 2026, after completing successful shows in Toronto. “Unfortunately I’m not going to make it to tonight’s show at Baby’s All Right in NYC,” he wrote. “I have spent all day detained at the Canadian border and denied entry back into the US despite having the proper visa documentation in place.”

Holiday confirmed he and members of his touring party were turned back, forcing an early return to Australia. Ticketholders for the New York show were notified of the cancellation, with many expressing disappointment and support for the artist on social media.

Tour cut short mid-journey

The North American run was Holiday’s first major tour in the region, featuring four dates between May 1 and May 7 across Canada and the United States. He successfully performed the Canadian shows in Toronto before attempting to cross back into the US for the finale. No official reason has been provided by US authorities for the denial.

In a follow-up statement, Holiday expressed deep frustration: “I’m gutted. This was a dream tour and I was so looking forward to playing for everyone in New York.” He thanked fans for their understanding and promised to reschedule affected dates where possible.

Partner Abbie Chatfield offers support

Holiday’s partner, media personality Abbie Chatfield, shared her support on social media, calling the situation “incredibly stressful” and praising her boyfriend’s professionalism. The couple has been open about their relationship in recent years, often sharing glimpses of life together on platforms like Instagram.

No clear explanation from authorities

US Customs and Border Protection has not publicly commented on the specific case. Immigration experts note that even with valid visas, re-entry can be denied for a variety of reasons, including discrepancies in documentation, previous travel history, or random secondary inspections. Holiday’s team is reportedly working to resolve the matter and understand the exact grounds for the refusal.

The incident highlights ongoing challenges faced by international artists navigating complex US visa and border processes, especially during busy touring periods. Similar cases in recent years have affected other Australian and international acts, often resulting in last-minute cancellations and financial losses.

Holiday’s rising career

Known for his soulful pop-R&B sound and hits like “Dancing2,” which gained massive traction on TikTok, Holiday has built a dedicated international following since stepping out as a solo artist. The aborted US leg was meant to capitalize on growing momentum after strong European and domestic shows.

Despite the setback, Holiday remains active with plans for a domestic Australian tour starting later this month across New South Wales and Victoria. Fans have flooded his social channels with messages of support, many expressing excitement for the upcoming home dates.

Broader industry implications

The music industry has reacted with sympathy. Fellow artists and industry figures have shared similar border horror stories, calling for clearer processes and better support for touring musicians. Australian music export bodies are monitoring the situation closely, as international touring remains vital for emerging and mid-tier acts.

For Holiday, the experience adds another chapter to a career marked by resilience. From his Peking Duk days to solo success and high-profile relationships, he has consistently maintained a positive public image while navigating the ups and downs of the music business.

Fan reaction and next steps

Social media has been filled with messages of solidarity, with many fans offering to attend rescheduled New York shows whenever they are announced. Some have speculated about possible visa paperwork issues or random selection for secondary screening, though no concrete details have emerged.

Holiday is expected to provide further updates once back in Australia and after consulting with immigration specialists. In the meantime, he has encouraged fans disappointed by the cancellation to hold onto their tickets for potential make-up dates.

The abrupt end to the US portion of the tour serves as a reminder of the unpredictable nature of international travel for artists. As Holiday returns home to regroup, his focus shifts to delivering unforgettable performances for Australian fans who have supported him throughout his journey.

Despite the frustration of the border ordeal, Keli Holiday’s career momentum appears undiminished. With new music, a strong live reputation, and a dedicated fanbase, the artist once again demonstrates the resilience that has defined his path in the industry.

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Operator

Good afternoon, ladies and gentlemen, and welcome to the LENZ Therapeutics’ First Quarter 2026 Financial Results Conference Call. [Operator Instructions] Following prepared remarks from management, we will conduct a question-and-answer session. And instructions will follow at that time. As a reminder, this call is being recorded.

At this time I would like to turn the call over to Dan Chevallard, Chief Financial Officer. Please go ahead.

Daniel Chevallard
Chief Financial Officer

Thank you. Good afternoon, and thank you for joining us today. My name is Dan Chevallard, Chief Financial Officer of LENZ Therapeutics. We are joined today by Eef Schimmelpennink, our President and Chief Executive Officer; Shawn Olsson, our Chief Commercial Officer; and Dr. Marc Odrich, our Chief Medical Officer.

Before we begin, I would like to remind you that this call will contain forward-looking statements regarding LENZ’s future expectations, plans, prospects, corporate strategy, regulatory and commercial plans and expectations, cash runway projections and performance. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors and risks, including those discussed in our filings with the SEC, which can also be found on our website.

In addition, any forward-looking statements represent only our views as of the date of this webcast

OKLAHOMA CITY — As the Oklahoma City Thunder push through the 2026 NBA playoffs as defending champions, superstar guard Shai Gilgeous-Alexander stands as the overwhelming favorite to win his second consecutive Finals MVP award, with betting odds currently sitting at -155 to -160 across major sportsbooks.

The 27-year-old Canadian, who captured both regular-season MVP and Finals MVP honors in 2025, has once again dominated the league this season. His blend of scoring efficiency, playmaking vision and defensive versatility has powered the Thunder to the top seed in the Western Conference and a strong position in their conference semifinal series.

Dominant regular season sets stage

Gilgeous-Alexander led the league in scoring for much of the year while maintaining elite efficiency. His ability to create shots in isolation, attack the rim and make precise passes has made him nearly unguardable. Teammates and coaches praise his leadership and basketball IQ, which have elevated an already talented young roster.

The Thunder enter the later playoff rounds as heavy favorites to repeat as champions. Their depth, defensive identity and home-court advantage position them well, with many analysts projecting a relatively smooth path if they avoid major injuries.

Path to back-to-back Finals MVP

To repeat as Finals MVP, SGA would need to deliver standout performances across the championship series — something he accomplished last year with consistent 30-point games, clutch plays and lockdown defense. His versatility allows him to impact winning in multiple ways, making him the clear choice if Oklahoma City claims the title.

Betting markets reflect this confidence. Shai sits well ahead of other contenders like Victor Wembanyama (+380 to +500) and potential Eastern Conference stars. Only a major injury or unexpected collapse would derail his candidacy.

Challenges and competition

While Shai is the favorite, the playoffs remain unpredictable. The Western Conference features dangerous opponents capable of forcing tough series. A prolonged battle could open the door for teammates like Chet Holmgren or Jalen Williams to emerge as dark-horse MVP candidates if they deliver breakout performances.

Gilgeous-Alexander has faced criticism in the past for occasional playoff inconsistencies, though his 2025 championship run largely silenced doubters. Repeating as Finals MVP would place him in rare company alongside legends like Michael Jordan and LeBron James who achieved back-to-back dominance.

Team context boosts case

The Thunder’s balanced roster complements Shai perfectly. Their switch-heavy defense and versatile attacking options create opportunities for him to shine without excessive hero-ball. Coach Mark Daigneault’s system maximizes Gilgeous-Alexander’s strengths while distributing responsibility across the lineup.

If Oklahoma City advances and wins the title, SGA’s usage rate, efficiency and clutch impact would likely make him the clear MVP choice. His ability to elevate teammates while carrying the scoring load has been a hallmark of his game this postseason.

Historical perspective

Only a handful of players have won consecutive Finals MVPs. Repeating the feat would further solidify Gilgeous-Alexander’s place among the game’s elite. At 27, he is entering his prime and shows no signs of slowing down. A second ring and second Finals MVP would mark the beginning of what many expect to be a dynasty in Oklahoma City.

Fan and expert views

Thunder fans are buzzing with excitement as their team chases history. National analysts largely agree that a championship would almost certainly result in SGA repeating as Finals MVP, given his central role in OKC’s success. Even rival players have acknowledged his dominance in anonymous polls.

However, some caution against crowning him prematurely. The playoffs demand sustained excellence, and any injury or team slump could shift the narrative. Still, the consensus leans heavily toward Gilgeous-Alexander claiming the honor again if the Thunder complete their mission.

What would it mean for his legacy

Winning back-to-back Finals MVPs at this stage of his career would elevate Shai into the conversation of the league’s top players. Combined with regular-season MVP honors, it would cement his status as a generational talent and the face of the new NBA era.

For Oklahoma City, a repeat championship would validate years of patient rebuilding and smart roster construction. The city has embraced its young stars, and another title run would create lifelong memories for fans.

Looking ahead

As the Western Conference semifinals and beyond unfold, all eyes remain on Gilgeous-Alexander. His health, performance and leadership will dictate not only the Thunder’s championship hopes but also his place in NBA history.

While nothing is guaranteed in the playoffs, Shai enters this postseason as the clear frontrunner for Finals MVP. If Oklahoma City delivers another championship, the Bill Russell Trophy is likely to stay in his hands for a second straight year — a rare achievement that would mark another milestone in an already stellar career.

The basketball world watches with anticipation as one of the league’s brightest stars chases greatness on the biggest stage.

Asian stocks climbed as traders stayed bullish on the AI trade even as the US and Iran failed to reach any peace deal. Oil climbed.

Gauges in Japan, South Korea and Australia advanced, with the MSCI Asia Pacific Index rising 0.3%. That came after Wall Street benchmarks edged up to a record close on Monday and the Philadelphia Semiconductor Index jumped 2.6% to an all-time high.

West Texas Intermediate crude held above $98 a barrel Tuesday after President Donald Trump said the ceasefire with Iran was on “massive life support” and rejected the Islamic Republic’s latest peace proposal. Brent rose 0.3%.

Higher oil prices weighed on the bond market, which has priced out the odds of interest rate cuts by the Federal Reserve this year. The 10-year Treasury yield climbed six basis points to 4.41% on Monday, with investors getting a read on US inflation Tuesday.

Solid US earnings have driven a fresh round of upgrades to Wall Street’s year-end targets for the S&P 500, as investors bet corporate profits can sustain the rally despite lingering Middle East tensions. Global equities have erased losses tied to the Iran conflict and have climbed to records, supported by expectations that heavy spending on artificial intelligence, particularly in Asia, will underpin earnings growth.

“Markets are pricing both AI-driven growth and the Middle East supply shock,” said Jean Boivin, head of BlackRock Investment Institute. He said the buildout of AI data centers is offsetting the oil supply shock’s “drag on growth.”
The fragile ceasefire in the Middle East appeared to waver, with Trump calling Iran’s response to his peace proposal a “piece of garbage” and that he “didn’t even finish reading it.”Trump didn’t indicate whether the US would resume military attacks on Iran as he previously has threatened if the Islamic Republic’s leadership didn’t agree to his terms. Trump told Fox News earlier on Monday that he’s looking at reviving a plan to escort ships through the Strait of Hormuz.

“An agreement remains elusive and risks remain elevated,” said Mark Haefele at UBS Chief Investment Office. “Both sides remain under pressure to conclude a deal.”