Alex and Selim talk about equity markets ending the week in correction territory as Trump's 10-day extension to the Iran deadline failed to convince investors. The conflict is no longer contained — the Houthis opened a second front over the weekend. Meanwhile, private credit funds are quietly gating withdrawals as liquidity strains build, Turkey is burning through reserves at an alarming pace to defend the lira, and flash PMIs across the US and Europe confirm the global economy is slowing just as energy-driven inflation accelerates. With US payrolls, Eurozone CPI, and the April 6th deadline all landing next week, the calendar could not be more loaded.