Kenneth O'Mars

The sharp drop in US housing starts is bad for new construction and the building sector — high rates and costs are clearly deterring builders, especially multifamily. For existing home prices and broader real estate values, it's more supportive in the current environment. The US still faces a structural supply shortage and low inventory. Reduced new supply limits additional competition and helps underpin prices. It's a symptom of affordability pressures, not a direct bearish signal for home values unless demand collapses further. More building is ultimately needed for better long-term affordability.

BREAKING: US housing starts dropped -15.4% MoM in May, to 1.18 million units annualized, the lowest since May 2020. Furthermore, April was revised lower by -73,000 units from the initially reported 1.39 million units. By comparison, the 5-year moving average is 1.44 million units. This drop was primarily driven by multifamily starts, which fell -40.2% MoM, to 284,000 units annualized, the lowest since November 2024. At the same time, single-family starts declined -1.9% MoM, to 882,000 units annualized, the lowest since September 2025. Residential construction activity is rapidly slowing.

🇦🇪🇺🇸 UAE investment at work across America — AI data centers in Texas, LNG terminals in Louisiana, a planned aluminum smelter in Oklahoma and 168 Boeing aircraft ordered in the past year. Year one of the $1.4T UAE-US framework is delivering.

Iran's Ghalibaf: During the war, I posted on Twitter that the Strait of Hormuz would never return to its previous conditions, and that remains true today. However, this does not mean that we intend to act in the Strait of Hormuz contrary to international law or maritime regulations—never. We will act within the framework of international law.

🔴 Saudi Foreign Minister Prince Faisal bin Farhan says he has no information about a reported $300 billion reconstruction fund for Iran 🔴 Prince Faisal says Iran’s attacks on Saudi Arabia and other Gulf states have resulted in a “significant loss of trust” in Tehran 🔴 Prince Faisal says trust with Iran must be rebuilt “before any concept of economic cooperation, mutual investment or anything like that can rationally be addressed”

The UAE is done depending on the Strait of Hormuz. New bold plan to cut reliance to 0% — expanding eastern ports (Fujairah, Khorfakkan, Dibba), new mega port, pipelines, and rail lines. While others stay vulnerable, the UAE is securing its future no matter what happens in the region. Strategic independence in action. 🇦🇪

BREAKING 🚨 Full text of MOU released by US Islamabad Memorandum of Understanding between the U.S. and the Islamic Republic of Iran: 1 — The United States of America and the Islamic Republic of Iran and their allies in the current war are signing this MOU to declare the immediate and permanent termination of military operations on all fronts, including in Lebanon, and undertake from now on not to initiate any war or any military operation against each other, and to refrain from the threat or use of force against each other, and ensuring the territorial integrity and sovereignty of Lebanon. The final deal will confirm the permanent termination of the war on all fronts, including in Lebanon and other provisions of this paragraph. 2 — The United States of America and the Islamic Republic of Iran undertake to respect each other’s sovereignty and territorial integrity and to refrain from interfering in each other’s internal affairs. 3 — The United States of America and the Islamic Republic of Iran commit to negotiating and achieving the final deal in maximum 60 days, extendable with mutual consent. 4 — immediately upon the signing of this MOU, the United States of America will begin the removal of its naval blockade and any disturbances or impediments against the Islamic Republic of Iran, and will fully end the naval blockade within 30 days. During this period, the traffic of vessels will be in proportion to the numbers of pre-war traffic being restored by the Islamic Republic of Iran. The United States of America further undertakes to remove its forces from the proximity of the Islamic Republic of Iran within 30 days after the final deal. 5 — Upon the signing of this MOU, the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge, for 60 days only, from the Persian Gulf to the Sea of Oman and vice versa. The traffic of commercial vessels will immediately start, and considering the need for removing the technical and military obstacles and demining by the Islamic Republic of Iran will be instated within 30 days. The Islamic Republic of Iran will conduct dialog with the Sultanate of Oman to define the future administration and maritime services in the Strait of Hormuz in discussion with other Persian Gulf littoral states in line with the applicable international law and the sovereign rights of coastal states of the Strait of Hormuz. 6 — The United States of America undertakes with regional partners to develop a definitive, mutually agreed plan with at least USD 300 billion for the reconstruction and economic development of the Islamic Republic of Iran. The mechanism for the implementation of this plan will be finalized as part of a final deal within 60 days. All required licenses, waivers, and permissions needed for the relevant financial transactions will be granted by the United States of America. 7 — The United States of America undertakes to terminate all types of sanctions against the Islamic Republic of Iran, including the United Nations Security Council resolutions, IAEA Board of Governors resolutions, all unilateral US sanctions, primary and secondary in an agreed upon schedule as part of the final deal. The Islamic Republic of Iran and the United States of America acknowledge the critical importance of the sanctions termination issue above mentioned, and expressed their intentions to immediately address these issues in the negotiations in order to achieve mutual agreement on them. 8 — The Islamic Republic of Iran reaffirms that it shall not procure or develop nuclear weapons. The United States of America and the Islamic Republic of Iran have agreed to resolve the disposition of stockpile enriched material pursuant to a mechanism that will be mutually agreed upon in accordance with the schedule mentioned in paragraph seven with the minimum methodology to be down blended on site under the supervision of the IAEA. The two parties also agreed to discuss the issue of enrichment and other mutually agreed matters related to the Islamic Republic of Iran’s nuclear needs, based on a satisfactory framework being agreed upon in the final deal. The final deal will confirm the provisions of this paragraph and the Islamic Republic of Iran acknowledge the critical importance of the nuclear issues above missions. They express their intention to immediately address these issues in the negotiations in order to achieve mutual agreement on them. 9 — Pending the final deal, the United States of America and the Islamic Republic of Iran agree to maintain the status quo. The Islamic Republic of Iran will maintain the current status quo of its nuclear program, and the United States of America will not impose any new sanctions and will not deploy additional forces in the region. 10 — The United States of America undertakes that immediately upon the signing of this MOU and until the termination of sanctions, US Department of Treasury will issue waivers for the export of Iranian crude oil, petroleum products, and derivatives, and all associated services, including banking transactions, insurances, transportation, etc. 11 — The United States of America undertakes to make fully available for use the frozen or restricted funds and assets of the Islamic Republic of Iran upon the implementation of this MOU. The United States of America and the Islamic Republic of Iran will mutually agree on the procedures related to the release of these funds during negotiations. Such funds, whether obtaining the original account or transfer, shall be made fully usable for payment to any ultimate beneficiary designed by the Central Bank, excuse me, ultimate beneficiary designated by the Central Bank of the Islamic Republic of Iran. The United States of America undertakes to issue all necessary licenses and authorizations accordingly. 12 — The United States of America and the Islamic Republic of Iran agree that an executive mechanism will be established to monitor the successful implementation of this MOU and the future compliance of the final deal. 13 — After signing this MOU, and subject to the beginning of the implementation of paragraphs 1, 4, 5, 10, and 11 of this MOU, and the continuing implementation of these measures, the United States of America and the Islamic Republic of Iran will start negotiations regarding the final deal exclusively on the other paragraphs. 14 — The final deal will be endorsed by a binding UNSC resolution.

@clashreport The UAE comes back with strength.

Trump on MBZ: Muhammad at UAE is an incredible warrior. He was dropping bombs last week, I said, "who the hell's dropping all those bombs," it was UAE. He's a good fighter...

Beware of deepfakes and scams online ⚠️📱 A fake video of me is circulating promoting a financial scam. This is completely false. Please be vigilant and always take care online. 🛑

UAE Fast-Tracks Multi-Billion-Dollar Plan to Bypass Strait of Hormuz The UAE plans a strategic infrastructure overhaul to reduce its dependence on the Strait of Hormuz to zero by building new pipelines and expanding eastern ports on the Gulf of Oman. clashreport.com/world/articles…

@Azurebaru @clashreport What if the Hormuz strait is not relevant anymore?

@NewKennethOMars @clashreport And then there is another fiasco where Iran gets a deal after shocking the global financial market from the oil shock. Get fucked, amerifats

US intelligence now believes Iran has demonstrated that it can effectively close the Strait of Hormuz whenever it chooses, giving Tehran a powerful new source of leverage over the global economy. While a new US-Iran agreement is expected to reopen the waterway, officials worry that Iran has learned it can disrupt global energy supplies and shipping without paying an unbearable military cost. According to the assessments, Iran still retains enough missiles, drones, and naval assets to threaten the strait again in the future. Some US officials also believe the Trump administration underestimated Iran's willingness to take such a drastic step during the conflict. Intelligence agencies now fear that Iran feels emboldened by its success and may be more likely to use this strategy in future confrontations. Source: CNN

PACOM is back, and yes it’s silly that Trump 1.0 changed it to INDOPACOM and then Trump 2.0 reversed his own decision, but I think there’s more happening here: Trump 2.0 is actively rethinking “Indo-Pacific” as a geostrategic frame. Indeed, it has already used “Asia-Pacific” several times in official readouts. This strongly suggests a less hawky approach toward China in favor of greater engagement.

JD Vance on Iran: The Iranians are at a position where what they're saying is that they want to make long-term commitments to the United States and to the Gulf Arab countries to change their relationship. Source: Megyn Kelly

The US Defense Department announced that the US Indo-Pacific Command (USINDOPACOM) will revert to its former name, the US Pacific Command (USPACOM). Originally established in 1947, the command operated as USPACOM until it was renamed in 2018. The change does not affect the command’s mission, responsibilities, or geographic area, which spans from the US West Coast to India’s western border.

JD Vance on the Iran peace deal: Let's say, for example, that the United Arab Emirates, who's been one of the best allies that we've had in the region. Let's say that they want to invest in a nuclear power plant in Iran. They really can't do that without us lifting some of the sanctions that exist in the global financial system to make that possible. Now, are the Emiratis going to invest in Iran, or is America going to let the Emiratis invest in Iran? Unless the Iranians change their behavior? No. So all these people say, "Well, you know, you're giving Iran money." No, no, no. We're saying that if the Iranians change their behavior, we're gonna let some of these other countries invest in rebuilding their country and creating some prosperity for their people. That's like a good thing, right? Source: Megyn Kelly

Canada is negotiating a new economic partnership with the UAE that will catalyse billions of dollars of new investment in our major infrastructure projects at home. I met with His Highness @MohamedBinZayed at the G7 to discuss how we can create more opportunities for Canadians and Emiratis alike.

🚨 The Iran-U.S. MoU published by Al-Arabiya: 1. Iran & the U.S., together with their allies in the current war, declare upon the signing of this MoU an immediate and permanent end to the war on all fronts, including Lebanon, and commit that from now on they will refrain from the threat or use of force against each other. The final agreement will confirm the provisions of this article and remaining articles. 2. Iran & the U.S. commit to respect each other's sovereignty and territorial integrity, and to refrain from interfering in each other's internal affairs. 3. Iran & the U.S. commit to negotiate and reach a final agreement within a maximum period of 60 days, extendable by mutual consent. 4. Immediately upon the signing of this MoU, the U.S. will lift the naval blockade and prevent any interference or obstruction against Iran, and restore traffic within a maximum of 30 days to its full capacity; ship traffic shall be proportional to the pre-war volume of traffic on the part of Iran. The U.S. also commits to withdraw its forces from the surrounding areas within 30 days after the final agreement. 5. Upon signing this MoU, Iran will immediately take steps to ensure that the movement of merchant ships from the Persian Gulf to the Sea of ​​Oman and vice versa is resumed within 30 days to the pre-war volume, taking into account the need for the removal of technical obstacles and the neutralization of mines by Iran. 6. The U.S. commits, together with its regional partners, to create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of Iran, While ensuring financing of at least $300 billion. The implementation mechanism of this plan, as part of the final agreement, will be formulated within 60 days. 7. The U.S. commits to ending, on a schedule to be agreed upon as part of the final agreement, all types of sanctions currently facing Iran, including resolutions of the UN Security Council and the Board of Governors of the IAEA, and all unilateral U.S. sanctions, both primary and secondary. 8. Iran reiterates that it will never produce nuclear weapons. Iran & the U.S. have agreed that the fate of enriched material and all other mutually agreed nuclear-related issues, including Iran’s nuclear needs, will be adequately addressed in a final agreement; the final agreement will confirm the provisions of this article. 9. Iran & the U.S. agree that, pending a final agreement, they will maintain the status quo: Iran will maintain the status quo on its nuclear program, and the U.S. will not impose new sanctions on Iran or strengthen its forces in the region. 10. The U.S. commits that immediately after the signing of this MoU, and until the date of the lifting of sanctions, the U.S. Treasury will issue waivers for exports of Iranian crude oil, petrochemical products and their derivatives, and all related services, including banking, insurance, transportation, etc. 11. The U.S. commits that, in light of the progress of negotiations towards a final agreement, frozen or restricted funds and assets of Iran will be released and made fully available. These funds, whether held in the master account or transferred, will be used for any final beneficiary payment determined by the Central Bank of Iran and will be fully available for use. The U.S. undertakes to issue all necessary permits and licenses on this basis. 12. Iran & the U.S. agree that an implementation mechanism will be established to oversee the successful implementation of and future commitment to the final agreement. 13. Following the signing of this MoU, and upon receipt of assurances regarding the commencement of implementation of article 4, 5, 10, & 11 of this MoU, and the continued implementation of these steps, Iran & the U.S. will enter into negotiations for a Final Agreement solely with respect to the remaining Articles. 14. The final agreement will be approved through a binding resolution of the UN Security Council.

Good meeting with @MohamedBinZayed at the G7 in Évian. With the US-Iran agreement, it is time for Iran to end its unjustified attacks against its neighbours. This crisis heightened the need for Europe and the Gulf to deepen their partnership. Many opportunities lie ahead for EU-UAE relations from trade to security cooperation. Let's take this forward at our next EU-@GCC Summit.

China’s top diplomat told his Pakistani counterpart on Tuesday that the next phase of negotiations between the United States and Iran – which Pakistan has helped mediate – will be “more difficult.” insiderpaper.com/china-warns-ne…