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Glonghui April 10｜Compass Point has downgraded Circle's rating from "Neutral" to "Sell", with the target price slightly reduced from $79 to $77, citing the risk of margin compression.

```htmlGolden Ten Data reported on April 10 that JPMorgan analysts stated that if cargo transportation through the Strait of Hormuz cannot be fully restored until July, oil prices are likely to test wartime highs. The analysts noted that the market is currently pricing in a rapid reopening of this waterway, expecting to see about half of normal traffic resume in May and a complete recovery in June. However, "if it takes until July to gradually return to 100% of pre-war levels, there could be an upward price risk of $15 to $20 per barrel." According to the analysts, as of April 9, an estimated 346 energy-related vessels remain trapped in the Persian Gulf, including 241 that are already loaded. These vessels are carrying a total of 104 million barrels of crude oil and condensate, 1.3 million tons of liquefied natural gas, and 5.5 million barrels of liquefied petroleum gas.```

Glonghui April 10｜A certain exchange saw its pre-market price plunge nearly 9% to $86.55. According to reports, the exchange announced it will raise the fees for first and second checked baggage by $10 each starting April 9. This move breaks its previous “free baggage” feature that attracted customers, which is likely to affect passengers’ choices and hurt its brand image.