Mark Filipino hosts this FT News briefing covering major geopolitical and economic developments on April 8th. The episode features FT correspondents Rachel Rees (markets) and Laura Patel (Berlin correspondent) providing expert analysis.

The briefing covers Trump's last-minute ceasefire announcement with Iran, hedge funds' record short positions against European stocks, and Germany's troubled warship procurement project that highlights broader European rearmament challenges.

Additional coverage includes Turkey's massive gold sales to support its currency, the broader impact of the Iran war on global markets, and NASA's historic Artemis II mission reaching the moon's far side.

Trump Announces Iran Ceasefire 90 Minutes Before Strike Deadline

Trump announced he would "hold off on bombing Iranian civilian infrastructure for two weeks" just 90 minutes before his deadline for massive strikes targeting bridges and power plants.

The ceasefire is conditional on "complete, safe, and immediate reopening of the Strait of Hormuz," which Iran has shut down since the war began in late February.

Iran agreed to the ceasefire "with complete distrust toward the American side" and will begin negotiations in Islamabad on Friday.

Global oil prices declined sharply and stocks rallied following the announcement, as about a fifth of the world's oil supplies normally pass through the strait.

Hedge Funds Set Record Short Positions Against European Stocks

Hedge funds accumulated nearly 12,000 short position disclosures against European stocks in Q1 2024, the highest level since disclosure rules began in 2012.

"Europe is particularly shortable in a crisis" - analyst, as the region faces severe exposure to energy price shocks from the Iran war.

WizAir became the most shorted stock in Europe since the war began, hit by air disruption and jet fuel shortages affecting budget airlines.

The shorting represents a complete reversal from 2023 when Europe outperformed the US and attracted investors seeking stability.

Energy Crisis Drives Central Bank Gold Sales

Turkey's central bank sold or loaned out $20 billion worth of gold since the Iran war started, bringing holdings to their lowest level in over two years.

Russia and Poland also downsized gold holdings to strengthen currencies and improve fiscal positions amid the global energy shock.

Gold prices fell 11% in March, marking the metal's worst month in 18 years as central banks shifted from buying to selling.

German Warship Project Exposes European Defense Procurement Failures

Germany's biggest warship project since WWII, awarded to Dutch company Dahmen in 2020, faces major delays due to software implementation failures and manufacturing errors.

"Engineers started having their screens going blank" and "bits of steel started coming out the wrong shape," requiring manual adjustments - Laura Patel.

The project highlights broader European cooperation challenges, with the Franco-German FCAS fighter jet project also "on its knees and seems to be about to die."

Chancellor Friedrich Matz wants Germany to have "the strongest conventional army in Europe" as rearmament pressure mounts from Ukraine war and Trump's NATO skepticism.

NASA Artemis II Reaches Moon's Far Side

Four astronauts launched April 1st and successfully reached the moon's far side, marking "the furthest distance humans have ever traveled from planet Earth."

The crew is expected to land off the coast of California on Friday, completing the historic lunar mission.