Updated May 8, 2019

Iran drops key nuclear deal pledges, may increase uranium enrichment

Iranian President Hassan Rouhani. Photo: Atta Kenare/AFP/Getty Images

Iran will suspend some of its nuclear deal commitments and resume higher uranium enrichment if new terms for the agreement aren't reached within 60 days, President Hassan Rouhani told state television Wednesday.

Details: Exactly 1 year on from President Trump’s withdrawing the U.S. from the Iran nuclear deal, Rouhani sent letters outlining a partial withdrawal from the 2015 deal to ambassadors of Britain, China, the European Union, France and Germany, state-run Tasnim news agency reported. Those nations were still committed to the existing deal.

Why it matters: The announcement comes amid escalating tensions between Iran and the United States. On Sunday, U.S. national security adviser John Bolton said the Pentagon was deploying the USS Abraham Lincoln Carrier Strike Group and a bomber task force to Iran to send "a clear and unmistakable message."

The big picture: The Trump administration has been working to starve the Iranian regime of cash and chill the country's growth, Axios' Jonathan Swan notes. Trump is set to announce new sanctions against the country, per Swan.

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Jobless claims spike to another weekly record amid coronavirus crisis

A sign in Livingston, Mont. Photo: William Campbell/Corbis via Getty Images

6.6 million people filed for unemployment last week, a staggering number that eclipses the record set just days ago amid the coronavirus pandemic, according to government data released Thursday.

Why it matters: Efforts to contain the outbreak are continuing to create a jobs crisis, causing the sharpest spikes in unemployment filings in American history.

Debt crisis awaits in emerging markets

Illustration: Eniola Odetunde/Axios

Many of the world's poor and developing countries could begin defaulting on their bonds in the coming weeks as the coronavirus outbreak has led to massive outflows from emerging market assets and real-world dollars being yanked from their coffers.

Why it matters: The wave of defaults is unlikely to be contained to EM assets and could exacerbate the global credit crisis forming in the world's debt markets.

Netanyahu re-enters coronavirus quarantine after health minister tests positive

Photo: Gali Tibbon/AFP via Getty Images

Israeli Prime Minister Benjamin Netanyahu re-entered self-quarantine on Thursday after his health minister, Yaakov Litzman, tested positive for coronavirus, according to the prime minister's office.

Why it matters: The development comes less than 24 hours after Netanyahu exited several days of self-quarantine after one of his aides tested positive last week. Litzman's infection is even more damaging to Israeli senior government officials, including Netanyahu's national security adviser and the director of the Mossad, as many were in close contact with him in the past week and now face self-isolation.