iPhone

• Headline of the day: Oil prices fall as investors' faith in rally wanes (Reuters)
• Europe shares, dollar gain as investors look to Yellen (Reuters)
• Chinese Bidder for Starwood Has Mysterious Ownership Structure (WSJ)
• Germany wants refugees to integrate or lose residency rights (Reuters)
• BlackRock Joins Pimco Warning Investors to Seek Inflation Hedge (BBG)
• Goldman Sachs and Bear Stearns: A Financial-Crisis Mystery Is Solved (WSJ)
• Contract Workforce Outpaces Growth in Silicon-Valley Style ‘Gig’ Jobs  (WSJ)

With Europe back from Easter break, we are seeing a modest continuation of the dollar strength witnessed every day last week, which in turn is pressuring oil and the commodity complex, and leading to some selling in US equity futures (down 0.2% to 2024) ahead of today's main event which is Janet Yellen's speech as the Economic Club of New York at 12:20pm, an event which judging by risk assets so far is expected to be far more hawkish than dovish: after all the S&P 500 is north of 2,000 for now.

Dear Tim Cook, the DoJ and FBI will no longer require your assistance in unlocking the iPhone of Syed Farook who, along with his wife Tashfeen Malik, murdered more than a dozen people at an employee holiday party in San Bernardino last December. 

• Belgium hunts 'third man' after Islamic State bombings (Reuters)
• Number of Attackers, Key Details of Brussels Assaults Remain Unclear (WSJ)
• Surviving Paris attacks suspect wants to return to 'explain himself': lawyer (Reuters)
• Brussels Suicide Bomber Slipped Terror Net (WSJ)
• Dollar rise hits commodities as Fed talks of tightening (Reuters)
• Treasuries Hold Gains Before Durable Goods, Jobless Claims Data (BBG)

In the aftermath of the FBI's surprising request on Monday to postpone a hearing in its legal crusade to unlock Apple cellphones, many wondered who it was that had succeeded in penetrating the supposedly unhackable smartphone. Earlier today Reuters provided the answer: the FBI's effort is being assisted by Israel's Cellebrite, a provider of mobile forensic software, which is now helping the Feds in their attempt to unlock an iPhone used by one of the San Bernardino, California shooters, the Yedioth Ahronoth newspaper reported on Wednesday.