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   The World: Messy war, happy stock markets
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   Plus, a U.S. attack on an Iranian cargo ship
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              By
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               Katrin Bennhold
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          Good morning, world.
         </span>
         <span>
          It sure feels as though the world is on fire. But even as a peace agreement in the Middle East remains elusive and oil prices stay high, raising the odds that inflation will worsen, unemployment will rise and growth will slow, stock markets are happy — so happy.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The S&amp;P 500 hit another record high last week. It’s now higher than before the fighting began on Feb. 28. What’s going on? Do traders really not care about the war? Or do they know something we don’t? Today my colleague Joe Rennison, who covers markets, explains the seeming paradox of this exuberance.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also:
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A U.S. attack on an Iranian cargo ship
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                How Peter Magyar won in Hungary
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Secrets of N.Y.C. storage lockers
               </span>
              </li>
             </ul>
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              Timothy A. Clary/Agence France-Presse — Getty Images
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        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <span>
          The wartime rally
         </span>
        </h2>
        <p style="display:block;color:#333;font:400 18.5px/26px georgia,serif;margin:0 0 10px">
         <span>
          By Joe Rennison
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Because of the Iran war, the world is teetering on the brink of an energy crisis that threatens to unleash global inflation, crimp consumer spending and weigh on corporate profits.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet the S&amp;P 500, the benchmark U.S. stock index, just
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          notched a series of record highs
         </a>
         <span>
          . Major indexes in Japan, South Korea and Europe are also near their own peaks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “The velocity of this ascent has been nothing short of astonishing,” said Jim Reid, an analyst at Deutsche Bank, in a research note last week.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I’m writing this at the start of what could be a tumultuous week. Investors are weighing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          mixed messages
         </a>
         <span>
          made by U.S. and Iranian officials over the weekend about whether ships can pass through the Strait of Hormuz. But even if traders start the week discouraged by the news, history suggests that they won’t be for long.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          What gives? Why have markets been so upbeat?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s not that investors around the world are oblivious. Instead, it has to do with what exactly the markets are measuring. There is an important gap between the immediate upheaval from the war, and its long-term effects on corporate profits.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          What markets really care about
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The stock market isn’t the entire global economy — far from it. Because of higher energy prices, many people are struggling to fuel their cars, heat their homes and buy groceries. The International Monetary Fund expects the war, even if it’s short-lived, to slow economic growth, fuel inflation and increase the odds of a global recession.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But stock market investors are primarily concerned with one thing: how profitable companies are going to be in the future.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For quite a while now, companies have been very profitable indeed. Quarterly financial results for the companies in the S&amp;P 500 are expected to show double-digit earnings growth for the sixth quarter in a row.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors are absolutely worried about the impact of the Iran war. But so far, that effect has been limited for many big companies. Data shows that most consumers are worried, but still spending. Inflation has risen, but not by very much, outside of energy-related goods and services.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Those effects could intensify the longer the upheaval goes on. And it is always possible that a further plot twist could send stocks lower again.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the move toward U.S.-Iran peace talks, however erratic, has already been an important change from just a few weeks ago, when an end to the fighting — and therefore an end to the disruption of global oil supplies — seemed a more distant possibility.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          The big tech factor
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The S&amp;P 500 steadily slid over the first month of the war in Iran, but then rapidly rebounded — and then some — since President Trump announced a cease-fire a few weeks ago.
         </span>
         <br/>
        </p>
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            <img alt="A chart of the S&amp;P 500 this year." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F17%252Fbriefing%252FoakImage-1776470632745%252FoakImage-1776470632745-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzY2NjEwMzAuODczNjcwNn0:1wEgh4:gFD2IVIsJZRV9hWGzyYFLxAru3AC9Pk4AzSQGSTMVRQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Source: LSEG Data &amp; Analytics. The New York Times
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors are not simply taking Trump at his word that the war is “almost over.” But they are paying attention to his administration’s apparent eagerness to find a way to end the fighting.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors might not believe Trump, exactly, but they do seem to believe that the worst of the war has already passed. That has allowed them to pivot back to focusing on the strong backdrop of continued earnings growth.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The other thing to remember is that the markets at this point are dominated by big technology companies that are still riding a wave of enthusiasm over artificial intelligence, providing an engine for the market that is largely separate from the conflict in the Middle East.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Under the surface, some consumer-facing businesses, especially those that rely on lower-income customers who are particularly sensitive to inflation, are struggling: Dollar General and Dollar Tree are both down by double-digit percentages since the war began, for example.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the relative market size of those companies is dwarfed by businesses like Alphabet, Microsoft and Meta, which have a much bigger effect on the broad indexes that many investors track as a barometer of the stock market.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Buying the dips
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There is also a broader psychological shift in the markets, analysts say, accelerated by the rise of retail investors — individuals trading from their mobile phone or computer at home.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Those investors have learned that geopolitical upheaval doesn’t weigh on the stock market for very long. The stock market has repeatedly fallen in response to global shocks, only to rebound and climb even higher. (Part of this comes from having an American president who, as many have noted, is sensitive to market unhappiness, and can sometimes change his policies as a result.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors have become used to this pattern and have therefore started to see these market drops more as an opportunity to buy the stocks they like at a lower price, rather than the start of a long-term sell-off.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As analysts at Deutsche Bank noted on Tuesday, when the S&amp;P 500 had already recovered all the ground it had lost since the war began, this “geopolitical playbook” paid off again.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The result is markets that are less responsive to short periods of upheaval, and more reflective of investor sentiment about stocks’ long-term prospects. What we’re seeing today are investors who think, despite the current sense of chaos, that the stock market is still a good long-term bet.
         </span>
        </p>
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             MORE TOP NEWS
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             <img alt="Donald Trump speaking at a lectern. " class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F20%252Fmultimedia%252F20int-theworld-asia-nl-iran-2-tfzc%252F20int-theworld-asia-nl-iran-2-tfzc-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzY2NjEwMzAuODc0MTEyfQ:1wEgh4:XBnYHjCCMCNVl86CRGJ-baB4POjzaK8QTqxLgtGGRI8" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Kenny Holston/The New York Times
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        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <span>
          The U.S. attacked an Iranian ship while preparing for talks
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A U.S. Navy destroyer yesterday attacked and seized an Iranian cargo ship that defied an American blockade of Iran’s ports, Trump said. The attack threatened the cease-fire that is set to expire on Wednesday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The destroyer had, according U.S. Central Command, repeatedly warned the ship over six hours to stop before firing on the ship’s engine room and disabling the vessel. Helicopter-borne
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Marines then swooped down and seized it
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump announced the attack hours after a White House official said that an American delegation, led by Vice President JD Vance, would travel to Pakistan for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a second round of negotiations
         </a>
         <span>
          on ending the war with Iran. But Iranian state media said Tehran had not yet agreed to any such meeting.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Other developments:
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Thousands of
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                displaced people returned
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to Lebanon’s devastated south as the cease-fire between Israel and Hezbollah appeared to be largely holding.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Neither strong ties with the U.S. nor a cordial relationship with Iran have spared
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Qatar from a blow to its economy
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
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         Top of The World
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         <span>
          The most clicked link in your newsletter on Friday was a
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          graphic on the Strait of Hormuz
         </a>
         <span>
          .
         </span>
        </p>
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            <span style="font-weight:700">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Senior Hamas officials in Gaza said the group was
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                ready to hand over some weapons,
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                a concession that falls short of Israeli-U.S. demands.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Bulgarians
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                swept aside the center-right party
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that has dominated government for the last decade, voting decisively for a new coalition that promised change and a crackdown on corruption.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                My colleague Andrew Higgins describes why voters in Hungary chose Peter Magyar over Viktor Orban in a landslide, ending Orban’s 16 years in power.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Watch the video below
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
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             <img alt="A short video showing Andrew Higgins, a reporter, crowds in Budapest and Peter Magyar, the new leader of Hungary." class="css-xsf469" height="891" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F19%252Fmultimedia%252F20int-theworld-asia-nl-hungary%252F20themorning-nl-hungary-jumbo.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzY2NjEwMzAuODc0MjEwMX0:1wEgh4:apJZhV65-9Ss_aoR6haw8VUATtjjmY2BBfQzLtXzUrU" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Click to watch the video.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              The New York Times
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            </span>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Pope Leo said news outlets had
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                misinterpreted some of his remarks as criticism of Trump
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                U.S. officials visited Cuba to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                discuss a deal
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to address the island’s humanitarian crisis.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The British counterterrorism police are investigating
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                “linked arson attacks” in London against Jewish sites and properties with ties to Israel
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Eight children between the ages of 1 and 14 were killed in a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                domestic violence shooting spree
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in Louisiana. Seven of the children were the shooter’s own.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The police shot dead a gunman who killed six people and wounded several more in Kyiv. It was the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                deadliest mass shooting in Ukraine
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in years.
               </span>
              </li>
             </ul>
            </td>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             SPORTS
            </span>
           </h3>
          </td>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Football:
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Manchester City beat Arsenal 2-1
         </a>
         <span>
          , closing the gap in the Premier League title race down to three points.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          World Cup:
         </span>
         <span>
          FIFA’s president
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          defended ticket prices in the U.S.
         </a>
         <span>
          amid fan frustration and confusion.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
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             FUN INSECT FACT OF THE DAY
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           </h3>
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         </tbody>
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        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          A ‘carwash’ for ants
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        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A researcher spotted a peculiar partnership in the Arizona desert: tiny cone ants appear to run a carwash-like cleaning service for larger red harvester ants. The harvesters stand frozen outside cone ant nests while the smaller ants climb aboard to lick and nibble them.
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        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
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             MORNING READ
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             <img alt="A woman in profile, with distinct striped patterns of light and shadow on their face and the wall. She wears a dark cardigan over a light patterned top." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F31%252Fmultimedia%252F20int-theworld-asia-nl-el-salvador%252F00ElSalvador-Sugey-top-wqlf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzY2NjEwMzAuODc0NjMwNX0:1wEgh4:ov-1GwKIV_n-HxKzYMcOneVUFRj12YUsRiQVr4Li0Rk" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
            </a>
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             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Fred Ramos for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Almost every night, Sugey Amaya stands outside a prison system building on the outskirts of San Salvador, waiting for her brother’s name to be called. Inmates cannot be released unless someone is there to pick them up.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Her brother was detained nearly four years ago, swept up in mass arrests of people accused of gang ties. But with no news of him, she has taken to helping strangers. She signs for their release, helps them buy clothes and makes sure they get home, never asking why they were locked up. “I see my brother’s face in them,” she said.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:700">
          Read more about the routine that has become her life
         </a>
         <span style="font-weight:700">
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="30">
           </td>
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          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             AROUND THE WORLD
            </span>
           </h3>
          </td>
         </tbody>
        </table>
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         <tbody>
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            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             <img alt="A person holds up a pair of stuffed toys with animal heads and humanlike bodies, both clad in striped pants." class="css-xsf469" height="750" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F20%252Fmultimedia%252F20int-theworld-asia-nl-storage-pvhk%252F20int-theworld-asia-nl-storage-pvhk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzY2NjEwMzAuODc0NzMyM30:1wEgh4:0kClfI3cAut1O6vrpGGpXWSIg73Wh7J6LP_4C-23u3A" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
            </a>
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           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
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             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Vincent Alban/The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <span>
          The secrets of New York City’s storage lockers
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In New York, a city of shoe-box-size apartments, people store a lot of stuff. So my colleague Anna Kodé visited the storage units of six New Yorkers to understand what people hold on to, and why.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Inside she found nearly 3,000 license plates, boxes of plastic flowers no longer sold in stores, a mother’s Depression-era cake-plate collection, a desk from a Broadway production of “Sunset Boulevard.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We’re living through turbulent times right now,” said a professor who studies possessions and materialism. “Things give us a life buoy to hang on to.”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:700">
          Read more
         </a>
         <span style="font-weight:700">
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="30">
           </td>
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          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             RECOMMENDATIONS
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          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Teach
         </span>
         <span>
          : Here are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          nine great children’s books
         </a>
         <span>
          that celebrate the natural world.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Listen
         </span>
         <span>
          : Baby Keem, a Kendrick Lamar protégé, tells his whole story in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “Casino,” his new album
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Organize:
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          These free tools on your phone
         </a>
         <span>
          can help you level up your meal planning and prep.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Compete:
         </span>
         <span>
          Play our
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          flashback history quiz
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             RECIPE
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             <img alt="A bowl of pasta in red sauce topped with a fried egg and a few green sprouts. " class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F20%252Fmultimedia%252F20int-theworld-asia-nl-cooking-fctz%252F20int-theworld-asia-nl-cooking-fctz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzY2NjEwMzAuODc0ODM1fQ:1wEgh4:grZwlD4fM208bBW6Pe_plEISyPbIoGgceXOT_g30sa8" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Linda Xiao for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Spaghetti Napolitan
         </a>
         <span>
          is Japan’s yoshoku (“Western-style”) interpretation of Italian tomato spaghetti. More of a fried noodle dish than an Italian-style pasta, it calls for stir-frying noodles in ketchup and a generous amount of oil over high heat to create a deeply satisfying sauce.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             WHERE IS THIS?
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Sprays of water cascade over the top of a giant cliff of ice into the ocean." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F12%252F08%252Ftravel%252F20int-theworld-photo-quiz-ice-cap%252Fmerlin_197577861_b1dec268-a723-48dc-987c-767a24403672-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzY2NjEwMzAuODc0OTM5NH0:1wEgh4:sCeE_uDsIKjlL1MA80Ka36B3biqh80Xuu1f7jSmZ37s" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Marcus Westberg
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Where is this ice cap?
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#333;font:10px georgia,serif;text-align:left;padding-left:50px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Ellesmere Island, Canada
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Ilulissat, Greenland
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Svalbard, Norway
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Franz Josef Land, Russia
               </a>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             TIME TO PLAY
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here are today’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Spelling Bee
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Mini Crossword
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Wordle
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sudoku
         </a>
         <span>
          . Find
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          all our games here
         </a>
         <span>
          .
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic;font-weight:700">
          That’s it for today. See you tomorrow! — Katrin
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          We welcome your feedback. Send us your suggestions at
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          theworld@nytimes.com
         </a>
         <span style="font-style:italic">
          .
         </span>
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        <div aria-hidden="true" style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
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             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D128186401%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DWOR_20260420%2526li%253DWOR/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzY2NjEwMzAuODc1MTQxNH0:1wEgh4:8LhsWQD3YiYBiP0_HbcrY_axa83Xh52jCsXIKK_znSE" width="2"/>
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             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D128186403%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DWOR_20260420%2526li%253DWOR/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzY2NjEwMzAuODc1MzY0fQ:1wEgh4:GVRtmpnppOPEe_xfNO14h1y3oqQJ7GLLjTuO3J5fAAo" width="2"/>
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