Risk on action with crude benchmarks lower amidst hope of a Hormuz deal - Newsquawk US Market Open

  • Iranian Foreign Minister Araghchi said Iran presented a proposal to the US through mediators this week to reopen the Strait of Hormuz and restart negotiations towards a final deal; Brent -1.6%.
  • Chinese President Xi said China and the US reached a common understanding on many issues.
  • European bourses gain as Iran offers hope of the reopening of the Strait of Hormuz; US equity futures follow suit, NQ +0.6%.
  • DXY is slightly lower, whilst the JPY gains after Trump voiced concerns about a weak JPY to PM

Iran's FM said that Iran presented a proposal to the US this week, weighing on the crude complex; central bank speak ahead - Newsquawk EU Market Open

  • Iranian Foreign Minister Araghchi said Iran presented a proposal to the US through mediators this week to reopen the Strait of Hormuz and restart negotiations towards a final deal.
  • Chinese President Xi urged the US and Iran to return to resolving issues through negotiation as soon as possible, according to Xinhua.
  • Chinese President Xi said China and the US reached a common understanding on many issues.
  • Crude futures pulled back overnight after the prior day's advances, with the reversal seen follow
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