EUR

Good morning. Equities look set to extend May’s advance at this morning’s open, even as the dollar and Treasury yields climb amid another round of escalatory strikes in the Middle East. Overnight, America hit radar and missile sites in Iran, and Tehran responded with attacks on Kuwait. President Trump said he was “in no hurry” to agree to a deal that might reopen the Strait of Hormuz, warning “if we don’t get what we want, we are going to end it in a different way”. Both global oil benchmarks are up roughly 3% as inventories fall to dangerously-low levels, raising...

Happy Friday. Oil prices and the dollar are paring their losses this morning after dropping sharply yesterday on reports of a tentative agreement between the US and Iran. According to multiple sources, the two sides have agreed to extend their ceasefire by 60 days, schedule a fresh round of negotiations on Iranian nuclear materials, and reopen the Strait of Hormuz within a month. But Tehran has not confirmed the text, President Trump has not yet signed off, and after a series of false dawns investors are growing more cautious as the session progresses*. Although both global crude benchmarks are down...