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Good morning. In subdued trading, oil prices are extending their decline, equities are advancing, Treasury yields are easing from recent highs, and currency markets remain dormant after President Trump said talks with Iran are in the “final stages”—leaving many investors awaiting something more conclusive. Trump warned that Washington could resume strikes within days if peace talks fail to advance, while Tehran cautioned that any renewed aggression would trigger a conflict extending “beyond the region”. Although a number of oil tankers have crossed after coordinating with Iranian authorities, the Strait of Hormuz remains largely closed to international shipping, sustaining history’s biggest...

A bruising multi-day selloff in government bonds is showing signs of exhaustion this morning as investors train attention on Nvidia’s first-quarter results after the closing bell—an event that has become one of the most reliable positive catalysts for risk appetite in global markets. US equity futures are pointing to a tentative recovery after three days of losses, and the dollar is surrendering some of the gains achieved in recent sessions as rising Treasury yields have widened rate differentials against the euro and other major currencies. Oil prices are down roughly 2% amid a relative lull in Iran war headlines, and...

Good morning. Oil prices are edging lower and the dollar is strengthening after President Trump said he had suspended a planned bombardment of Iran, leaving market hopes for a reopening of the Strait of Hormuz effectively in limbo. “We were getting ready to do a very major attack tomorrow, and I put it off for a little while, hopefully maybe forever, but possibly for a little while, because we’ve had very big discussions with Iran, and we’ll see what they amount to,” Trump said. In a social media post earlier in the day, he told the US military to be...