• US President Trump said talks with Iran were continuing at a rapid pace; he thinks he will have an agreement with Iran to extend the ceasefire and reopen the Strait of Hormuz over the next week.
  • Iran’s Foreign Ministry said the US bears direct responsibility for violations of the ceasefire with Iran and by Israel in Lebanon, adding that a violation on one front was equal to violations on all fronts.
  • The US is in talks to expand nuclear weapon deployments in Europe, according to the FT.
  • Crude futures gradually pulled back overnight following the prior day's rally; fixed income caught a bid overnight.
  • APAC stocks were mixed following the choppy performance stateside; European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.5%.
  • Looking ahead, highlights include EZ CPI (May), JOLTs Job Openings (Apr), RCM/TIPP Economic Optimism, New Zealand Export/Import Prices (Q1), NBP Policy Announcement (Jun). Speakers include Fed’s Kashkari & Hammack, BoE’s Bailey & Greene, ECB’s Vujcic. Supply from the UK & Germany. Earnings from Dollar General, Palo Alto & ULTA Beauty.

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