• The US struck Iran’s Qeshm Island, which was then met with retaliatory Iranian strikes on US bases in Kuwait; explosions were also reported in Saudi Arabia, and air sirens were set off in the UAE. US CENTCOM said that the Iranian drone attacks were “successfully defeated.”
  • US proposed new tariffs of at least 10% on imports from 60 trading partners following Section 301 investigation. 
  • Crude (Brent +2.7%) rebounds as US and Iran’s flare-up ripples through the Middle East; yields follow the energy rise. 
  • US equity futures mixed, with NQ outperforming as MRVL (+9.3%) continues to surge. 
  • DXY moves higher amid geopols, JPY outperforms amid commentary by PM Takaichi and BoJ Ueda. 
  • Looking ahead, highlights include US ADP Employment Change (May), S&P PMI Final (May), ISM Services PMI (May), Factory Orders (Apr), Fed Beige Book, Speakers including ECB’s Cipollone, Fed's Barr & Logan, Earnings from Broadcom & CrowdStrike.

Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

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