🛑 US FORCES MUST LEAVE VICINITY OF IRAN 30 DAYS AFTER FINAL DEAL

🛑 SWEDEN PICKS ROLLS-ROYCE FOR NEW NUCLEAR REACTORS

🛑 HEZBOLLAH WELCOMES U.S.-IRAN MEMORANDUM OF UNDERSTANDING - STATEMENT

🛑 Dubai Assessment: $79.20

🛑 Iran says deep mistrust of US; regional visits planned ahead of Switzerland signing 🛑 Iran Foreign Ministry spokesperson BAGHAEI said regional visits are on the diplomatic agenda ahead of a planned signing in Switzerland this week of a US-Iran memorandum of understanding. He said Lebanon is an important element of the MOU, that respect for Lebanon’s sovereignty and territorial integrity is part of the temporary agreement, and Iran will closely monitor developments there. Given recent attacks by Israel on Lebanon, Iran will make decisions according to specific criteria. BAGHAEI cited the 1953 US‑UK‑backed coup against Iran’s elected government as the origin of deep-rooted mistrust of the United States and said Washington has a long way to go to win Iran’s trust.

$20B

My new article on @Substack open.substack.com/pub/philip…

🛑 Maersk says its operations in the Middle East are currently unchanged.

🛑 NVIDIA has filed with the U.S. Securities and Exchange Commission for a seven-tranche note offering; issuance size not disclosed.

🛑 Macron said he will not abandon the digital services tax in response to U.S. threats.

🛑 MACRON said the European digital tax has been decided by Europeans and is part of Europe’s legal framework.

🛑 MACRON: IT IS NOT THE UNITED STATES WHO DECIDE WHAT CONSTITUTES THE LAW FOR WE EUROPEANS

Who?

All the stuff about Zucman, Piketty et al. makes me scream that I didnt finish my book earlier. It is, without making it about them or their work, a strong alternative. Its a simple pitch: markets are egalitarian forces that improve living standards really fast. Markets minimize the need for the state to do things, complement some of its (the state) good things, and can offset some of the bad things it does. The proof is the extended gilded age (gilded age progressive era) when the top 10% got richer nearly 1.2 percentage points slower per year than bottom 90%. For the top 1%, the pace was as fast as the bottom 90%.

🛑SPCX pre-mkt

🛑 Former Fed governor Stephen Miran to return to hedge fund - Axios

🛑 Iranian media Fars News reported Iran will grant vessels a 60-day free transit period, saying the US has accepted a pay-for-transit principle and received only a 60-day concession. After that period expires, Iran plans to monetize commercial transit of the strait by charging for security, navigation, environmental and insurance services and to channel proceeds into the domestic economy.

Israel five-year CDS falls to 50bps, near three-year low, after US‑Iran agreement to end conflict

🛑 How vol eruption blew up Goldman’s rates book 🛑 Dealers were short payer skew from corporate and hedge fund flows. Then came the Iran war. risk.net/markets/7963643/how…

🛑 ECB's Nagel: "even if the Strait of Hormuz becomes navigable again soon, it will take months for the oil supply to return to normal."