Good morning!🙂
- US CENTCOM launched fresh strikes on multiple targets in Iran, which have since been “completed”. In retaliation, Iran struck 18 US military targets in two waves, and multiple explosions were reported at US bases in Kuwait and Bahrain.
- Speaking on Wednesday (US time), US President Trump stated that Iran must choose between war or a new deal and warned, “we'll bomb them to rubble tomorrow night” if there is no deal.
- Iran said the Strait of Hormuz was declared closed to the passage of any type of vessel, including all tankers and commercial vessels. However, the US rejected this claim, adding that transit was continuing through the Strait.
- Crude benchmarks gained on the US strikes, but have since most of the overnight advances given Trump had warned to hit Iran in advance, and after CENTCOM said the latest strikes had been completed. Brent Aug’26 0.6%.
- APAC stocks extended lower; European equity futures are indicative of a weak open.
- DXY is slightly lower heading into US PPI, whilst G10s post mild gains.
- Looking ahead, highlights include Swedish CPIF Final (May), US PPI (May), Jobless Claims (May/30), ECB Policy Announcement (Jun), CBRT Policy Announcement (Jun), OPEC MOMR (Jun), Comments from ECB President Lagarde, Supply from UK, Italy & US, Earnings from Adobe.