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The most significant news of the day yesterday was the significant AI selloff in stock markets that began in Korea. In terms of geopolitics, the US and Iran continue to negotiate, though the tone yesterday was a little more combative, with Iran saying the Strait of Hormuz "will never return to its previous state before the war." Markets are seeing this as just another negotiating tactic, however, and the rhetoric yesterday did not cause significant moves. The market remains f

After the back and forth over the weekend, with threats coming from both sides, Monday's talks in Switzerland seemed to bring positive outcomes. Iran cited 'good progress', while US Treasury Secretary Bessent confirmed the US had authorized Iranian oil sales through to the end of August. There now seems to be a clear roadmap on the way to a deal at the end of the 60-day period, something the markets had been betting on throughout. In the UK, there continues to be fallout from

The weekend saw a rocky start to negotiations between the US and Iran in Switzerland. At one point, Iran publicly walked out of the talks as reports continued to emerge of Israeli strikes in Lebanon, after a ceasefire was initially announced between the two on Friday. Iran also claimed on Saturday to have closed the Strait of Hormuz again after the strikes. This was disputed by the US, however, and tracking data seemed to show ships still moving through the Strait. Israel mai

In terms of geopolitics, compared to previous days in the past few months, yesterday was a relatively quiet day. There was some general chatter surrounding the terms of the US/Iran peace deal, but nothing significant that altered the terms already agreed upon. The remaining stumbling block is Israel's actions in Lebanon, whether Israel will agree to cease hostilities there to fully put an end to this period of conflict. Most major leaders have now left France after the G7 sum

Yesterday saw the G7 summit in France, where Trump signed the MOU with Iran a day early. The text of the deal has now also been released, with the key points below - An end to conflict on all fronts - The text in the deal states the 'US, Iran and all allies' and says conflict will end on 'all fronts'. This by definition will include Lebanon. Respect for Internal Affairs - Both have agreed that neither country will interfere with the other's internal affairs. An extendable 60-