- Iranian finance minister: End of war on all fronts will be announced under interim deal
- At least $10 billion for Iran to be unlocked in Iran deal
- Trump says the terms of the Iran deal that leaked out are fake. Upset about drone attacks
- Iranian Foreign Minister says the memorandum of understanding has never been closer
- Trump says post from Iranian foreign minister is "very positive"
- Starmer faces rising pressure as Burnham looms
- SpaceX opens at $150 per share.
- VP Vance: A lot of fake information about potential deal to reopen Strait/end Iran nuclear
- June US prelim Mich consumer sentiment 48.9 vs 46.0 expected
- Iran will not restore Strait of Hormuz status to pre-war level - IRNA
Markets:
- Gold down $3 to $4209
- US 10-year yield up 2 bps to 4.48%
- WTI crude oil down $3.36 to $84.35
- S&P 500 up 0.5%
- USD leads, CHF lags
Iran and SpaceX headlines competed today and the news on both was relatively positive.
The day started with some trouble as Trump lashed out about "dishonorable" leaks of fake contours of the deal, which seemed to favor Iran. The market quickly figured out that Trump wasn't going to blow up the whole deal over it and was pleased later when Iran's foreign minister downplayed it, saying the full text would be released later.
Macro trades were relatively light with FX and bonds trading in tight ranges. Oil softened though, with WTI down to $84.35 in another sharp decline. It seems the market is expecting a quick signing ceremony and reopening but the terms of the deal still leave for 30 days to clear the Strait and Iran has an incentive to slow roll it, as nuclear negotiations won't be easy.
Stock channels were focused the SpaceX IPO and it went well, though it was still difficult for retail to make money. Those who got allocations at $135 did well as the shares opened at $150 and rose as high as $176.52 before finishing at $161.22.
