Reuters cites an unnamed senior official from Iran following the rejection of the US proposal as a baseline for a ceasefire.
- Iran's assessment is that the US proposal is "one-sided and unfair", serving only US and Israeli interests
- Iran's initial response was conveyed via Pakistan is that the proposal lacks the minimum requirements for success
- There is still no arrangement for negotiations and no plan for talks appears realistic
- Turkey and Pakistan are trying to help establish common ground
- Diplomacy has not stopped and if realism prevails, a path forward can be found
The last line is slightly optimistic and perhaps that's what the market is running with. So far the mood in markets has been relatively good in US hours. We've seen oil prices off their highs and Treasury yields come in along with moderate bids in stocks.
