Bonds - not oil - were the play... Venezuela debt has doubled in the last 6 months.
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Key statement points: - High-level U.S.-Iran talks concluded in Switzerland. - Working groups formed on nuclear issues, sanctions and dispute resolution. - Direct communication line established to avoid incidents in the Strait of Hormuz. - De-confliction cell created to support the Lebanon ceasefire. - Technical talks to continue this week in Burgenstock, Switzerland. Iran's FM Araghchi said mediated talks involving Pakistan and Qatar delivered “major progress” on the Lebanon conflict, including waived oil and petrochemical export restrictions, lifting of the blockade, partial release of frozen assets and a reconstruction plan launched for Iran. He cautioned that the first “real test” will be the operational rollout of the Lebanon deconfliction cell. Source: Bull Theory
The 2-year breakeven inflation rate is now lower than it was at the start of the year, signaling that investors expect less inflation over the next two years. With oil prices continuing to soften, markets are increasingly pricing in disinflation, not a resurgence in inflation. Forget headlines and forecasts—breakeven inflation reflects where investors are putting real money. The narrative is shifting from inflation panic to lower inflation expectations. Are markets right, or are they underestimating inflation risks? Source: Bloomberg, Manish Singh
Andy Burnham now positioned as a potential successor, setting Britain on track for its seventh prime minister in just a decade.

