Washington Post with the report that the Biden administration is considering a near wholesale rollback of some of the most stringent Trump-era sanctions imposed on Iran
- in a bid to get the Islamic Republic to return to compliance with a landmark 2015 nuclear accord
“according to current and former U.S. officials and others familiar with the matter”
Talks are rolling on this week in Vienna re resuscitating the nuclear deal.
A slightly better day for Asian equities
That said, the signals are more mixed with some retreat seen towards the latter stages. Japanese stocks fared better with the Topix also closing up 0.2%.
The Hang Seng is up 0.6% but mainland Chinese equities are down, with the Shanghai Composite shedding 0.5% after holding gains earlier in the day.
The sluggish mood in US futures isn’t helping as Treasury yields keep higher ahead of European morning trade. 10-year yields are up nearly 3 bps to 1.694% with S&P 500 futures and Nasdaq futures seen down 0.1% and 0.2% respectively.
Broad US dollar bid
There was a broad US dollar bid into the 4 pm London fix. It was particularly visible in the euro and sterling and boosted the dollar to the best levels of the day.
The Dollar Index has crept up above Thursday’s high and is flirting with 93.00.
Watch for stops in EUR/USD as the pair flirts with the late-March lows. Here’s the 8-hour chart:
A tweet by Global Times editor, Hu Xijin
“Stop extorting. You think TikTok is a company from a small country? There’s no way the Chinese government will accept your demand. You can ruin TikTok’s US business, if US users do not object, but you can’t rob it and turn it into a US baby.”
The tweet is directed to US president Trump, after he made remarks that TikTok will be totally controlled by Oracle should the deal happen. This rings more of the same tune from last week, that China won’t be approving any sale based on the current understanding.
And so the battle continues to rage on.. November can’t come soon enough.