EM CEEMEA CREDIT: ADNOUH: Turkish govt officials on joint investments

• Iran have reportedly approached Qatar, Saudi Arabia and Oman to ask President Trump to press Israel to agree an imminent ceasefire, according to Reuters sources. In return, Iran are reportedly offering flexibility in nuclear negotiations with the US.
• Markets holding, and building, on their risk-on moves as these Iran headlines cross - equities remain favoured with the e-mini S&P still higher by ~75 points to show above the Thursday high.
• The USD remains pressured in G10 to keep the broader downtrend intact while oil prices slip sharply: WTI crude is now off over 4% on the day.

• ILS the primary beneficiary: USD/ILS is lower by over 3.5% on the day and well through the Wednesday lows: as such, the pair has reversed the entirety (and then some) of the move triggered by the first reports of imminent action against Tehran.

   

Crude oil (loses ~$2.50) and gold offered, Tsys (on inflation readthrough from lower crude) and equities bid, after WSJ sources note that “Iran has been urgently signaling that it seeks an end to hostilities and resumption of talks over its nuclear programs, sending messages to Israel and the U.S. via Arab intermediaries.”

• The piece goes on to note that “in the midst of a ferocious Israeli air campaign, Tehran has told Arab officials they would be open to return to the negotiating table as long as the U.S. doesn't join the attack. They also passed messages to Israel saying it is in the interest of both sides to keep the violence contained”.
• The BBDXY trades to fresh session lows on the news.

• Program buyer on the Cash Open, 1499 names, the most since 27th May.
• Next Immediate resistance in SPX comes at 6059.40, last Week's high, and also the best printed level since February, the Index is now trading at 6021.42.