ENERGY: Iran Says Nuclear Activities to Continue

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• President Donald Trump embarks on a Qatar state visit today armed with a $600 billion investment commitment from Saudi Arabia - described by the White House as “transformative” but greeted with scepticism by analysts.
• In a Saudi speech, Trump announced he would lift sanctions on Syria and delivered a rebuke of Iran’s government. Trump then offered an "olive branch" to Tehran, caveated with a threat of a return to "maximum pressure".
• Trump touted yesterday’s CPI print as evidence that the Fed should lower interest rates.
• The US Court of International Trade heard the first oral arguments in a lawsuit challenging the legal basis of Trump’s tariffs.
• India may be emboldened to take a firmer line in US trade talks in light of Trump's deal with China.
• The House Energy and Commerce, Ways and Means, and Agriculture Committees will continue their crucial markups towards the ‘One Big Beautiful’ reconciliation bill. Today may be dominated by pushback from conservatives who have so-far played second-fiddle-disruptors to SALT Republicans.
• The JCT calculated that the tax cuts drafted by Ways and Means will cost less than the $4 trillion authorised by the GOP budget resolution.
• Ukrainian President Volodymyr Zelenskyy urged Trump to attend Turkey peace talks.
• The previous round of US-Iran nuclear talks in Oman “made progress”.
• Poll of the Day: Americans think America's standing in the world has worsened since Trump became president.

Full Article: US DAILY BRIEF

• MNI: CANADIAN MAR BUILDING PERMITS -4.1% MOM
• CANADA RESIDENTIAL BUILDING PERMITS +2.0%; NON-RESIDENTIAL -14.5%

• Total 12,000 SFRZ5 96.18, post time bid (and current session low) at 0821-0820ET. Contract holds steady at 96.18 last