IRAN: Iran Says Will Not Cede Control Of Hormuz Under The Draft U.S. Deal

• The UK 10yr Yield printed its highest level since July 2008 on the UK Political debacle but also helped by the continued War in the Middle East Yesterday.
• Higher inflation outlook across the Globe on the elevated Energy prices are keeping the Risk tilted to the Upside for Global Yields.

In Yield terms, the 10yr printed a 5.135% high Yesterday and next levels areas are eyed at:

• 5.15% = 85.32.
• 5.20% = 84.84 (5.198% is the July 2008 high).

"*SWEDEN GOVT: CONFIRMS PLAN TO TAX CUT ON VEHICLE FUEL FROM JULY" Bloomberg

Headlines coming from this press conference

• In the equity space, the primary long-term trend in S&P E-Minis is unchanged, the condition remains bullish and fresh cycle highs reinforce current conditions. Sights are on 7474.26 next, a 2.382 projection of the Apr 23 - 28 - 29 price swing. Note that moving average studies are in a bull-mode position, a strong bullish signal that highlights a dominant uptrend. Initial key support lies at 7220.98, the 20-day EMA.
• Bullish conditions in EUROSTOXX 50 futures remain intact and the latest pullback appears corrective. Recent gains delivered a print above resistance at 6022.00, the Apr 17 high. A clear break of this level would confirm a resumption of the bull cycle that started Mar 23 and open 6143.00, the Feb 26 high. Key short-term support has been defined at 5684.00, the May 4 low.