Iran Relaxes Restrictions on Hormuz Strait

10Y Yield Spikes Above 5.00% After Blowout Beats For US PMIs With 'hard' economic data still somewhat muted, expectations were for a modest retracement in US PMIs from recently optimistic levels in preliminary September data. Instead, the 'soft' survey data soared: Flash US Services PMI Business Activity Index: 58.7 vs 55.8 exp (August: 56.5). 59-month high. Flash US Manufacturing PMI: 57.0 vs 53.7 exp (August: 53.9). 52-month high.  The headline flash S&P Global US PMI Composite Output Index rose from 56.0 in August to 58.4 in September, registering the fastest expansion since July 2021...

One Day Until Trump's Self‑Imposed 5-Day Deadline On Iran But Markets Appear Increasingly Numb By Molly Schwartz, Cross Asset Macro Strategist at Rabobank More persistent inflation Yesterday, Iran rejected the US-proposed 15-point plan, instead laying out its own conditions in a 5-point plan; (1) halt the killing of Iranian officials; (2) means to make sure no other war is wage against it; (3) reparations for the war; (4) an end to all hostilities; and (5) Iran’s “exercise of sovereignty over the Strait of Hormuz.” The probability that Washington would accept these terms in...

Araghchi Mocks 'Fake Intelligence' Amid Skepticism Over Iranian Plot Against Trump In Turkey US mainstream media has this week been dominated by claims that an Iranian assassination threat prompted President Donald Trump to secretly switch planes while flying out of Turkey last month, with Air Force One serving as a decoy while he flew out on a smaller military aircraft. The details of the 'escape' from alleged danger are wild, and continue to be subject of widespread scrutiny and questioning, given the American president was actually covertly transferred into a catering container,...