Futures Slide, Oil Surges As Iran War Returns, Chip Stocks Tumble As Korea, SK Hynix Crash

Iran Says 'Prepared To End War' If Security Guarantees Offered, But Still No Direct Negotiations - Just 'Messages' Summary President Pezeshkian: prepared to end war with guarantees against further attacks. IRGC warns it will hit 18 US tech companies in region, says Siemens in Israel already attack China, Pakistan issue broad five-point framework for peace (document below); France, Italy begin to block airspace for Iran-related US ops WarSec Hegseth saw "upcoming days will be decisive", strikes will continues without any deal - says "regime fragmenting" President Trump signals off-ramp, tells world "go get your own oil", says...

Mediocre 5Y Auction Tails As Foreign Demand Slides After yesterday's solid 2Y auction, today's 5Y auction was an uglier mirror image.  The sale of $70BN in 5 year paper priced at a high yield of 4.200%, up from 4.182% in May and the highest since Jan 25. It tailed the When Issued 4.193% by 0.7bps, and was the 8th consecutive tail for the 5Y tenor. The bid to cover was 2.351, better than the 2.340 in May and the highest since October.  The internals, however, a disappointment: Indirects took down just 61.60%, a...