Reuters Morning Bid

On the 10th anniversary of the Brexit vote, UK gilt markets are calm in the face of Keir Starmer's resignation, a signal investors are taking the UK's seventh prime minister in a decade largely in stride - for now. Meanwhile, the threat of a US rate hike hit the biggest tech stocks on Wall Street, including new IPO darling SpaceX. The sell-off was far reaching - Japan's yen hovers near a 40-year low.

Today’s recommended read: Revolving-door UK leadership leaves no room for remedy, Mike Dolan

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A 60-day ceasefire framework between the U.S. and Iran gives oil markets some relief, though traffic through the Strait of Hormuz remains at roughly a quarter of pre-war levels. As investors continue to measure the heat in the Middle East, over in the UK the resignation of Keir Starmer has been met with a cool reception. Many are waiting to see the details of transition. Meanwhile, the severity of El Niño is raising fresh concerns about food prices and inflation expectations.

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Today’s recommended read: Iran war triggers global race to build oil reserves, Ron Bousso

Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest

Read more from Amanda Cooper and Anna Szymanski

Produced by Eliza Davis Beard and Abisoye Adelusi

Sound engineering and music by Sebastian and Josh Sommer

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Doubts emerge over the U.S.-Iran ceasefire framework after a last-minute cancellation of talks leaves oil traders on edge ahead of a long weekend. With U.S. and much of Asian markets closed for holidays, thin liquidity is amplifying price swings. The yen and SpaceX shares are also in focus.

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Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest

Read more from Amanda Cooper and Anna Szymanski

Produced by Eliza Davis Beard and Abisoye Adelusi

Sound engineering and music by Sebastian and Josh Sommer

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New Fed Chair Kevin Warsh makes his debut with a hawkish hold and a notably short statement, wrong-footing markets that had hoped for a softer tone. Meanwhile, details of the U.S.-Iran deal suggest Iran may have come away with more leverage than expected, even as crude prices fall on Hormuz optimism. And a Manchester by-election could determine who becomes Britain's next prime minister.

Today’s recommended read: Gulf exporters' quest to bypass Hormuz will reshape the region, Ron Bousso

Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest

Read more from Amanda Cooper and Anna Szymanski

Produced by Eliza Davis Beard and Abisoye Adelusi

Sound engineering and music by Sebastian and Josh Sommer

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It's Fed day, and Kevin Warsh's first meeting as chair, with markets watching for signals on the path ahead. Oil slides below $80 a barrel as details of the U.S.-Iran memorandum of understanding emerge, while SpaceX briefly overtakes Microsoft in market value following its recent IPO.

Today’s recommended read: Is the Iran war just an energy shock - or a turning point?, Clyde Russell

Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest

Read more from Amanda Cooper and Anna Szymanski

Produced by Eliza Davis Beard and Abisoye Adelusi

Sound engineering and music by Sebastian and Josh Sommer

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