US, Iran Explore Deal to Reopen Hormuz, Saudi Oil Exports Hit War-Time High

• US Treasury yields (2, 5, 10, 30-year) are easing slightly from multi-decade highs, with the Global Bond Index back at 4%.
• Oil prices (Brent Crude ~$105, NY Crude ~$93) are lower amid reports of a potential US-Iran deal to reopen the Strait of Hormuz, despite ongoing Houthi attacks on Saudi Arabia.
• Asian markets are mixed, with Japan's TOPIX up due to bank shares, while Hong Kong's Hang Seng and HSTECH are down, partly due to a lack of concrete breakthroughs from the Trump-Xi summit.
• Experts suggest markets can absorb higher yields if earnings growth remains strong, with a potential 25bp Fed hike in December, and large-cap tech stocks are seen as more resilient.
• Saudi Arabia's crude shipments have surged to war-time highs, navigating risks in the Persian Gulf and Red Sea by using alternative routes and ship-to-ship transfers.

Global bond markets are experiencing a significant shakeout with Treasury yields hovering near multi-decade highs, though showing some intraday easing. Geopolitical tensions in the Middle East and US-China relations remain key concerns, while experts suggest markets can absorb higher yields if corporate earnings hold up, favoring large-cap tech. Oil prices are down on hopes of a phased deal to reopen the Strait of Hormuz.