Bond Selloff Fades, US-Iran Said to be Exploring Phased Deal, Trump-Xi Summit

• US-Iran negotiations for a phased deal to reopen the Strait of Hormuz are easing oil price concerns slightly, though prices remain elevated due to past failures and current uncertainties.
• The bond market selloff is easing, with US 10-year yields at 5.1646% (down 0.0332) from multi-decade highs, and the Japanese Yen strengthening against the dollar (USD/JPY 158.11, down 0.47%).
• The Trump-Xi summit concluded with little substantive progress on trade or AI, but Xi pushed for US opposition to Taiwan independence, marking an escalation in rhetoric.
• US equity futures are up, with Nasdaq 100 Futures gaining 0.59%, driven by strong earnings and a focus on tech and AI.
• UBS Group AG (UBSG) is up 3.17% on reports of exploring options for tighter capital requirements, while Akamai Technologies (AKAM) surged 22.57% premarket on an $11.6 billion AI infrastructure deal with Anthropic.

Financial markets present a mixed picture with easing bond selloff and positive US equity futures, yet geopolitical tensions in the Middle East and Asia, coupled with commodity price volatility, suggest ongoing caution. Key corporate news includes UBS exploring options for capital requirements and Akamai's significant AI deal.