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US President Trump posted on Saturday that an agreement has largely been negotiated, subject to finalisation between the US, Iran and various Middle Eastern countries.US and Iran were reportedly close to signing an agreement involving a 60-day ceasefire extension, which could be extended by mutual consent, according to Axios.US senior officials said the naval blockade will only be lifted after Iran opens the Strait of Hormuz, and no funds will be released until enriched uranium is handed over.Crude futures declined amid hopes for a US-Iran agreement after President Trump announced on Saturday that an agreement has largely been negotiated.APAC stocks...
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Eicher Motors (EIM IS) - Co. Q4 (INR) net rose 11.6% Y/Y to 15.2bln, rev. rose 16% Y/Y to 60.8bln. (Moneycontrol)
Federal Bank (FB IS) - Co. received RBI approval for the appointment of Elias George as part-time chairman for three years, effective May 23. (Moneycontrol)
Glenmark Pharma (GNP IS) - Co.’s Glenmark USA agreed to a USD 29.628mln settlement with state attorneys general, payable in annual instalments over five years, subject to court approval. (Moneycontrol)
Hindalco Industries (HNDL IS) - Co. Q4 (INR) net fell 50.9% Y/Y to 25.97bln, rev. rose 20.4% Y/Y to 781.33bln. (Moneycontrol)
ICICI Bank (ICICIBC IS) - Co. received...
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APAC Stocks: Positive
Asia-Pac stocks gained with risk appetite boosted by hopes of a nearing US-Iran deal after US President Trump announced on Saturday that an agreement has largely been negotiated, subject to finalisation and would include the reopening of Hormuz. Furthermore, a separate report noted there is agreement on 95% of a deal, but it needs to be drafted and is estimated to take 5-6 days to receive approval, while Trump also posted the following day that he informed representatives not to rush into a deal and stated that the blockade will remain in full force and effect until an...
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Allotment for Bids at the Highest Accepted Yield 20.000% (prev. 24.2857%)
(Newswires)
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DXY: -0.3%
Softened amid the risk-on environment and a drop in oil prices after US President Trump announced on Saturday that a US-Iran agreement has largely been negotiated, subject to finalisation, and would include the reopening of the Strait of Hormuz, while he posted the following day that negotiations are proceeding in an orderly and constructive manner, but informed representatives not to rush into a deal. It was separately reported that there is agreement on 95% of a deal, which needs to be drafted with some difficulties remaining, and it is estimated to take 5-6 days to receive approval from Iran's...
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Says:
Signing a deal with Iran is still possible on Monday.Either we reach a good agreement with Iran or we will deal with the matter in another wayWe will give diplomacy every chance to succeed before exploring alternatives.(Bloomberg TV/Sky News Arabia)
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USTs: +18.5 ticks
T-note futures rallied as the lower oil prices eased inflationary pressures, although further upside is capped beneath the 110.00 level, with US cash markets closed for the Memorial Day holiday.Bunds: +53 ticks
Climbed higher and tested the 126.00 level as asset classes remained heavily driven by geopolitics.JGBs: +42 ticks
Rose alongside the declines in oil and with prices unfazed by looming supply in the form of a five-year climate transition JGBs auction scheduled later.(Newsquawk)
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WTI/Brent: WTI Jul'26 -4.5% / Brent Aug'26 -3.8%
Oil prices declined at the reopen amid hopes for a US-Iran agreement after President Trump announced on Saturday that an agreement has largely been negotiated, subject to finalisation between the US, Iran and Middle Eastern countries, which would include opening up the Strait of Hormuz, although he posted the following day that he informed representatives not to rush into a deal and the blockade will remain in full force and effect until an agreement is reached, certified, and signed. Furthermore, other reports stated that there is agreement on 95% of a deal, but...
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CATL (300750 CH) - Co., JD.com (9618 HK) and NetEase (9999 HK) are said to plan investing in DeepSeek. (The Information)
XCMG Construction Machinery (000425 CH) - China’s largest construction machinery maker, XCMG Group, aims to achieve annual overseas sales of CNY 100bln, luring more international clients by turning its excavators, cranes and specialised vehicles greener and more automated. (SCMP)
Healthcare - China Commerce Ministry said China welcomes foreign pharmaceutical enterprises, following a meeting with foreign pharmaceutical companies. (Newswires)
Mining - At least 82 people died and two are missing following a coal mine blast in northern China. (BBC)
Tech - Xiaomi (1810 HK)...
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CBS cites US officials stating that Iranian negotiators are facing difficulty in communicating with Supreme Leader Khamenei, which is the reason for the delay in the agreement.(Market Source/DB News)
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TAIWAN
Uni-President Enterprises Corp (1216 TT) - Co. subsidiary Cosmed and Starbucks Taiwan will continue their retail expansion after hitting a milestone of 600 stores for each brand nationwide Sunday, with parent company Uni-President Group Chairman Lo Chih-hsien declaring that the company is already gearing up to establish "the next 600 outlets". (Focus Taiwan)
SINGAPORE
Boustead Singapore (BOCS SP) - Co. and Boustead REIT are co-investing in the development of a build-to-suit aerospace facility in Seletar Aerospace Park with a project value of around SGD 104mln. (Business Times)
Jardine Matheson (JM SP) - Co. is to acquire I-Med radiology network from Permira for a...
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AUSTRALIA
Arafura Rare Earths (ARU AT) - Co. received commitments under a placement to raise AUD 350mln, with the bookbuild receiving strong demand from high-quality investors. (Dow Jones Newsplus)
Atlas Arteria (ALX AT) - Co. said the Chicago Skyway right of first offer expired and it will consider value-realisation opportunities for all or part of its interest. (Dow Jones Newsplus)
Beach Energy (BPT AT) - Co. sold a 60% operated interest in the VIC/L35 block in the Otway Basin to Amplitude Energy, including the Artisan natural-gas discovery, for AUD 70mln cash proceeds and a production royalty expected to total around AUD 140mln. (Dow...
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US President Trump posted on Saturday that an agreement has largely been negotiated, subject to finalisation between the US, Iran and various Middle Eastern countries, while the final aspects and details of the deal were being discussed, and will be announced shortly. Trump added that in addition to many other elements of the agreement, the Strait of Hormuz will be reopened.US President Trump posted on Sunday that negotiations are proceeding in an orderly and constructive manner, while he informed representatives not to rush into a deal and that time is on their side. Trump added that the blockade will remain...
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OVERVIEWUS President Trump posted on Saturday that the “final aspects and details” of a US-Iran deal are being discussed and will be announced shortly.Axios reported the draft agreement includes a 60-day ceasefire extension, reopening Hormuz with no tolls, Iran clearing mines, and the US lifting its blockade on Iranian ports.Iran urged caution, saying disputes between the sides have narrowed but issues still need to be discussed through mediators.Fars pushed back on Trump’s claims, saying Hormuz will remain under Iranian management and will not return to its pre-war state.POTENTIAL DEAL FRAMEWORK VIA AXIOSKEY POINTS
Axios reported the US and Iran are close...
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Trump is seriously considering launching new strikes against Iran barring a last-minute breakthrough in negotiations, sources add.Several hours after the meeting, the White House announced a change to Trump's schedule for the weekend.Sources told Axios that Trump had grown increasingly frustrated about the negotiations with Iran over the past several days.Some sources close to the negotiations still believe there is an opportunity over the next 24 hours for some kind of breakthrough.The two sources familiar with Trump's thinking say he appears inclined to proceed with military action unless something unexpected happens in the talks.There is no indication Trump has made...
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MON: Holiday: US Memorial Day, Holiday: UK Spring Bank Holiday, Holiday: Europe's Whit Monday, US Chicago Fed National Activity Index (Apr)TUE: UK BRC Shop Price Inflation (May), Swedish PPI (Apr), US House Price Index (Mar), US S&P/Case-Shiller Home Price (Mar), US CB Consumer Confidence (May)WED: RBNZ Policy Announcement (May), Australian CPI (Apr), French Consumer Confidence (May), Italian Industrial Sales (Mar), US ADP Employment Change Weekly, Canadian Wholesale Sales (Apr), US Richmond Fed Index (May), US Dallas Fed Index (May)THU: ECB Minutes, BoK Policy Announcement (May), SARB Policy Announcement (May), Norwegian GDP (Q1), French PPI (Apr), Spanish Retail Sales (Apr), EZ...
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SNAPSHOT: Equities up, Treasuries flatten, Crude up, Dollar up, Gold downREAR VIEW: Negotiations in Tehran have reportedly reached an understanding on broad outlines regarding the nuclear issue, however, differences between sides are very deep; Trump said to be frustrated and may decide on "decisive action" against Iran; Qatari and Pakistani officials arrive in Tehran to help secure a deal; Fed's Waller goes hawkish, and pushes for easing bias in statement to be removed; UoM consumer sentiment hits record low; Kevin Warsh sworn in as new Fed Chair; China launches major crackdown on cross-border stock tradingCOMING UP: US/UK Cash Equity Markets...
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