US equity futures are mixed. Asian markets are mostly lower, while European equities are trading mostly firmer. Markets remain focused on developments around the Iran conflict, with sentiment supported by optimism around a potential agreement, including progress on nuclear terms and reopening of the Strait of Hormuz. However, uncertainty persists around the timing and durability of a ceasefire, with expectations that negotiations could take several months. Central bank expectations remain stable, with markets anticipating a limited number of rate moves in Europe, while broader sentiment continues to be underpinned by a solid macro backdrop and resilience in recent US data.

Companies mentioned: Apollo, Ares, Blackstone, OpenAI, Cerebras, Delivery Hero, Uber