Tuesday 26th May 2026

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Phil is joined by NAB’s Ken Crompton to discuss how global markets are holding onto optimism despite Donald Trump shifting his rhetoric, stating he will only settle for a "great deal or no deal at all" regarding Iran. Despite thin holiday trading with the US and UK closed, equity markets rallied to new records—with Japan's Nikkei jumping 2.9% and the Dax rising 2%—while Brent crude plunged 7% to just over $96 a barrel. Ken explains that while sentiment remains supported by a proposed 60-day ceasefire extension and plans to gradually normalize shipping traffic in the Strait of Hormuz, key hurdles remain; Iran is currently making any final agreement conditional on China taking custody of its nuclear material, all while its central bank governor negotiates in Doha to unfreeze frozen assets. This fragile progress left the Australian dollar as the session's biggest major currency mover, climbing 0.7% to 71.8 US cents as traders await the full return of global desks.

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