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It is a mess

 

  • Asian equities, U.S. and European futures sink into the red after the Dow falls over 400 points.
  • Bond yields erase the "Bessent" moves as the 10-year returns to highs not seen since January 2025.
  • Oil drives higher, with WTI above $90 and Brent above $95 a barrel.
  • President Trump claims "almost total control of the Hormuz Strait" as Iran targets U.S. military assets in the Gulf.
  • China dissents from the G20 statement, opposing the wording of "cheap exports."
  • In corporate news, VW is set to be pushed out of the Euro Stoxx 50 and replaced by Nokia

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