Bonds & Stocks
Wall Street staged a comeback that saw stocks climbing as oil fell after a peace deal between the US and Iran spurred optimism that a revival of the Strait of Hormuz will ease inflation risks. The S&P 500 rose 1.2%. The yield on 10-year Treasuries declined six basis points to 4.43%.
Economy
Kuwait has started ramping up oil production and plans to reach 2 million barrels a day of output within a week, as the interim US-Iran peace deal opens up the Strait of Hormuz. The country has carried out enough repairs to damaged energy infrastructure to be able to boost production to prewar levels quicker than previously thought, Kuwait Petroleum Corp.
World
US President Donald Trump formally agreed an interim peace deal with Iran, shifting focus to the planned reopening of the Strait of Hormuz and a complex 60-day negotiating period over Tehran’s nuclear program. Trump signed the so-called memorandum of understanding at the Palace of Versailles near Paris on Wednesday evening, at the end of a Group of Seven summit.