Peace fantasy ignites global risk rally – USA and Iran agree to reopen the Strait of Hormuz, oil prices plummet by over 4% – New Fed chair Kevin Warsh faces first interest rate decision – DAX strong – NVIDIA returns to capital markets with billion-dollar bond, Meta CEO Zuckerberg admits mistakes in radical AI restructuring

USA & MACRO-OUTLOOK Wall Street switches to risk appetite Following the agreement between the USA and Iran to reopen the Strait of Hormuz, the S&P 500 rises by around 1.75%, led by previously battered technology stocks. At the same time, bonds rise, Treasury yields decline as the market reduces rate hike expectations, and the US dollar shows weakness against most major currencies. Cryptocurrencies also gain. The catalyst for the movement is in the commodities market : WTI crude oil falls towards 80 USD, while Brent loses more...