Good morning and welcome to Markets Desk. Here are the stories moving the needle right now.
Washington and Beijing emerged from a three-day summit with a notable agreement to establish a dedicated channel for handling artificial intelligence safety incidents, alongside commitments to sustain progress on reducing tariffs covering roughly thirty billion dollars worth of bilateral trade. The diplomatic tone was measured but constructive, offering markets a degree of relief on the trade uncertainty front.
Shifting to the Persian Gulf, President Trump has rejected Tehran's latest ceasefire proposal, which included a seven-day window to reopen the Strait of Hormuz and resume nuclear talks. Meanwhile the U.S. military is actively escorting commercial vessels through the strait in daylight, effectively doubling oil volume in transit and signaling Washington intends to manage the corridor on its own terms.
On the healthcare side, both Vertex Pharmaceuticals and Amgen delivered strong clinical trial results for key pipeline candidates. Investors responded positively, as promising late-stage data reduces binary risk and reinforces the case for premium valuations in large-cap biotech heading into the back half of the year.
That's the tape. Markets Desk, signing off the floor.
