Good morning, you're listening to Markets Desk.
Washington appears to have conducted a stealth yen intervention, routing dollar sales through euros rather than Treasuries to avoid rattling the sovereign debt market. The move is being read as a deliberate workaround — keeping pressure off yields while still managing currency dynamics, a sign of how carefully the administration is threading the needle on multiple financial fronts simultaneously.
Turning to crude, oil prices are climbing after President Trump described ongoing Iran negotiations as a, quote, last chance, to end the five-month conflict. Tehran's denial that formal talks are even underway adds a layer of uncertainty the market cannot ignore. Geopolitical risk premiums are back in play, and traders are pricing accordingly.
And in earnings, BP reported profits more than doubling, a result that landed squarely in the middle of Trump's public criticism of Big Oil for profiting from elevated fuel prices during the Iran war. The timing is awkward for the sector — strong numbers are becoming a political liability, and that tension between shareholder returns and White House optics is not going away anytime soon.
That's the tape. Markets Desk, signing off the floor.
