Caroline Hepker

You've seen gains.

for the Nikkei and the Kospi.

In bond markets, Treasury yields, two-year yields actually down, pulling down two basis points at 4.16, as you see a bit more of a rally today.

So, a flip from yesterday when it was that shock from the Walsh statement and the hawkishness of the Fed and the kind of focus on dealing with and tackling inflation that really surprised markets.

Brent crude futures also down almost 3% now, $77.22.

Those are the markets.

And I'm Caroline Hepke.

And this is Bloomberg.

News when you want it with Bloomberg News Now.

I'm Caroline Hepker.

President Trump has signed an interim deal to end the war with Iran and reopen the Strait of Hormuz.

According to a US official, the so-called Memorandum of Understanding is now in effect.

However, it's unclear whether Iran has begun taking steps to fully reopen the waterway.

Explaining his decision to agree to an interim peace deal, President Trump repeated his insistence that the country would never obtain a nuclear weapon.

Yet he went on to suggest that Iran should have the right to enrich uranium for electricity and be allowed to develop ballistic missiles.

Trump also defended the $300 billion development programme for Iran in the deal while saying that he is ready to release billions of dollars in Iranian frozen assets.

The details of Trump's deal have prompted unusually strident criticism from Iran hawks who say it amounts to a victory for Tehran.

Speaking to Bloomberg government, Trump's first-term vice president, Mike Pence, argued that the agreement makes no mention of verifiably dismantling the country's nuclear weapons programme.

The signing of the deal with Iran capped off Emmanuel Macron's last time hosting a G7 summit.

Our reporter James Walcock has more on that now.