Caroline Hepker

And the dollar at the moment is flat with the euro also flat at 115.88.

The Japanese yen trading around 160.

Those are the markets right now.

And I'm Caroline Hepker.

US President Donald Trump is promising the Strait of Hormuz will reopen by the end of the week.

European allies don't share his optimism.

As leaders gather in France for the G7 summit, one official told Bloomberg there are serious difficulties in finding a common position, with few expecting a joint communique.

Leaders are expected to discuss a framework for demining the waterway, which would require agreement from Iran.

and other parties involved.

European leaders hope to secure Trump's backing for the mission, though, but the US president is already downplaying both Europe's role and the challenges involved.

Here he is speaking alongside the French president, Emmanuel Macron.

Trump was speaking during a bilateral meeting with Macron, who, along with the UK's Keir Starmer, has been leading efforts to develop a plan to reopen the straits.

While Washington and Tehran both say that they have reached an interim agreement to reopen the key shipping lane, they have offered differing accounts of what it contains.

Officials are due to sign the accord in Switzerland on Friday, with the full text expected to be released later.

Now, a new poll has shown that Swiss voters are more inclined to back closer ties to the European Union than to reject them.

It's an early indication of sentiment ahead of a vote in Switzerland about the relationship with the EU, which is expected by 2028.

The polling by Tamedia shows 46% of respondents leaning towards supporting a set of agreements with the EU, 40% leaning towards rejecting them.

The result reaffirms the view that a majority of Swiss voters don't want to sacrifice the country's ties with the bloc to calm discomfort over immigration.

That's as voters did reject plans to cap the country's population in a vote last weekend.

China's consumer spending and investment has slumped to levels last seen during the pandemic.