Stephen Carroll

We are looking at the Euro Stocks 50 futures up slightly this morning.

The FTSE 100 futures are up by a tenth of 1%.

The MSCI Irish Pacific Index, eight tenths higher this morning.

NASDAQ futures after yesterday's NVIDIA earnings, down by two tenths of 1%.

And the Bloomberg Dollar Spot Index is weaker for a second day this morning, down a tenth of 1%.

I'm Stephen Carroll.

And this is Bloomberg.

President Trump also used his speech to claim that Iran is working to reconstitute its nuclear programme.

The accusation comes after a US military strike last June that the president had previously said resulted in the obliteration of Iran's key nuclear sites.

The US has now amassed a military force in the Middle East not seen since the 2003 Iraq invasion.

As speculation grows that Trump is preparing for a fresh round of strikes in the coming days, he also issued this confrontational warning to the regime in Tehran.

Iran has long argued that its nuclear programme is for peaceful purposes.

Trump's comments now set the stage for a high-stakes meeting in Geneva tomorrow between US and Iranian officials aiming at securing a nuclear deal.

A growing number of industry voices is warning of risks in the private credit market.

Money manager Danny Moses featured in The Big Short says that the private market's push into retail products is reminiscent of the years before the global financial crisis.

Meanwhile, strategists at UBS have upped their forecast for defaults in the sector to 15%.

That's two percentage points higher than they forecast less than a month ago.

The bank's head of public and private credit strategy, Matthew Misch, says technological progress could also present a challenge for the industry.

UBS Matthew Mish speaking there to Bloomberg yesterday.

His remarks come as activist investor Boaz Weinstein also warned of deeper cracks in private credit funds.