Iran Talks Ease Concerns, US-Japan Yen Speculation, More
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What is the main topic discussed in this episode?
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And I'm Caroline Hepker.
US President Donald Trump has again shifted course on Iran with new talks set to begin today. The latest reversal comes after Trump once again ratcheted up the threat of more strikes, continuing a now familiar pattern of escalation and de-escalation. The President says he stepped back from the latest attacks following appeals from Saudi Arabia and other US allies in the region. Here's what he told reporters on board Air Force One.
We're talking to them in the form of a negotiation. It begins tomorrow afternoon, and we'll see if it's true. I'd love to do that, save a lot of lives, save a lot of unnecessary power, to be honest with you. It would take many, many years to ever build it back. If it could, I don't think it would be even buildable back. So we had an attack that would be the biggest attack since World War II.
Brent crude fell by as much as 7% after President Trump suggested a deal to reopen the Strait of Hormuz may be close. Meanwhile, Iran says negotiations with Oman are in their final stages, including discussions on a new route through the waterway. But officials say the talks don't cover whether the vital shipping lane will reopen, leaving the question unanswered for global energy markets.
The US and Japan have taken joint action on the yen for the first time in 15 years. Finance Minister Satsuki Katayama confirmed the joint action. Japan is estimated to have spent $53 billion on Thursday alone. It's unclear how much the US may have spent, but Treasury Secretary Scott Besant vowed that the US wouldn't hesitate to wade back into the market if needed. Peter Kinsella is Head of Investment Services at Union Bancaire Privé, overseeing currency strategy.
I think what you'll likely see is a lot of investors basically moving to close some of the short yen positions. I think that makes sense. We do have very, very extended short positioning. From a simple risk reduction perspective, you're likely to see a bit of short covering, and that's likely to basically entail further dollar yen declines. That, in a sense, is an example of the market actually doing the Fed's work for it.
Peter Kinsella there, as the yen gained as much as 1.4% versus the dollar during morning trading in Tokyo. Officials in Washington, though, have their own reasons to step in given that volatility in Japan's bond market could spill over into US treasuries.
In the UK, Prime Minister Andy Burnham says Britain must regain control of its borders. The UK leader visited Dover yesterday to talk to police officers trying to stop people smugglers.
Clearly progress is being made, but we're not complacent. It's why I am here.
Why are new talks with Iran being announced and what prompted the change in U.S. policy?
It's why I've come down on Sunday to see the team, to listen to what they think needs to be done, what further can be done.
2,000 migrants have crossed the English Channel in the 13 days since Burnham took over from Keir Starmer. So far this year, estimates suggest the number of people crossing the Channel is 43% lower than last year. Migration has been a political flashpoint in the UK and has boosted support for Nigel Farage's far-right Reform UK party.
Now, at least 72 people are known to have died trying to reach the Spanish port city of Ceuta from Morocco. Nearly all of the around 60,000 people who crossed have been returned to Morocco. But the humanitarian crisis has reignited a debate around immigration in Europe. Spanish MEP Juan Fernando Lopez Aguiar from the ruling Socialist Party says his country needs solidarity.
We have an external border of the whole of the European Union with the African continent, with the Kingdom of Morocco.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–3:09
2
Why are new talks with Iran being announced and what prompted the change in U.S. policy?
3:09–5:35
3
What did President Trump say about potential strikes on Iran and the impact on the Strait of Hormuz?
5:35–7:47
4
How could Iran-Oman negotiations affect global oil shipping routes and energy markets?
7:47–7:51
Speakers
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