Stephen Stapinski discusses the oil market's reaction to U.S.-Iran negotiations. He notes that any progress in talks leads to a selloff in WTI and Brent, but there is a general fear of escalation. The reopening of the Strait of Hormuz is complex, with issues like shipping fees and safety concerns preventing a quick return to pre-war supply levels.

Anthony Stevens analyzes the Asia market open, noting that cross-asset leads show FX following equities. He highlights a massive gap between momentum-driven tech/robotics stocks and the rest of the market, particularly in Korea. The tech rally is supported by incremental improvement headlines, and the dollar's weakness is providing a sigh of relief for FX markets.

Vasu Menon is positive on equities, seeing the correction as an opportunity. He likes China and Hong Kong for their technology innovation and domestic demand story. He is also positive on gold, expecting it to reach $5,500/oz, and sees the dollar weakening over the next 6-12 months as Middle East tensions ease.

David Finnerty discusses the FX market's focus on the U.S.-Iran war, with the yuan strengthening despite capital control news. He sees the dollar's downside as limited due to the strong U.S. economy. On Treasuries, he notes the market is very sensitive to news, and the pricing for rate hikes may have gone too far, making yields attractive.

Amy Auster analyzes the Australian budget's tax changes, noting that the CGT discount change for property was expected, but the broader application across all capital gains was a surprise. She believes the impact on the property market will be muted, with prices tracking sideways and volumes dropping. She highlights positive productivity reforms in the budget.