Paul Wallace outlines key sticking points in US-Iran negotiations: Iran wants control over Strait of Hormuz passage (proposing navigation fees), demands ceasefire in Lebanon, and seeks unfrozen funds. Nuclear program talks would follow any interim agreement, which would extend ceasefire by ~2 months.

Jane Foley expects central banks to talk tough but hope they don't have to hike as much as markets price. ECB on cusp of hiking, BoJ almost certain to hike, BoE may talk tough instead. USD benefits medium-term from US growth resilience and tech flows, despite short-term rate dynamics.

Livia Gallarati explains limited price impact despite 3-month Hormuz closure: massive destocking in oil markets, mild weather preserving European gas inventories, and Asian government demand intervention. Pain point for gas would be July if traffic doesn't recover. Bearish on gas prices relative to curve, sees more upside for oil.

Neil Campling says price action is frothy but fundamentals track in line - DRAM spot pricing up 600% matching stock gains. Valuations look cheap due to significant earnings power, but cyclical nature means huge margin degradation in down cycle. Key catalyst for pullback would be hyperscaler (Microsoft) tapering AI CapEx in July results.

Mark Cudmore turns outright bearish on equities, saying disconnect between AI bubble and broader economic damage is too large. Sees stagflation environment from war. Even if Iran deal gives one final pop, that would be it. Status quo means increasing damage will drag down frothy AI names.

Daniele Antonucci prefers quality US equities over Europe for AI exposure, but sees opportunities in European AI beneficiaries. Maintains moderate equity overweight with quality bias. In fixed income, prefers investment grade over high yield, and government bonds becoming attractive after selloff. Sees 1-2 rate hikes that would be reversed if Middle East resolved.