August 3, 2026
United States:
Iran Says Hormuz Talks Underway After Trump Calls Off Strikes
Iran suggested negotiations to get more ships moving through the Strait of Hormuz are making progress, after President Donald Trump called off what he said was a major attack on the Islamic Republic.
Oil fell on Monday, with Brent crude down about 4.5% to just over $83 a barrel, after Iran’s foreign minister, Abbas Araghchi, said discussions between Tehran and Oman over management of the strait are in the final stages.
Europe:
Euro-Zone Spending Cuts Driven by Iran Uncertainty Not Inflation, ECB Finds
Euro-area households curtailing spending after the start of the Iran war seemed more worried by the overall uncertainty rather than faster inflation, according to research by the European Central Bank.
Confidence sank and consumption momentum softened materially as the conflict erupted, economists including Neus Dausa i Noguera, Maria Dimou and Omiros Kouvavas wrote in an article for the ECB’s economic bulletin this week.
Asia:
BOJ Data Point to $34 Billion Japan FX Intervention Friday
Japan likely used around $34 billion intervening in the currency market to support the yen on Friday, building on the previous day’s actions in coordination with the US, a Bloomberg analysis of central bank accounts indicates.
The operation was estimated at around ¥5.33 trillion ($34 billion), based on a comparison of Bank of Japan accounts released Monday and money brokers’ forecasts.
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