Although weekend negotiations ended without a deal and led Donald Trump to announce a blockade on Iranian oil shipments, later signals that Iran had re-engaged and was open to renewed talks helped reduce demand for defensive positions.

Bond markets reflected the same shift. The US 10-year Treasury yield remained near recent lows around 4.29%, while Japan’s 10-year government bond yield eased to roughly 2.45%, pulling back from multi-decade highs as softer oil prices reduced inflation pressure. 

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