President Trump abandoned his proposed 20% transit fee for Hormuz cargo, choosing to pursue trade and investment agreements with Gulf states instead. He reiterated that the strait remains open to all shipping except Iran-linked vessels, which remain under a full US blockade.

US futures moved higher after June inflation slowed to 3.5%, below expectations, with consumer prices posting their first monthly decline since 2020. The softer data reduced near-term Fed hike expectations, following Tuesday's gains in the S&P 500 and Nasdaq driven by tech, energy, and strong bank earnings. Results from Johnson & Johnson, Morgan Stanley, and BlackRock are next now.

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