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On June 6, according to Irans Tasnim News Agency, Iranian Deputy Foreign Minister for Legal and International Affairs, Kazem Gharibabadi, stated that at least 50% of Irans frozen financial assets must be immediately unfrozen should a memorandum of understanding be signed with the United States. Gharibabadi stated that Tehran would only consider any draft agreement as final if "its interests and concerns were fully considered." Gharibabadi said, "Iran insists at least that 50% of these funds must be provided to Iran immediately after the signing of the memorandum of understanding." He added that the remaining funds should be "unfrozen within a limited period of one to two months after the signing of the agreement." Gharibabadi stated that these assets belong to Iran and were "illegally frozen" by the United States, and unfreezing these assets is a core requirement of any potential understanding. He indicated that the remaining details of the access mechanism, including technical and financial arrangements, will be further negotiated during the 60-day implementation period following the signing of the memorandum.Saudi Arabia condemned Irans attacks on Bahrain and Kuwait.The Bahraini military stated that it successfully intercepted three missiles and several drones from Iran.According to Saudi media outlet Alhadath, sources say Iran has requested three months of negotiations regarding the details of its nuclear documents.On June 6th, Du Xiaogang, Secretary of the Wuxi Municipal Party Committee, chaired a special meeting to promote the development of the integrated circuit (artificial intelligence) industry in Wuxi. The meeting emphasized the need to strengthen project support. It stressed focusing on key aspects such as design, manufacturing, packaging and testing, and equipment materials, and targeting cutting-edge sectors like AIDC and Token. The meeting called for a tiered and categorized approach to project listings, the establishment of a promotion mechanism, and strengthened routine scheduling, targeted services, and precise support for key projects, especially benchmark projects. Simultaneously, the meeting emphasized close collaboration with listed companies, leading enterprises, research institutions, and investment institutions to grasp industry trends, accurately identify key sectors, and jointly implement more high-quality incremental projects.

Two Trades to Watch: DAX, GBP/USD

Jimmy Khan

May 07, 2022 10:43


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The DAX is falling as industrial output declines.


After a slaughter on Wall Street that saw the Nasdaq finsh 5% down, European equities have begun in the red, extending losses from the previous day.


Fears of inflation, stagflation, and recession are weighing on the market as we approach the weekend. The DAX is expected to shed 1.4 percent this week, marking the fifth consecutive week of losses.


In March, German industrial output decreased -3.9 percent on a month-over-month basis, down from 0.2 percent in February and considerably below the -1 percent drop forecast. The negative report comes on the heels of a sharp drop in German manufacturing orders in March. The data represents the economic effect of the Russian conflict on Germany and the Eurozone as a whole.


Germany does not have any additional statistics due today. Sentiment and the US NFP announcement will affect European indexes.

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