After more than 100 days of war, we now officially have an MOU signed that may act as a launchpad for a formal peace deal within 60 days. Importantly, Iran has confirmed the agreement, with the official signing set to take place in Switzerland on Friday. As you would expect, we've seen a big unwind of geopolitical risk hedges, although we're still a long way from a return to pre-war levels given understandable concern over just how quickly negotiations could unravel, especially with Iran's nuclear program and uranium still major sticking points. Only a few hours earlier, Israel and Hezbollah were lobbing missiles at ... (full story)