finance
U.S. and Iran Report Progress in Switzerland Talks as Starmer Resigns in UK
U.S. and Iranian negotiators said they made progress toward a deal within 60 days and set up a communication line for the Strait of Hormuz. UK Prime Minister Keir Starmer announced his resignation, clearing the way for a Labour leadership contest by September.
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U.S. and Iranian officials said they reached agreements on a de-confliction cell for Lebanon and a mechanism to keep the Strait of Hormuz open after talks in Switzerland. The two sides also agreed to form a high-level committee that will oversee technical talks aimed at a final deal within 60 days.
Iran said it would invite nuclear inspectors and that procedures for releasing frozen Iranian funds had begun.
Equity futures were little changed after the holiday weekend. S&P 500 futures fell 0.1 percent while Nasdaq 100 futures rose 0.1 percent as chip stocks outperformed. Asian markets rose, led by gains in China, Japan and Taiwan. European shares added about 0.3 percent.
Oil prices declined. WTI crude fell 58 cents to $75.27 a barrel and Brent crude dropped 1.6 percent after traders cited signs of diplomatic progress.
Starmer announced his resignation outside 10 Downing Street and said nominations for a new Labour leader will open July 9 with a contest to conclude by Sept. 1. The pound briefly touched a 2026 low before recovering.
AbbVie agreed to buy Apogee Therapeutics for $10.9 billion. CRH signed an agreement to acquire Arcosa for $150 per share in cash. Getty Images shares rose more than 150 percent after the company announced a display partnership with OpenAI. SpaceX shares fell more than 5 percent in premarket trading ahead of a planned $25 billion bond sale.
" — Tasnim, citing Iranian sources >"Markets would be watching for Burnham’s pick of Chancellor.
