Hello, this is Anniek Bao writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.

It was a weekend of stalled diplomacy, and Europe wakes up to the bill — a stalemate priced in oil.

Iran’s foreign minister ruled out any restart of talks with Washington while the U.S. blockade — now 55 redirected ships and counting — stays in place. Israel rejected a Gaza plan Hamas had accepted, refusing to withdraw military until Hamas is fully disarmed.

For a continent importing the bulk of its oil and gas, the returning war premium on crude is a tax on households and industry.

German inflation figures and U.K. GDP due this week will show just how deeply months of elevated energy costs have seeped into prices — and how much growth they have already taken off the table.

Iranian Foreign Minister Abbas Araghchi said Tehran is not in direct negotiations with the U.S. to end the war and reopen the Strait of Hormuz, saying that “messages are being exchanged through intermediaries.”

In a Sunday interview with Axios, U.S. President Donald Trump said that Washington is “low keying it” in negotiations with Iran. “We are only semi-negotiating with them. We are just watching Iran with its huge inflation and the fact that they have no money,” the president said.

The U.S. military redirected 20 more commercial vessels away from Iranian ports last week, bringing the tally to 55 as of Sunday, up from 35 on Aug. 2 — with two ships disabled and two boarded, according to U.S. Central Command.

Meanwhile, Israeli Prime Minister Benjamin ⁠Netanyahu restated his rejection of Trump’s latest Gaza plan in televised remarks to his right-wing government on Sunday, even as Israel’s military has effectively halted attacks in the territory under pressure from ​Trump.

Trump announced last month that there had been a breakthrough in his plan to end the war, with Israeli forces withdrawing as Hamas disarms and an International Stabilization Force working with a new Palestinian police force to secure the enclave.

“Israel does not accept the 15-point document,” Netanyahu said at the start of a meeting ​with his cabinet ministers, saying the Israeli military will not withdraw until Hamas is disarmed.

Axios’ Barak Ravid reported that a senior U.S. official said the White House is “not bothered” by Netanyahu’s statement and sees it as part of the election season in Israel.

Western Europe just logged its hottest June-July on record. The Copernicus Climate Change Service put the two-month average at 21.62°C, beating the 2022 benchmark.

Prolonged hot and dry conditions in western Europe led to the spread and…

Hello, this is Anniek Bao writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.

Markets ended last week convinced that a Strait of Hormuz deal was nearing, while Iran spent the weekend insisting that it is not in the room negotiating with the U.S.

Trump told Axios that Washington is “low keying it” and “only semi-negotiating” with Tehran. Iran’s foreign minister says there are no direct talks, aside from messages passed through intermediaries. Oman is closing in on an agreement around transit routes, but Tehran has been careful to make it clear that a shipping arrangement is not the same thing as reopening the waterway.

Traders now price a roughly 44% chance the Fed raises rates in September, down from 67% a week earlier, per CME’s FedWatch tool. But the CPI print due this week, or a collapse of a Hormuz deal, could push those odds right back up.

Iranian foreign minister Abbas Araghchi said Tehran is not in direct negotiations with the U.S. to end the war and reopen the Strait of Hormuz, saying that “messages are being exchanged through intermediaries.”

In a Sunday interview with Axios, U.S. President Donald Trump said that Washington is “low keying it” in negotiations with Iran.

“We are only semi-negotiating with them. We are just watching Iran with its huge inflation and the fact that they have no money,” the president said. “It will work out. It always works out. It’s like a chess game.”

U.S. stock futures moved to price in the growing doubts over progress to reach a deal that reopens the Hormuz, with S&P 500 futures slipping about 0.2%, Nasdaq-100 futures holding flat, and Dow Jones Industrial Average futures losing 0.3%.

Investors will look for the consumer and producer price index readings due out this week for the latest insights on inflation.

Meanwhile, Israeli Prime Minister Benjamin ⁠Netanyahu restated his rejection of Trump’s latest Gaza plan in televised remarks to his right-wing government on Sunday, even as Israel’s military has effectively halted attacks in the territory under pressure from ​Trump.

Trump announced last month that there had been a breakthrough in his plan to end the war, with Israeli forces withdrawing as Hamas disarms and an International Stabilization Force working with a new Palestinian police force to secure the enclave.

“Israel does not accept the 15-point document,” Netanyahu said at the start of a meeting ​with cabinet ministers, saying the Israeli military will not withdraw until Hamas is disarmed.

Axios’ Barak Ravid said a senior US official told him the White House is not bothered by Netanyahu’s statement and sees it as part of the election season in Israel.

Hello, this is Anniek Bao writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.

Investors in Europe have a full plate today, with a stacked earnings docket stretching from Tokyo to Frankfurt. Meanwhile, diplomacy is inching forward over the Strait of Hormuz, and a Federal Reserve policymaker is warming to future rate hikes.

Markets appeared to be glass-half-full. The Dow closed at a record high, oil is sliding as the war premium drains away, even as Jamie Dimon warned that margin debt across financial markets has never been higher.

It’s another Super Thursday for results.

In Tokyo, SoftBank Group posted a profit beat, boosted by its stakes in Intel and TikTok-owner ByteDance. The report card also offers investors a first read on how Masayoshi Son’s AI bets weathered the tech turbulence.

In Germany, the defense industry takes center stage, with German arms maker Rheinmetall lowering its sales forecast for the year, and Renk’s reporting sustained order momentum.

Rounding out the docket, Commerzbank said its net profit jumped 94% in the second quarter, beating estimates, while Siemens reported its highest-ever quarterly industrial profit and new orders growth.

Iran says the U.S. is ready to “return to commitments,” while denying negotiations were ongoing with Washington, after President Donald Trump signaled a deal was in the making.

Deputy Foreign Minister Kazem Gharibabadi made the comments to state broadcaster IRNA on Wednesday, likely referring to the June 17 memorandum of understanding under which Tehran was to allow commercial vessels through the Strait of Hormuz free of charge for 60 days, in exchange for Washington lifting its naval blockade of Iranian ships.

Trump earlier this week accused Iran’s leaders of being “duplicitous” about peace talks, saying negotiations were underway “whether Iran wants to admit it or not.”

Futures tied to the Dow Jones Industrial Average rose early Thursday, after the blue-chip index closed at a record high and a fifth straight winning day. S&P 500 futures climbed 0.15%, while Nasdaq 100 futures were 0.19% lower.

Oil prices slipped on Thursday as investors assessed progress in the Iran-Oman talks, with the prospect of Hormuz reopening gradually eroding the war premium that dominated in July.

Fed Governor Lisa Cook said Wednesday that inflation is still too high and she is “prepared to act” on an interest rate hike.

Cook voted with the majority to hold last week — but her patience, evidently, has a shelf life.

“Inflation is too high, and I consider the risks to the inflation side of the dual mandate higher than the risks to the employment side at this point,” she said in a speech in Anchorage, Alaska. Markets see the central bank potentially acting as soon as September, per…

Hello, this is Anniek Bao writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.

The Dow just notched another record high, as Wall Street bets that the five-month war in the Middle East is finally winding down.

Just note the fine print: an agreement that hands Tehran more control of the strait isn’t the same as the one Washington set out to get.

The AI trade, meanwhile, is discovering that allegiance may matter more than earnings — AMD posted robust results and still watched its shares slide, after Elon Musk said SpaceX would build its AI infrastructure exclusively on Nvidia chips.

Stock futures inched higher after the Dow Jones Industrial Average notched a record high and its fifth positive day in a row, while the S&P 500 pulled back, snapping a four-day win streak. The tech-heavy Nasdaq slipped less than 1%.

Behind the blue-chip run: signs that Iran and Oman are nearing the final stages of drafting an agreement on commercial shipping in the Strait of Hormuz — one that would give Tehran more control over vessels passing through the vital oil route, according to Reuters.

President Donald Trump said a U.S. deal to reopen the strait “could happen” as soon as Wednesday or Thursday, extending a deadline Treasury Scott Bessent had floated just a day earlier, when he said an agreement could land Tuesday or Wednesday.

Both Brent and WTI crude futures slipped as the administration’s optimism spread through markets.

Fed Governor Lisa Cook said she’s “prepared to act” on a rate hike: “Inflation is too high, and I consider the risks to the inflation side of the dual mandate higher than the risks to the employment side at this point,” she said in Anchorage, Alaska.

With five years of above-target inflation, she said, the risk grows that higher inflation becomes entrenched. Traders are now pricing in a 55% chance of a rate hike in the central bank’s September meeting, according to the CME FedWatch tool.

SpaceX shares sank 13.6% after a surge in AI spending rattled investors and clouded an otherwise expectation-beating quarter. Capital expenditures jumped sixfold to $18.4 billion, with the majority going toward AI. Musk tried to allay fears, saying SpaceX would hit $1 trillion in annual revenue by 2030, a year earlier than previously forecast.

Musk’s pledge that SpaceX would only use Nvidia processors for its AI infrastructure sent the chipmaker’s shares up more than 3%. “We’re exclusive to Nvidia,” he said.

AMD was on the other side of that trade. CEO Lisa Su brushed off the snub — “I have tremendous respect for Elon… we look forward to continuing to partner over the longer term” — but AMD’s stock closed 7% lower despite strong second-quarter earnings and guidance for data center growth…

AMD‘s stock plunged on Wednesday despite posting earnings that beat expectations, as investor enthusiasm for the Nvidia challenger waned.

The stock was last down 8.2% in premarket trading.

The market jitters come despite AMD revenue climbing 50% to $11.54 billion in the second quarter, ahead of analyst expectations of $11.28 billion, in a sign of the company’s central position in the market for AI chips.

Data center sales drove much of the company’s growth, up 107% on an annual basis to $6.7 billion, which the company attributed to central processing unit and graphics processing unit sales.

But while second-quarter earnings came in “slightly ahead” of consensus, they fell below “more optimistic estimates,” Deutsche Bank analysts said in a Wednesday note.

AMD has been a big beneficiary of the AI boom, with the stock trading up 132% so far this year. Confidence has been buoyed by the company’s GPU and CPU products.

“AI is driving a significant expansion in demand for compute across all of our markets,” CEO Lisa Su said in a Tuesday statement. “Our leadership portfolio and growing customer visibility position us exceptionally well to capture this expanding opportunity and deliver substantial revenue and earnings growth in the years ahead.”

Earnings failed to impress investors who’ve consistently been skittish this year of some AI stocks.

In July, AMD raised its expectations for the size of the semiconductor industry, saying it could be worth $2 trillion per year by 2028. The chipmaker sees $1.4 trillion of that coming from AI accelerators, or GPUs, up from a previous estimate of $500 billion by 2028.

— CNBC’s Kif Leswing helped contribute to this report.

Advanced Micro Devices reported second-quarter earnings on Tuesday that beat expectations, but the stock slumped in extended trading after rising during regular trading hours.

Here’s how the chipmaker did versus LSEG consensus estimates for the quarter ended June 27:

• EPS: $1.66, adjusted, versus $1.62 expected
• Revenue: $11.54 billion versus $11.28 billion expected

Overall, AMD revenue climbed 50% from $7.69 billion a year ago, a sign of the company’s central position in the market for artificial intelligence chips.

AMD’s Data Center unit is what is driving the company’s growth. Data Center sales were $6.7 billion, up 107% on an annual basis, which the company attributed to central processing unit and graphics processing unit sales.

AMD’s stock has nearly tripled over the past year, both on optimism that its AI chips, branded Instinct, will take a meaningful amount of a growing market from Nvidia, as well as the resurgence of the CPU — which AMD sells under the brand name Epyc — which AI experts now say is an essential component for running agents.

AMD said it expects about $13 billion in revenue for the current quarter, plus or minus $300 million, versus LSEG expectations of $12.52 billion. Some analysts had been looking for guidance as high as $14 billion.

In July, AMD raised its expectations for the size of the semiconductor industry, saying it could be worth $2 trillion per year by 2028. The chipmaker sees $1.4 trillion of that coming from AI accelerators, or GPUs, up from a previous estimate of $500 billion by 2028.

The company will also start shipping Helios, its first rack AI system, this year to companies like Meta, OpenAI, and Oracle. It’s AMD’s first rack-scale system, which more directly competes with Nvidia systems, not just its chips.

“We expect Data Center sales to accelerate in the second half of 2026, driving stronger overall revenue growth and continued earnings expansion,” AMD CFO Jean Hu said in a statement.

AMD CEO Lisa Su said on an earnings call with analysts that its CPU business has taken market share during the quarter. AMD’s main CPU rival is Intel.

“Hyperscalers continued expanding Epyc across their internal infrastructure and public cloud offerings, including AWS, Microsoft, Google, Oracle, and others,” Su said.

AMD’s business selling CPUs and GPUs for consumer devices like laptops and consoles, called client and gaming, was only up 6% year-over-year to $3.8 billion. Its embedded segment, which includes chips for industrial purposes, grew 19% on an annual basis to $977 million.

AMD reported $2.3 billion in net income, or $1.38 per diluted share, versus $872 million in net income, or 54 cents per diluted share in the year-ago…

Hello, this is Anniek Bao writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.

President Trump’s decision to call off a planned strike on Iran sent oil prices tumbling, as investors repriced the risk premium after OPEC+ moved to pump more oil.

Markets, unsurprisingly, climbed on optimism over diplomatic overtures, with futures rallying ahead of a jobs report and a stacked earnings week.

Japan and the U.S., meanwhile, confirmed they had joined hands to prop up the yen — their first such effort since 2011.

Trump said he has canceled a planned attack on Iran, and he reached an agreement over the “perimeters of a deal,” signaling that the off-ramp that allows both sides to return to the negotiating table might be within reach — hopefully.

The agreement would include the complete opening of the Strait of Hormuz and an end to Iran’s nuclear threat, Trump said, adding that the decision would be “subject to being able to rapidly make a DEAL.” Israel has joined the commitment, he said.

The reversal came a day after the Wall Street Journal reported Trump had ordered the military to prepare a fresh attack that could begin as soon as the weekend. Trump told reporters on Air Force One that “we had an attack that would have been the biggest attack since WORLD WAR II.”

Renewed signs of de-escalation sent oil prices lower, with WTI and Brent both down more than 4% in early Asia trading.

OPEC+ also did its bit to calm oil markets. The cartel approved a production quota increase of around 188,000 barrels per day from September. The output hike, agreed by core members Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, completed a phased rollback of a 1.65 million bpd cut originally agreed in 2023.

U.S. stock futures rallied as investors gear up for a jobs report and a heavy earnings slate, with cooling crude offering a reprieve to anyone who found recent inflation prints uncomfortable. Though Asian markets opened lower.

Japan’s finance minister on Monday confirmed a joint foreign-exchange intervention with the U.S. to shore up the yen, the first coordinated action between the two since 2011. The dollar has retreated sharply, trading at 157.84 yen on Monday, down from a near 40-year low of 164 last week.

From lows to highs: Berkshire Hathaway shares scaled an eight-month peak last week with hopes for more gains ahead. The B shares ended Friday at $511.54, 5.2% below the record close of $539.80 set on May 2 last year, the day before Warren Buffett revealed he would step down as CEO at the end of 2025. The rally may still have room to run, since the stock remains well behind the S&P 500.

AstraZeneca is considering a merger with Bristol Myers Squibb that would value the combined company at roughly $400 billion, the Financial Times reported Sunday….