Flags of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and the European Union fly in front of the Group of Seven (G7) summit on Saturday, June 14, 2025, in Banff, Alberta, Canada.
Bloomberg | Bloomberg | Getty Images
Hello, my name is Leonie Kidd and I’m from London. Welcome to another edition of CNBC’s Daily Open.
At this point, the story isn’t cheap. The instability caused by contradictory reports that negotiations between the United States and Iran are underway, not underway, facilitated by mediators, or facilitated by “negotiations with themselves” has resulted in billions (if not trillions) of dollars in losses or gains over the past few sessions.
Today’s round of ‘who’s saying what’ will be complicated by the G7 foreign ministers’ meeting in France, where representatives from the UK, US, France, Germany, Canada, Italy and Japan are struggling to get one clear message across.
Expect to see more “grin and bear it” trading moments as investors continue to try to price multiple conflicting scenarios.
What you need to know today
Iran’s foreign minister told state media on Wednesday that Iran has no intention of directly negotiating with the United States, but that it is considering U.S. proposals to end the war.
But earlier Wednesday, Iranian state media reported that the country had rejected the US ceasefire offer and offered its own list of conditions to end the war, including granting Iran sea control of the Strait of Hormuz. Iran’s mission to the United Nations announced on Tuesday that “non-hostile vessels” could transit through the strategic strait.
Today, all eyes will be on France, where G7 foreign ministers are scheduled to meet at the picturesque Abbey of Vaux-de-Cernay. In a statement released ahead of the meeting, the group pledged to “explore negotiating avenues to foster de-escalation while promoting the safety of civilians, the reopening of sea and trade routes, and the halting of the Iranian regime’s nuclear and ballistic programs.”
As reported by the Financial Times, although not on the agenda, the G7 will almost certainly have underlying tensions between European states and NATO over a more supportive stance on the Iran war.
In the market, trading has been mixed across Asia, but European futures are showing calm developments. The whiplash is creating a “grin-and-bear” environment for trading, as investors seek to price in both a diplomatic outcome alongside further disruption to energy flows.
In a sign that Washington may find a way to ease tensions, the White House has confirmed that the long-awaited meeting between President Donald Trump and Chinese President Xi Jinping will be held in Beijing on May 14 and 15. The announcement will postpone the scheduled China summit, which had been postponed due to the Iran war, by about six weeks.
Together, these developments were enough to get Wall Street excited, sending stocks soaring and oil prices falling on Wednesday. US stock futures were almost unchanged on Wednesday night.
And finally…
White House posts cryptic videos, then deletes one, sparking speculation online
Two mysterious videos posted to the White House’s official X and Instagram accounts went viral on Wednesday night, but the purpose of the short vertical clips was unclear. One video was later deleted.
No context was given for the post, which garnered millions of views.
— Dylan Butts
