Geopolitics & Middle East:

State TV reported that Iran is open to a shorter US proposal timeline if specific conditions are met. Meanwhile, Fars reported that Iran warned Israel it will respond in kind to any threat, and the UKMTO received multiple reports of a vessel on fire near Iraq.

Trade & Economic Policy:

Sources indicate that the US and Canada are working on a deal to ease US tariffs on Canadian auto and steel imports.
In the UK, the Times reported that Finance Minister Healey plans to increase the national living wage by nearly 4% (from £12.71 to around £13.20 for those 21 and older) while slowing the rise for younger workers.
Additionally, Fitch Ratings noted that broader US price pressures are raising inflation persistence risk.

OpenAI announced the rollout of GPT-6.1 Terra, with standard API pricing set at $1/M input tokens.
Microsoft ($MSFT) is expanding its cost-cutting efforts by offering voluntary buyouts to approximately 60,000 workers as part of a broader workforce restructuring for the AI era.
Apple announced that Siri AI is expanding to French, Japanese, Korean, Portuguese, and Spanish languages, though it remains unavailable in the EU while discussions continue.
Apple also advised users affected by a display issue on a small number of iPhone Duos to contact AppleCare for a replacement.
Elsewhere, the FTC has demanded Anthropic executives testify in an ongoing probe, Elon Musk stated that the Starlink mobile network build-out will take two to three years, and IBM and Nvidia linked agent identity to runtime access controls.

The US Treasury auctioned $69 billion in 2-year notes at a high yield of 4.708% with a 2.59 bid-to-cover ratio.
Meanwhile, Brent Crude futures settled down 0.78% at $115.81/bbl, NYMEX WTI Crude settled down 1.46% at $101.76/bbl, NYMEX Diesel settled at $4.9120/gal, Gasoline settled at $3.2185/gal, and Natural Gas settled at $2.6020/MMBtu.