EUROPEAN OPEN: Trump criticises Swiss watch purchases; DTG GY Q3 unit sales rise; SZU GY H1 sales broadly stable; TSCO LN narrows FY profit guidance; ANTO LN maintains copper production outlook; IMB LN launches GBP 1.5bln buyback; Italy mulls ENX FP stake

Morning wraps of this kind are read through their dominant driver, and here it is the reported preparation for possible US strikes on Iran rather than the corporate diary. Episodes in which strike planning leaks before any decision have followed a familiar sequence: crude reprices first through freight, insurance and the prompt end of the curve, gold catches a haven bid, and equities drift lower on the handover, with the risk premium then unwound sharply if no action follows and rebuilt on each fresh headline. The distinction worth drawing is between preparation reports and an executed strike; the former has historically produced a contained, reversible premium, the latter a gap move centred on Gulf supply and any threat to transit chokepoints. The Fed minutes note sits oddly against the rate path pricing cited, a reminder that stale minutes rarely hold against subsequent speaker commentary. On the corporate side, the items are idiosyncratic: Antofagasta's guidance held despite strike risk, where the tell is whether stoppages begin to bite output in coming weeks; the Swiss watch remark fits an established pattern of trade rhetoric that moves luxury names on headline risk alone. The calendar is heavy with Fedspeak, ECB minutes and the long bond auction, which matters given the bond volatility cited as the equity catalyst.