[MARKET UPDATE] Mixed start to the Asia-Pac trading week following the mixed geopolitical headlines over the weekend with US President Trump rejecting Iran's proposal, but expects talks to resume this week

Episodes of this sort have historically shown up first in crude, gold and the yen, with the risk premium in oil the most direct channel given supply-route exposure, while equity index futures take their cue from whether energy moves are sustained through the session. The distinction worth drawing is between rhetoric and action: rejected proposals followed by scheduled talks have tended to fade, whereas breakdowns without a follow-up channel are the ones that have held risk-off into European hours. Trump's prior form in such negotiations is to pair public rejection with continued engagement, which has generally capped the durability of the initial reaction. Worth watching are whether talks are formally confirmed, any movement in shipping or insurance costs in the Gulf, and whether crude holds its opening gap once Europe comes in.