[MARKET UPDATE] Risk on trade seen after Axios runs the news about Iran delivering its response, initially reported by Iranian journalist Massoumi; ES rose from 7,254 to 7,272 before trimming towards 7,265 while Brent fell USD 1.20/bbl before paring

The reported response from Iran has shifted market sentiment towards a 'risk on' mode, as reflected in the rise of the S&P 500 futures (ES) alongside a decline in Brent crude prices. This dynamic suggests that markets may view the news as a potential easing of tensions, impacting equities positively while leading to profit-taking in commodities, particularly energy. Keep an eye on how this sentiment evolves, as it may influence broader asset classes and risk appetite going forward.