EPISODE · Aug 4, 2026 · 5 MIN
UBS On-Air: Paul Donovan Daily Audio 'Assertions and indifference'
US President Trump asserted that talks with Iran are ongoing. Iran asserted that talks with the US are not happening. Markets tend to react if Trump has the authority to back statements—threatening military strikes is partially priced in, raising oil prices; retreating from military strikes lowers the oil price. But markets are less inclined to respond to Trump’s other statements without independent confirmation—hence today’s lack of reaction.
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UBS On-Air: Paul Donovan Daily Audio 'Assertions and indifference'
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