UBS On-Air: Paul Donovan Daily Audio 'MORE MARKET ANGST'

Markets are unsettled by a fire at an Emirati nuclear power plant, caused by an unidentified drone. US President Trump posted on social media about Iran using capital letters, and Iranian media are clear that Iran does not see an imminent US deal. Oil prices are still well below levels required to match supply and demand (without using reserves). Separately, media reports progress on a UK trade deal with Gulf states—not relevant immediately but important when reconstruction and rearmament budgets start to be spent.