US President Donald Trump said on Tuesday that Washington is not engaged in any negotiations with Iran and has no plans to start new ones, while repeating his claim that the Strait of Hormuz remains open and that mines have been cleared. His statement on Truth Social marked a sharp reversal from his earlier insistence that active talks were underway with Tehran, despite Iran's repeated denials that any such discussions exist. Later on Tuesday, the UAE Defense Ministry reported that its air defense systems detected two ballistic missiles fired from Iran toward the Emirates, with the first landing outside UAE territorial waters and the second within them.

Trump administration officials are downplaying expectations for a last-minute deal to avert new tariffs on Canada set to take effect Wednesday, according to people familiar with the matter. US officials have privately indicated that the odds of an agreement on Tuesday are roughly 50-50 or lower. Both countries face a midnight deadline, after which Washington would impose 50% tariffs on billions of dollars worth of Canadian goods. It remains unclear whether these signals reflect genuine negotiating positions or tactical posturing, with some insiders noting Trump is scheduled to speak again with Canadian Prime Minister Mark Carney on Tuesday following their Monday call. The president has a history of introducing fresh demands at the final hour in trade talks.

Apple announced Tuesday a simplified commission structure for its EU marketplace, aiming to resolve ongoing disputes with the European Commission over commercial terms. Under the new framework, the tech giant will eliminate its per-install core technology fee and instead apply a flat 5% commission on digital goods transactions for apps distributed through alternative channels or the web. The company also adjusted rates for alternative payment methods and its own in-app purchase system, while relaxing conditions for developers seeking to establish rival app stores. This move represents Apple's latest attempt to align its App Store business practices with EU regulations, following years of back-and-forth with regulators over the complexity and fairness of its previous terms.

Anthropic PBC's revolving credit facility is expected to surpass its roughly $10 billion target size, according to people familiar with the matter, with multiple banks vying for participation. Some lenders are hoping to secure more prominent roles in the AI company's eventual initial public offering through larger commitments. Discussions remain ongoing, and the company could ultimately decide to cap the facility at or below its original target. Anthropic has asked the most active lead banks to provide approximately $1.25 billion each, while the next tier of engaged lenders is encouraged to contribute around $1 billion. Banks taking smaller positions are committing roughly $750 million or less.

Global investors have further boosted equity allocations to the highest level in nearly five years, leaving little room for bears, according to Bank of America's Michael Hartnett. The latest BofA fund manager survey shows a net 56% of respondents are overweight stocks, the highest reading since November 2021, while cash allocations have fallen to an "extremely low" 3.5%. The report notes that market consensus holds that the economy will avoid a pronounced "landing," the Federal Reserve won't hike rates, AI capital expenditures won't be cut, and Democrats won't score a major midterm victory. Hartnett's team argues current positioning suggests investors should rotate or retreat within risk assets rather than add exposure, reiterating their recent call to shift toward more defensive sectors.

Long-dated government bonds have become the epicenter of investor anxiety spanning inflation to debt-fueled AI investment booms, forcing governments worldwide to pay higher borrowing costs. Sovereign borrowing expenses are surging across the globe this week, with 30-year US Treasury yields hitting their highest level since 2007, French 30-year yields breaking records not seen since 2008, and German yields reaching levels last observed in 2011. UK gilt yields are approaching 6%, while Japanese bonds of similar duration are also trading near historical highs. Although country-specific factors are at play in each market, the structural forces driving yields higher are global in nature.