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🚨 *IRAN CONVEYS REPLY TO US PROPOSAL ON WAR END TO PAKISTAN: IRNA

*IRAN CONVEYS REPLY TO US PROPOSAL ON WAR END TO PAKISTAN: IRNA

Iran's reply, per IRNA, is a 10-clause counter to the US's 15-point proposal (conveyed via Pakistan). Based on prior Iranian statements, it rejects key US demands—like nuclear/missile curbs and Hormuz concessions—as one-sided, while pushing Iran's terms: reparations, security guarantees against future strikes, official protections, and full sovereignty over key waterways. Estimate: Door to indirect talks stays ajar via intermediaries like Pakistan/Turkey, but core gaps remain wide. No near-term ceasefire likely; expect months of back-channel haggling amid tensions. War drags on unless external shocks force compromise.

*IRAN CONVEYS REPLY TO US PROPOSAL ON WAR END TO PAKISTAN: IRNA

There have been widespread reports about a potential "45-day ceasefire" in the Iran War over the last 12 hours. Just now, a US White House official was asked about the reports. The White House said the 45-day ceasefire is just "one of many ideas" being discussed and that President Trump "has not signed off on it." Iran has also just rejected requests for a potential ceasefire to temporarily reopen the Strait of Hormuz. At this point, markets are becoming numb to the headlines, with oil prices moving less than 3% amid all of those reports. We continue to believe that downside in equities is limited as headline fatigue is growing and dip buyers are eager to acquire quality names at a discount. Keep watching sentiment.