Risk-on returnsWe are firmly risk-on this morning, with a good vibe in the equities space. This was bolstered by the AI trade finding its feet again and hopes for a peaceful resolution between the US and Iran in the Middle East. Not everyone is having a good week, though, as AMD sank almost 9% after-hours on a lacklustre sales outlook. However, while we all agree that demining this waterway is imperative and a step in the right direction, questions remain. Economists are broadly split on where it lands this time, so expect it to potentially move markets either way.