Iran’s Araghchi says new sanctions threatened by 'desperate' US will fail

Iran's Foreign Minister Abbas Araghchi dismissed the threat of new US economic sanctions as a "desperate" ploy, saying the measures would fail to defeat Tehran, according to Reuters. US President Donald Trump announced plans to increase pressure on Iran by implementing the most stringent economic operation ever against any country.

US Treasury Secretary Scott Bessent is set to announce further punitive economic measures against Iran on Monday. China, however, expressed its commitment to a diplomatic resolution to the US-Iran conflict, stating that China closely monitors the Middle East situation and actively supports peace talks. Financial markets respond differently depending on whether investors are "risk-on" or "risk-off".

During a "risk-on" market, investors are optimistic and more willing to buy risky assets, while in a "risk-off" market, investors prefer safer assets, leading to increases in bond prices and the value of safe-haven currencies like the Japanese Yen and Swiss Franc.