Switzerland's July CPI rose 0.4% year-on-year, below the expected 0.40% and the previous reading of 0.50%.

India’s NIFTY MidCap 100 index rose 1%.

Iran has made it clear that its condition for ending hostilities is control of the Strait of Hormuz, a politically unacceptable proposition for the White House. However, the continued tit-for-tat attacks are equally unsustainable. Five former Trump administration officials stated that this has frustrated the White House, leaving few viable options. Within the White House, senior officials, including Secretary of State Rubio, have warned against any solution that would allow Iran control of the strait. They argue that doing so would jeopardize the U.S.'s future ability to sanction Iran, as waivers would be required for other countries to pay passage fees. This would also further weaken the international community's ability to pressure Iran to abandon its nuclear ambitions. Rubio also warned last week that this would set a dangerous precedent that would certainly be followed by other countries. This severely limits the path to a short-term solution, while poor communication between factions within the Iranian government further complicates negotiations. This stalemate comes just three months before the U.S. midterm elections, with gasoline prices averaging $4.10 per gallon, up from $3.85 a month earlier. Many Republicans are eager to put the war behind them and focus on the economic benefits included in the Republican domestic bill that Trump signed into law last summer. But with ongoing concerns about U.S. casualties, attacks on U.S. bases, and the continued threat of Iranian missiles to Gulf states (which could further drive up energy prices), the war stands out in an election cycle centered on the cost of living. While Trump insists he hasn't let politics influence his thinking, there's no indication of an easy path out of the war in the months following the election. “Trump faces a series of very unattractive options,” said Dani Sitrinovitz, a non-resident fellow at the Atlantic Council and a Middle East expert. “Any diplomatic agreement would likely require accepting some form of Iranian control of the Strait of Hormuz, an outcome many Americans find unacceptable. On the other hand, further military escalation would almost certainly keep oil prices high, with no guarantee that Iran will back down or fundamentally change its strategic considerations. That's the root of the current frustration.”