UPS - BEGUN TO FILE REFUND REQUESTS FOR ABOUT $500 MLN OF IEEPA TARIFFS PAID FOR ENTRIES ELIGIBLE FOR REFUND UNDER PHASE 1

U.S. Treasury yields decline in opening European trade as investors continue to bet on a resolution in the Middle East war and a reopening of the Strait of Hormuz. U.S. President Trump announced a temporary pause to 'Project Freedom,' an operation aimed at opening the naval route. "Oil prices declined following the announcement and continued to fall overnight, driven by expectations of progress toward a peace deal with Iran, as hinted by Trump," says Danske's Sofie Grundvad Pedersen in a note.

PBOC SETS MIDPOINT FOR USD/CNY AT 6.8562, DOWN 66 PIPS