Oil prices slump after President Trump announces new Iran talks are imminent, citing pressure from Gulf allies to hold off on a massive round of airstrikes. European and U.S. futures are in the green ahead of the first trading session of August. In Japan, the yen stabilises after U.S. and Japanese authorities confirm joint market intervention. Reports emerge of a $400bn mega-merger between AstraZeneca and Bristol Myers-Squibb which would potentially be one of the largest deals in the pharma sector ever.<br>See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oil nosedives on renewed Iran deal hopes

Squawk Box Europe Express

The CNBC app, global market news in one place. Customizable sections and personalized alerts, stocks tracking, interactive charts and market insights all in your hands. Stay connected, stay informed. Download the CNBC app today. Welcome to Squawk Box Europe. I'm Karen, share with Ben Boulos. These are your headlines. Oil prices sink as President Trump flags fresh

Iran talks today, pulling back from the threat of a massive strike after pressure from regional allies. We're all set to go, but when the allies ask to call it off, you've got to sort of say, well, let's see. And the reason they ask is I think there's a deal. There's a deal on hormones and then there will be a deal on the nuclear. Well, that news boosts US and European futures

ahead of the first trading session of the new month, while in Asia, the yen seems to settle after an earlier surge with US and Japanese authorities confirming market intervention. And reports swirl of talks between AstraZeneca and Bristol-Myers Squibb to create a $400 billion farmer behemoth, potentially one of the sector's biggest ever deals.

President Trump has said new talks with Iran will resume today, after calling off what he said would have been the biggest attack since World War II on Saturday. The fresh round of talks is the latest effort to de-escalate the six-month conflict and return to the negotiating table following the collapse of a ceasefire and memorandum of understanding signed in mid-June. Speaking to reporters aboard Air Force One, Trump said key Gulf allies had urged him to hold off on strikes and pursue new talks

Oil nosedives on renewed Iran deal hopes

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Oil nosedives on renewed Iran deal hopes

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.