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Reuters reports the following comments from the Chinese Foreign Ministry, as they call for restraint on the US-Iran escalation.

Highly concerned about current US-Iran situation.

Paying close attention to the situation.

US actions have increased instability in the Middle East.

Calls for all parties to remain calm, rational.

This follows the Japanese PM Abe’s call for all the parties to work on diplomatic efforts to ease tensions instead.

The risk reset seems to kick-in as we head into the European open, with USD/JPY extending the recovery above 108.00 while S&P 500 futures pares losses alongside the US Treasury yields.