Iran’s acting defense minister told Turkey’s defense minister that Tehran signed the agreement to promote regional stability at neighbors’ request but does not trust the US, citing long-standing US breaches. He said Iran’s armed forces remain at full readiness and any violation of the agreement will be met with corresponding countermeasures.

BofA data show investors are pulling money from U.S. equities at the fastest pace since March; for the week ended July 1, U.S. equity funds posted net outflows of $17.2bn, the first weekly net withdrawal in three months.

Evercore ISI said weak June employment likely reflects a return to normal after prior unexpected strength, and the Fed will remain focused on inflation. Economists there said some market participants view the report as materially lowering the odds of a rate hike this year, but they do not fully agree. Banco Santander analyst Stephen Stanley said inflation readings will determine Fed policy; he expects the June report may only slightly alter officials’ views and that most policymakers still see the labor market as stable. Stanley added financial markets overreacted to the print by cutting odds of another hike this year, which he judged inappropriate.