CNBC Daily Open: Talking in circles on Iran

Hello, this is Leonie Kidd writing to you from London. Welcome to another edition of CNBC's Daily Open.

Right now, talk is not cheap. The volatility triggered by conflicting reports of negotiations between the U.S. and Iran being underway, not underway, facilitated by mediators or even "negotiating with yourself" has caused billions (if not trillions) of dollars to be lost or made over the last few sessions.

Today's round of "who is saying what" will be complicated by a G7 foreign ministers meeting in France, where representatives from the U.K., U.S., France, Germany, Canada, Italy and Japan have struggled to speak with one clear message.

Expect more "grin and bear it" trading moments as investors keep trying to price multiple conflicting scenarios.

Iran's foreign minister told state media on Wednesday that while Tehran had no intention of holding direct talks with the United States, an American proposal to end the war was under review. 

However, earlier Wednesday, Iranian state media said that the country would reject a U.S. ceasefire offer and laid out its own list of conditions for ending the war, including granting Tehran control over the Strait of Hormuz. Iran's mission to the United Nations said Tuesday that "non-hostile vessels" would be able to pass through the strategic strait.

Today, attention will turn to France where the G7 foreign ministers will be meeting in the picturesque Abbey of Vaux-de-Cernay. In a statement issued ahead of the meeting, the group pledged to "seek avenues for negotiation to encourage de-escalation while promoting the security of civilian populations, the reopening of maritime and trade routes, and the cessation of the Iranian regime's nuclear and ballistic programs."

Not on the agenda, but almost certainly on G7 minds will be the underlying tensions between European countries and Nato, over its more supportive position on the war in Iran, as reported by the Financial Times.

In markets, trading has been mixed across Asia, while European futures indicate a muted open. The whipsaw moves are creating a "grin and bear it" environment to trading, as investors try to price both a diplomatic outcome, alongside further disruption to energy flows.

In a possible sign Washington sees a path toward de-escalation, the White House confirmed that a long-awaited meeting between President Donald Trump and Chinese President Xi Jinping will take place in Beijing on May 14 and 15. The announcement amounts to a roughly six-week postponement of the planned China summit, which had been delayed due to the Iran war. 

The sum of the developments was enough to raise some hopes on Wall Street, with stocks jumping on Wednesday and oil prices pulling back. U.S. stock futures were little changed on Wednesday night.

And finally...

White House posts cryptic videos, deletes one, fueling speculation online

Two mysterious videos posted to the White House's official X and Instagram accounts on Wednesday night generated buzz online, with the purpose of the short, vertically shot clips unclear. One video was later deleted.

There was no indication of the context of the posts, which racked up millions of views.

— Dylan Butts