Canada's Manufacturing Sector Surges as Hormuz Deal Hopes Rise

The Canadian Manufacturing PMI has reached its highest level in over four years, according to recent data. This marks a significant improvement from previous months, indicating a strengthening of the manufacturing sector in Canada.

Meanwhile, developments are underway regarding the Strait of Hormuz, with a possible announcement expected soon. A high-ranking source told Al Arabiya that communications are at full tilt and progress has been made towards reopening the strait. Al Hadath cited a high-level source as saying an announcement on arrangements for the full reopening may be made within hours or tomorrow.

US Treasury Secretary Janet Yellen expressed confidence in the Federal Reserve's ability to manage the balance between growth and inflation, citing housing market trends as evidence that core inflation is slowing. She also mentioned that a deal regarding the Strait of Hormuz could be reached by Tuesday or Wednesday.

Qatar has stated that efforts are ongoing for a US-Iran resolution, with a focus on short-term results. They believe that such an agreement would help to revive talks between the two nations.