Iran opens Gulf of Hormuz; markets cheer, ignoring conditions; Canada data resilient; India loan growth surges; Singapore exports surge; risk appetite jumps; UST 10yr at 4.25%; gold rises as oil retreats; NZ$1 = 58.9 USc; TWI-5 = 62.2

Dave Ananth wants to see a different approach to collecting tax arrears from businesses that probably deserve to survive; de-emphasise hard penalty escalation, re-emphasise early intervention to preserve viable businesses

Bounce-back in the number of residential properties going to auction but sales rate little-changed, with achieving rating valuation proving challenging

Mohamed El-Erian argues that in a world of frequent and violent shocks, the first step is to stop yearning for the past