On today's show, Iran has reportedly offered the US a new proposal to reopen the Strait of Hormuz. Oil pared gains and stocks advanced following the report by Axios. Iran's semi-official news agency, Tasnim, says nuclear issues will not be discussed until the US ends its blockade of Hormuz. Axios says President Trump will hold a White House Situation Room meeting today.

And bond traders will be keeping a close eye on this week's rate decisions by the world's most important central banks. The Fed is set to lead the way with a hold, as policymakers watch for the impact of higher energy costs on inflation. The Bank of Japan, Bank of England and European Central Bank also publish rate decisions this week.

Correct: Video edited at 00;39;30 to show images of HSBC bank (Source: Bloomberg)