By Mike Dolan

LONDON (Reuters) -What matters in U.S. and global markets today

I'm excited to announce that I'm now part of Reuters Open Interest (ROI), an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X.

Last month's China-U.S. trade showdown turned world markets' focus to Geneva, and that's where attention is yet again, only this time for European talks with Iran, as President Donald Trump has delayed a decision on direct U.S. involvement in the Israel-Iran war to allow a two-week window for negotiations.

It's Friday, so I'll provide a quick overview of what's happening in global markets and then offer you some weekend reading suggestions away from the headlines.

Today's Market Minute

* Iran said on Friday it would not discuss the future of its nuclear programme while under attack by Israel, as Europe sought to draw Tehran back into negotiations and the United States considers whether to get involved in the conflict.

* Investor unease about an increasingly uncertain environment is rising, as Norway's shock rate cut on Thursday highlights how U.S. tariffs, Middle East conflict and a shaky dollar make global monetary policy and inflation even harder to predict.

* The Federal Reserve took a slightly hawkish turn on Wednesday, indicating it is worried more about rising inflation than slowing growth. But Chair Jerome Powell suggested this outlook should be taken with a large grain of salt, writes ROI markets columnist Jamie McGeever.

* The Israel-Iran conflict has boosted global diesel prices, with gains outstripping the jump in crude prices, highlighting the vulnerability of diesel-heavy European consumers even as the region’s refiners get a windfall. Read the latest from ROI energy columnist Ron Bousso.

* UK finance minister Rachel Reeves insists higher economic growth is her top priority, but the government's current plan to address the country's chronically low investment is unlikely to be ambitious enough. What may be needed is a structural rethink of the finance ministry itself, argues Mike Peacock, the former head of communications at the Bank of England.

Relief at two-week Middle East window

Even though U.S. markets were closed for the Juneteenth holiday on Thursday, Wall St futures fell sharply during the day as tensions over the Israel-Iran war boiled.

But those losses were mostly reversed before the market re-opened on Friday after Trump gave Tehran a fortnight to come up with a compromise before he decides whether to add U.S. firepower to Israel's air attacks on Iranian nuclear installations. Drone and missile attacks between the two warring sides continue, however.