Trump’s Iran Ultimatum, UK Posts Biggest Ever Budget Surplus | The Opening Trade 2/20/2026

The US military is stationing a vast array of forces in the Middle East, including two aircraft carriers, fighter jets and refueling tankers, with President Donald Trump saying that Iran had 10 to 15 days at most to strike a deal over its nuclear program.

Britain recorded the biggest budget surplus on record as a bumper month for the public finances was augmented by a surge in inflows of capital gains tax and lower debt payments.
Revenue exceeded spending by £30.4 billion ($41 billion) in January — £15.9 billion more than the gap a year earlier, according to official statistics released Friday. The figure was higher than the £24 billion forecast by economists and the Office for Budget Responsibility.

Chapters:
00:00:00 – The Opening Trade – 2/20/2026
00:01:21 – Oil Hits 6 Month High on US-Iran Tensions
00:03:51 – Private Credit Funds Facing Liquidity Tests
00:06:26 – US Tariff SCOTUS Ruling Watch
00:08:41 – Anglo American
00:10:17 – Daybook
00:10:50 – Need To Know: Aliens / Andrew Mountbatten-Windsor / Lagarde
00:15:53 – Accor CEO Sébastien Bazin
00:25:06 – Trump Gives Iran 10-15 Days To Make a Deal
00:28:10 – Focus on Strait of Hormuz
00:37:50 – MLIV
00:41:25 – Stocks To Watch
00:47:38 – The Opening Trade
00:50:08 – State Street’s Marija Veitmane
00:57:59 – Core 6
01:03:42 – Anglo American CEO Duncan Wanblad
01:13:27 – Need To Know: Iran / Blue Owl / Nvidia
01:15:29 – Lagarde Says ‘Baseline’ Is Finishing ECV Term: WSJ
01:25:13 – Blue Owl Redemption Halt Stirs Private Credit Fears
01:29:47 – Name The Number: Steve Cohen
01:30:43 – US-Iran Tensions Put Focus on Strait of Hormuz
01:34:00 – Weekend Teaser
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