CNBC Daily Open:

Hello, this is Leonie Kidd writing to you from Singapore, where CNBC is holding the second CONVERGE LIVE event in the striking Jewel complex.

It will come as no surprise that the extraordinary turnaround from the White House on the ceasefire deadline with Iran has topped the agenda here.

In an interview with CNBC’s “Squawk Box,” U.S. President Donald Trump said “I don’t want to extend” the truce with Tehran, and then just hours later took to Truth Social to announce the ceasefire will continue.

But delegates here at CONVERGE LIVE have emphasized that the loss of trust is a dangerous outcome of the war that will take years to rebuild.

U.S. President Donald Trump on Tuesday extended the two-week U.S. ceasefire with Iran, saying the extension was warranted due to Tehran’s government being “seriously fractured.”

But earlier on Tuesday, Trump said “I don’t want to do that,” when asked during an interview with CNBC’s “Squawk Box” whether he would drop the truce deadline to allow for peace talks to progress.

Trump’s turnarounds earned the nickname TACO, or “Trump Always Chickens Out,” initially in relation to row backs on tariffs in 2025.

In Singapore, the country’s Foreign Minister, Vivian Balakrishnan, told delegates at CNBC’s CONVERGE LIVE that “we are witnessing the weaponization of interdependence” as key choke points like the Strait of Hormuz are disrupted.

In a stark warning, Balakrishnan also said the danger of an escalation between the U.S. and China, specifically in the Pacific, would make “what you are seeing now in the Strait of Hormuz look like a dry run.”

You can watch all the action live from Singapore here.

Oil prices are moving lower on the extension of the ceasefire, after rising on Tuesday when it became clear that U.S. Vice President JD Vance had not departed Washington for Pakistan, where peace talks with Iran were supposed to resume.

Japan’s Nikkei 225 hit a record high on Wednesday, even as other Asia-Pacific markets were broadly lower amid concerns that the Middle East conflict could drag on.

Pre-market indicators point to a higher open for trade across Europe and the U.S.