US-Iran Deal Rumors Lift Wall Street in Early Trading

Central News Agency (CNA)

(CNA, New York, 6th, Comprehensive Foreign Report) Reports that the United States and Iran are likely to reach an agreement that would allow oil tankers to resume transporting crude oil from the Persian Gulf led to a sharp drop in international oil prices today, and global stock markets surged in response. Wall Street stocks started strongly after opening.

The Associated Press reported that as of 10:15 AM Eastern Time, the S&P 500 index was up 0.9%, heading towards a new record high; the Dow Jones Industrial Average soared 498 points, an increase of 1%; and the Nasdaq Composite Index rose 1.1%.

Other major stock markets saw even larger gains: Seoul surged 6.5%, Hong Kong rose 1.2%, London jumped 2.2%, and Paris climbed 3%.

Brent Crude, an international benchmark, fell 5.8% to $103.54 per barrel, a significant decline from over $115 earlier this week.

Agence France-Presse reported that Neil Wilson, a strategist at Saxo Markets, pointed out: "The Axios news has stimulated a new wave of optimism in the market, showing that we are moving in the right direction for the global energy market, which also boosted buying of overall risky assets."

"As market risk sentiment rebounds, bond yields and the US dollar simultaneously decline, and a swift end to the conflict is crucial for mitigating market inflation risks."

US media Axios reported today that the White House believes it is close to an agreement with Iran on a one-page memorandum of understanding to end the war and establish a framework for subsequent more detailed nuclear negotiations. The US expects to receive Iran's response on several key points within the next 48 hours. (Compiled by Ho Hong-ru) 1150506