Stock markets across Asia surged, while crude oil prices slipped in early trade following the announcement of a peace deal between the United States and Iran on Monday.
Japan’s Nikkei 225 benchmark index soared 5.5 per cent in morning trading, while South Korea’s Kospi jumped as much as 5.7 per cent.
Taiwan’s Taiex rose 2.7 per cent, while Australia’s ASX 200 gained about 1.5 per cent. Hong Kong’s benchmark rose nearly 1 per cent before giving up most of its gains later in the morning.
While stock markets across Asia soared, the United States' Dow Jones was also trading higher. However, oil prices fell by 4.5 per cent to $83.40 per barrel.
Majority of the stock markets had already reacted last week after US President Donald Trump indicated that a deal was close. The actual confirmation late on Sunday evening triggered a fresh rally in the markets.
“The fall in oil prices will provide some relief for central banks around the world who were worried about the inflation outlook. Focus now turns to the US Federal Reserve, which decides on interest rates this week.”
Iran’s Supreme National Security Council and Deputy Foreign Minister Kazem Gharibabadi later confirmed that the sides had reached a deal.
Pakistani Prime Minister Shehbaz Sharif, whose government helped broker the deal, said that an official signing ceremony would take place in Switzerland on Friday.
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