Thanks for joining me. Stock markets rallied after Donald Trump said the war in Iran would be over in two to three weeks.
Asian shares surged overnight after the US president’s comments helped power Wall Street to its best day in nearly a year.
Stock markets in the UK and Europe were also expected to rise sharply at the start of trading after the US president said his war in Iran would end in “two to three weeks”.
Oil prices fell sharply from as high as $119 on Tuesday to $103 a barrel after Mr Trump said “Iran doesn’t have to make a deal” to end the conflict, adding that “we’ll be leaving very soon”.
He added that the US “will not have anything to do with” what happens next in the Strait of Hormuz.
Stocks rocketed overnight in Asia, which is heavily reliant on the Middle East for imports of oil.
South Korea’s benchmark index surged by 8.8pc and Japan leapt 5pc.
The White House said Mr Trump will deliver a public address Wednesday evening on the Iran war. Here is what you need to know.
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What happened overnight
Asian shares rose sharply after US stocks had their best day in almost a year on renewed hopes that the Iran war could soon end.
South Korea’s Kospi recovered its losses from earlier this week, surging 8.1pc to 5,461.51, while Tokyo’s Nikkei 225 rose 4.5pc to 53,352.96.
A survey by Japan’s central bank released Wednesday showed business sentiment for major Japanese manufacturers improved despite Iran war worries.
Hong Kong’s Hang Seng was up 2pc to 25,283.12, while the Shanghai Composite index was trading 1.4pc higher at 3,946.67.
Australia’s S&P/ASX 200 was up 2pc to 9,650.90. Taiwan’s Taiex climbed 4.4pc, and India’s Sensex rose 2.2pc.
The renewed optimism over a possible de-escalation of the Iran war, which is in its fifth week, came after Donald Trump said on Tuesday the United States will be done attacking Iran probably in two to three weeks.
He added that the US “will not have anything to do with” what happens next in the Strait of Hormuz.
The White House said Mr Trump will deliver a public address Wednesday evening on the Iran war.
Oil prices have fallen back following the comments. Brent crude, the international standard, was up 0.7pc at $104.66 in early trading, having risen as high as $119 on Tuesday. Benchmark U.S. crude rose 1.2pc to $102.57.
Wall Street advanced on Tuesday. The S&P 500 jumped 2.9% for its largest gain since May to 6,528.52. The Dow Jones Industrial Average surged 2.5% to 46,341.51, and the Nasdaq composite leaped 3.8% to 21,590.63.
The S&P 500 increased 2.9pc for its largest gain since May to 6,528.52.The Dow Jones Industrial Average surged 2.5pc to 46,341.51, and the Nasdaq Composite leaped 3.8pc to 21,590.63 after Iran’s president Masoud Pezeshkian signalled the country would be open to striking a ceasefire deal with America.
