By Dow Jones Newswires Staff
Oil and gas prices tumbled and stock markets gained across Asia and Europe on Tuesday as Israel confirmed a cease-fire with Iran, saying it had achieved its war aims. Iran's foreign minister posted on X that his country would halt its attacks as long as Israel did.
Market focus will now shift to global trade negotiations and upcoming U.S. central bank commentary. Federal Reserve Chair Jerome Powell and other officials are scheduled to speak this week, with investors closely watching for clues on the potential timing of rate cuts.
--In early European trade, Brent crude was down 3.6% to $68 a barrel, while West Texas Intermediate fell 3.6% to $66.01 a barrel. Both contracts extended steep losses from the prior session, when they erased earlier gains and settled more than 7% lower following Iran's telegraphed attack against a U.S. base in Qatar. European natural gas prices at the Dutch TTF hub sank 12% to 35.66 euros a megawatt-hour.
--U.S. stock futures for the S&P 500 were up 1% and futures for the Dow Jones Industrial Average increased 0.9%, as did those for the Nasdaq.
--In Europe, the Stoxx Europe 600 gained 1.3% in early trade, France's CAC 40 increased 1.6% and Germany's DAX climbed 1.9%. The FTSE 100 added 0.4%. Still, defense and oil-related stocks fell, reversing the trend of recent days; Rheinmetall shares fell 4.5% and Thales was down 3.0%. In London, BP shares tumbled 6.2% and Shell fell 4.3%.
--Asian stock markets closed higher. Japan's Nikkei 225 index gained 1.1%, and Hong Kong's Hang Seng gained 2.1%. China's benchmark Shanghai Composite climbed 1.2%. South Korea's Kospi rose 3.0%.
--The dollar fell to a one-week low against a basket of major currencies as oil prices declined and demand for safe havens waned. Investors can "breathe a sigh of relief that chances of a major escalation have been reduced," Jefferies economist Mohit Kumar said. The DXY dollar index fell 0.4% to a low of 97.969.
--Gold futures also fell, last down 1.8% at $3,334.50 a troy ounce, close to levels last seen before Israel launched strikes on Iranian nuclear facilities earlier this month.
--Bitcoin rose as risk appetite improved, up 1.9% to $105,793, according to LSEG.
--U.S. Treasury yields edged marginally higher. The two-year Treasury yield was up 2.2 basis points at 3.849%; the 10-year yield rose 1.6 basis points to 4.337% and the 30-year was up 1 basis point to 4.868%, according to LSEG.
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
06-24-25 0428ET
