US Stock Futures Rise Following Ceasefire Push Report – Europe Market Wrap
US market futures increased, while crude oil fell, as investors focused on reports of a drive to secure a potential truce in the Iran war.
S&P 500 futures rose 0.3% in sluggish trading following the Easter weekend. Many markets in Europe and Asia remained closed. Brent crude was selling about $108 per barrel. The Dollar weakened. Ten-year Treasury yields remained near 4.34%.
According to Axios, US allies are urging Iran to reach a last-minute compromise, citing people familiar with the negotiations. According to the unnamed sources, the odds of striking an agreement within the next 48 hours are minimal. A spokeswoman for Iran’s Foreign Ministry stated that “no rational person” would agree to the ceasefire plan. Over the weekend, Trump threatened to destroy Iran’s power plants.
As the Iran war raises inflation concerns, traders have been focusing on any headlines that may have an impact on sentiment. Market optimism was further boosted by reports that a few ships had entered the Strait of Hormuz.
Last week, a French container ship and a Japanese-owned tanker were confirmed to have completed the transits. In addition, two tankers carrying liquefied natural gas from Qatar appear to be attempting to escape the Persian Gulf through the Strait of Hormuz, with the action being widely watched because a successful crossing would mark the first exports to buyers outside of the region since the war began.
