1. The United States and Iran agreed to a two-week ceasefire contingent on reopening the Strait of Hormuz.

• Brent crude prices plunged, …

… as did WTI crude prices.

– Gasoline prices plummeted.

• Global equities are rallying.
– S&P 500 futures:

– Euro Stoxx 50:

– FTSE 100:

– Topix:

– Kospi:

– CSI 300:

• Global bond yields tumbled.
– US Treasury 10-year:

– JGB 30-year:

• The US dollar depreciated, hitting a four-week low.

– EUR/USD tested resistance at its 200-day moving average, …

… as did GBP/USD.

• Gold and silver rallied.

• Industrial metals gained as well.
– Copper: