Jun 24, 2025, 07:56 GMT+2 A look at the day in European and global markets, by Stella Qiu U.S. President Donald Trump surprised markets by announcing late yesterday that Israel and Iran have agreed to a total ceasefire, potentially ending a 12-day conflict. In his own words, the ceasefire will last "forever." Investors hope the agreement is real and will hold. Just a few days ago, the United States launched attacks against Iran, risking being drawn into another costly war. Oil prices fell nearly 3% in Asian trading, in addition to almost 9% lost overnight, after the threat of a closure of the Strait of Hormuz appeared to have faded. U.S. crude futures CL1! returned to $66.80 a barrel, the lowest since June 11, before Israel's attacks on Iran began. All this provides some relief for inflation and will make it easier for central banks to contain rising prices.
US crude oil futures CL1! have returned to $66.80 per barrel, the lowest since June 11, before Israel's attacks on Iran began. All this allows for a sigh of relief regarding inflation and will make it easier for central banks to contain rising prices.
Thomson ReutersUS crude oil price in USD per barrel
But the situation is still very fluid. Missiles have again been launched from Iran towards Israel. Israeli media reported that a building was hit and that three people were killed in the missile attack on Beersheba. Previously, an Iranian official had confirmed that Tehran had agreed to a ceasefire, but the country's foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks. However, higher-risk assets have appreciated: S&P 500 futures ES1! rose by 0.5% and Nasdaq futures by 0.7%. European stock markets are preparing for a strong rebound, with EUROSTOXX 50 futures up 1.2%.
Thomson ReutersUS crude oil price in USD per barrel
The highest risk assets, however, have appreciated: S&P 500 futures rose by 0.5% and Nasdaq futures by 0.7%. European stock markets are preparing for a strong rebound, with EUROSTOXX 50 futures FESX1! up by 1.2%. The broader MSCI index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) is up 2.1%, while the Nikkei NI225 rises by 1.1%. South Korean indices have reached their highest level since September 2021.
The broadest MSCI index of Asia-Pacific stocks outside Japan (.MIAPJ0000PUS) gains 2.1%, while the Nikkei rises 1.1%. South Korean markets KOSPI hit their highest level since September 2021. The dollar, which had risen due to the conflict in the Middle East, has started to lose ground again and drops 0.5% to 145.45 yen USDJPY, after hitting a six-week high of 148 yen overnight.
The dollar, which had risen due to the conflict in the Middle East, has started to lose ground again and is down 0.5% to 145.45 yen USDJPY, after reaching a six-week high of 148 yen overnight.
The dollar, which had risen due to the conflict in the Middle East, has started to lose ground again and is down 0.5% to 145.45 yen USDJPY, after reaching a six-week high of 148 yen overnight. Now investors' attention shifts to the speech by Federal Reserve Chairman Jerome Powell before Congress. So far this year, the Fed has not touched interest rates due to the impact of Trump's tariffs on inflation, but some Fed bankers are showing more openness to possible rate cuts. Michelle Bowman said she is open to a rate cut in July, as is Governor Christopher Waller. Other representatives of the US central bank will also speak tonight: New York Fed President John Williams will give a speech in New York and Cleveland Fed President Beth Hammack will talk about monetary policy in London. Central bankers in Europe will also have their work cut out for them. Bank of England Governor Andrew Bailey will speak in London and several ECB representatives are scheduled to speak. The main session 'drivers': -- Fed Chairman Jerome Powell appears before Congress, with speeches also from New York Fed President John Williams, Cleveland Fed President Beth Hammack, and Boston Fed President Susan Collins. -- The annual NATO summit begins in The Hague -- Bank of England Governor Andrew Bailey and Chief Economist Huw Pill participate in a conference. -- Germany Ifo Index -- US Conference Board consumer confidence -- May inflation Canada
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