OIL prices retreated and stock markets largely gained Tuesday as investors assessed the chances of a Middle East peace agreement, with tech shares enjoying another strong showing thanks to AI enthusiasm.
Crude futures had soared about seven per cent Monday after an Iranian state news agency announced Tehran had suspended its negotiations with Washington.
But concerns eased after US President Donald Trump said Iran talks were moving rapidly and that Israel and Hezbollah had agreed to stop fighting.
“There is no concrete progress in Middle East negotiations… but investors appear broadly optimistic that a longer-term resolution will be reached,” said Susannah Streeter, chief investment strategist at Wealth Club.
An end to the war would likely boost the global economy, which has been battered by surging energy costs that risk a renewed spike for global interest rates. Official data Tuesday showed that eurozone inflation rose in May, reinforcing the likelihood of borrowing costs climbing in the single currency area, analysts said. Consumer price rises accelerated to 3.2 percent last month, Eurostat said, up from 3.0 per cent in April. — AFP
#TheGlobalNewLightOfMyanmar