WALL Street stocks rallied and oil prices tumbled Friday after President Donald Trump pulled back from renewed US strikes on Iran while European equities edged higher after the ECB raised interest rates. Trump jolted markets near 1730 GMT announcing he was calling off new attacks on Iran, while flagging a possible peace deal that he later claimed had been reached, calling the accord a “great settlement”.
Those statements were enough to push oil prices more than two per cent lower while major US indices rallied, with the broad-based S&P 500 ending up 1.8 per cent. Art Hogan of B. Riley Wealth Management welcomed the “better tone” from Trump, who had earlier in the day threatened to seize Iran’s oil infrastructure following the latest military strikes between the countries. But Hogan noted that Trump has repeatedly signaled an Iran deal as imminent in recent weeks without leading to anything concrete.
AFP
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