Stock markets surge as Trump calls off strikes on Iran, touts peace deal

Global stock markets surged after US President Donald Trump announced he called off planned strikes against Iran and said a peace deal is imminent. The S&P500 rose nearly 1.8%, the Nasdaq 2.5%, and the Dow Jones 1.9%. In Asia-Pacific, South Korea's KOSPI jumped over 8%, Japan's Nikkei 4%, and Taiwan's TAIEX 2.4%. Brent crude fell about 1% to below $89.50 a barrel on hopes for a reopening of the Strait of Hormuz. Trump stated a 'great settlement' of the war with Iran could be signed as soon as this weekend, but Iran has not publicly confirmed.