Hello, this is Dylan Butts writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.
Global markets are seeing some reprieve in the fourth week of the Iran war, after U.S. President Donald Trump signaled some positive discussions with Tehran and told CNBC that he is ‘very intent on making a deal.’
The softer tone is likely to raise hopes of de-escalation in the conflict, and appears to be an off-ramp from Trump’s threat to obliterate Iran’s power plants if Tehran didn’t fully reopen the Strait of Hormuz by Monday.
Markets staged a sharp rebound on Monday, after U.S. President Donald Trump took to Truth Social to say that the U.S. and Iran had held “productive conversations” and that he was halting strikes on Iranian power plants and energy infrastructure for five days.
The Dow Jones Industrial Average rose more than 600 points, while equities in Europe also bounced back on hopes that the Middle East conflict — which had driven oil prices higher and fueled recession fears — may be nearing a resolution. Oil prices fell sharply, with Brent Crude dropping nearly 11% on the news.
