This content was published on
June 12, 2026 - 11:29
5 minutes
(Bloomberg) — Stocks and bonds extended their rallies as fresh confirmation emerged that the US and Iran are nearing a deal to end their war, along with new details from the draft agreement.S&P 500 futures rose 0.5% after the benchmark climbed 1.8% in the previous session. Treasury yields fell. Oil extended declines, with Brent heading for its first close below $87 a barrel since the early days of the war. Shadow markets were pricing a spike of at least 35% for SpaceX on its debut.In the latest developments on a draft deal touted by President Donald Trump, Iran’s semi-official Mehr news agency reported that the text has 14 provisions. These include the reopening of the Strait of Hormuz within 30 days, a release of $24 billion in frozen Iranian assets and 60 days of negotiations on nuclear issues. A Group of Seven official said that a deal could be signed as soon as Sunday.Traders are keen for an end to the more than 100-day war that has caused the biggest oil-supply shock in history. While Trump signaled Thursday that a deal should get done over the next few days, traders have remained wary as similar bursts of optimism over the past few weeks have ended in disappointment.“Markets would believe the deal is reached when we have the actual agreement signed and the Strait of Hormuz can be opened,” said Mohit Kumar, chief economist and strategist for Europe at Jefferies. “For now, markets are in relief mode that further escalation can be avoided.”Markets in Europe and Asia raced to catch up with Wall Street’s chipmaker-led gains from Thursday. The Stoxx 600 rose 1.8%. A key gauge for Asian stocks advanced 2.8%, powered by a rally in South Korea’s Kospi index. UK gilts outperformed as bond yields tumbled across Europe.In other asset classes, the dollar held firm after a four-day run of losses. Gold and Bitcoin posted small gains.Traders are now watching to see whether SpaceX can win markets over after making history with a $75 billion initial public offering. Part of the focus will be on whether the IPO leads investors to assign even higher valuation multiples to related businesses.Stocks linked to the space industry rallied in US premarket trading ahead of SpaceX’s listing, including names such as Rocket Lab Corp. and Redwire Corp. Chipmakers eased after Thursday’s 7.9% bounce in the Philadelphia Stock Exchange Semiconductor index.“There appears to be continued investor appetite for technology-related growth stories, particularly those with exposure to AI,” said Tomás García-Purriños at Santander Asset Management. “The pipeline of expected IPOs in 2026 suggests that investor interest in technology, digital infrastructure and AI-related themes remains healthy, extending well beyond a handful of high-profile names.”What Bloomberg Strategists Say..“The sudden pullback from the Kospi late in the Asian day may leave some lingering anxieties about whether AI boom trades will surge back once the SpaceX IPO-related liquidity lockup is removed.”— Garfield Reynolds, MLIV Team Leader. For full analysis, click here.Corporate Highlights:SpaceX has made history with the biggest-ever IPO, sending it into the top ranks of the largest public companies and putting founder Elon Musk on the verge of becoming the world’s first trillionaire. Flutter Entertainment Plc announced plans to delist from the London Stock Exchange about two years after the online betting group shifted its primary listing to New York, the latest company to abandon the UK bourse to prioritize US trading. Global banks are curbing hedge funds’ leveraged bets on Asia’s top chipmakers including SK Hynix Inc. and Samsung Electronics Co., according to people familiar with the matter. Some of the main moves in markets:StocksThe Stoxx Europe 600 rose 1.7% as of 9:39 a.m. London time S&P 500 futures rose 0.2% Nasdaq 100 futures were little changed Futures on the Dow Jones Industrial Average rose 0.6% The MSCI Asia Pacific Index rose 2.8% The MSCI Emerging Markets Index rose 3.1% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1582 The Japanese yen fell 0.1% to 160.10 per dollar The offshore yuan was little changed at 6.7605 per dollar The British pound was little changed at $1.3416 CryptocurrenciesBitcoin rose 0.1% to $63,408.18 Ether was little changed at $1,671.59 BondsThe yield on 10-year Treasuries declined two basis points to 4.44% Germany’s 10-year yield declined six basis points to 2.97% Britain’s 10-year yield declined 10 basis points to 4.80% CommoditiesBrent crude fell 4.5% to $86.33 a barrel Spot gold rose 0.2% to $4,221.46 an ounce This story was produced with the assistance of Bloomberg Automation.–With assistance from Neil Campling.©2026 Bloomberg L.P.
