Global stock markets rallied after US President Donald Trump said he had cancelled a third day of planned strikes against Iran and indicated that an agreement with Tehran was close.

(Bloomberg) -- Traders are buying the dip in stocks as a swift end to the latest round of US strikes against Iran raised expectations that talks to reopen the Strait of Hormuz…

“The market has taken the view that Trump doesn’t want to escalate further and has no interest in seeing oil prices surge again.”