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US stocks opened with a sharp gap-up on Wednesday, 8 April, as sentiment improved after the US and Iran reached a temporary ceasefire agreement.
The US and Iran agreed to a two-week bilateral ceasefire, easing Middle East tensions.
KEY POINTS
- Iran's 10-point proposal was received by the US and described by Trump as workable for talks.
- Iran will allow safe passage through the Strait of Hormuz during the truce, reducing energy supply fears.
- Crude oil prices fell over 15% in a single day after the ceasefire announcement.
- Traders now see a 60% chance of a US Fed rate cut by year-end, up from near zero.
COMPANIES
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