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Investors are pegging hopes on to reports of progress in the US-Iran peace talks, helping ease market jitters that have weighed on stocks and sent energy prices soaring.
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A first round of talks between US and Iranian officials in Switzerland this weekend reportedly ended on a positive note, with the Iranian foreign ministry saying good progress had been made, according to Iran’s Press TV.
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Officials from Qatar and Pakistan, who have been acting as mediators, also said the US and Iran had agreed a roadmap that would seal a final deal within 60 days.
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That may feel like a long way off, but it has been enough to calm oil markets, sending Brent crude prices down more than 2% and below $80 a barrel, at $78.90, a significant drop from its May peak of $126.41.
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The news has also lifted stock prices in Asia. The Japan’s Nikkei rose 1.8% this morning, while South Korea’s Kospi climbed 0.6% and the MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.8%. Chinese blue chips stocks rose 1.6%.
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Ipek Ozkardeskaya, a senior analyst at Swissquote, says it’s a bit of relief after a weekend of uncertainty:
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The week starts on a surprisingly positive note despite the uncertainty surrounding the US/Iran peace talks, which took several twists over the weekend.
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On Friday, the talks were postponed (likely due to Israel’s renewed attack on Lebanon).
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On Saturday, Iran announced that it would close the strait of Hormuz again.
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Yet senior US and Iranian officials still met at Switzerland’s Bürgenstock resort on Sunday, to kick off the 60-day negotiation period.
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They said the talks went well. Meanwhile, US President Trump continued to post threats on social media. And here we are, Monday morning.
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The agenda
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2pm BST: ECB president Christine Lagarde to appear and give statement to European parliament’s Committee on Economic and Monetary Affairs in Brussels
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Key events
Patrick Wintour and Jonathan Yerushalmy Iran’s foreign minister has declared “progress” after the first day of talks between high-ranking officials from Washington and Tehran ended in Switzerland, despite a tense opening marked by Donald Trump threats to restart attacks.
A joint statement from mediators Qatar and Pakistan said the US and Iran agreed to a roadmap towards a final deal within 60 days. Technical talks between lower-ranked officials will continue for the rest of the week, according to the statement, with fighting between Israel and Iran-backed Hezbollah in Lebanon at the top of the agenda.
“Pakistani and Qatari mediation has delivered major progress to end Lebanon war,” said Abbas Araghchi, the Iranian foreign minister, after talks broke up just after 3am local time (1am GMT).
The joint statement said the US and Iran agreed to establish a “communication line” to avoid incidents in the strait of Hormuz, and to set up a “de-confliction cell” with Lebanon’s government to ensure the “adherence of the termination of military operations in Lebanon”.
In a development that is critical to unlocking progress, the US Treasury was also preparing to issue a 60-day waiver lifting sanctions on oil, petrochemicals and derivatives. Iran said this meant its central bank would be able to sell oil to customers, principally China, and receive payments without the threat of sanctions.
Qatar and Iran also signed a memorandum about the release of Iranian assets frozen in Qatar bank accounts due to US secondary sanctions. It was not clear whether the US had placed any restrictions on Iran’s use of the assets, such as demanding the money only be spent on humanitarian goods.
The economic measures may help lift some of the pressure in Iran’s exchange markets, and gradually slow runaway inflation, the country’s biggest domestic concern at present.
Read more here:
European stocks are kicking off the week on a positive note, amid news of progress on US-Iran peace talks.
Here’s how they are looking at the start of trading:
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FTSE 100 is up 0.11%
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France’s CAC 40 is up 0.15%
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Spain’s IBEX is up 0.08%
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Germany’s Dax is up 0.22%
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Pan-European Stoxx 600 is up 0.11%
Introduction: Oil prices fall, stocks rise on reports of ‘progress’ in Iran-US peace talks
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
Investors are pegging hopes on to reports of progress in the US-Iran peace talks, helping ease market jitters that have weighed on stocks and sent energy prices soaring.
A first round of talks between US and Iranian officials in Switzerland this weekend reportedly ended on a positive note, with the Iranian foreign ministry saying good progress had been made, according to Iran’s Press TV.
Officials from Qatar and Pakistan, who have been acting as mediators, also said the US and Iran had agreed a roadmap that would seal a final deal within 60 days.
That may feel like a long way off, but it has been enough to calm oil markets, sending Brent crude prices down more than 2% and below $80 a barrel, at $78.90, a significant drop from its May peak of $126.41.
The news has also lifted stock prices in Asia. The Japan’s Nikkei rose 1.8% this morning, while South Korea’s Kospi climbed 0.6% and the MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.8%. Chinese blue chips stocks rose 1.6%.
Ipek Ozkardeskaya, a senior analyst at Swissquote, says it’s a bit of relief after a weekend of uncertainty:
The week starts on a surprisingly positive note despite the uncertainty surrounding the US/Iran peace talks, which took several twists over the weekend.
On Friday, the talks were postponed (likely due to Israel’s renewed attack on Lebanon).
On Saturday, Iran announced that it would close the strait of Hormuz again.
Yet senior US and Iranian officials still met at Switzerland’s Bürgenstock resort on Sunday, to kick off the 60-day negotiation period.
They said the talks went well. Meanwhile, US President Trump continued to post threats on social media. And here we are, Monday morning.
The agenda
-
2pm BST: ECB president Christine Lagarde to appear and give statement to European parliament’s Committee on Economic and Monetary Affairs in Brussels
