Global Markets Rally Amid Easing Middle East Tensions

Global markets opened August on a positive note as investors welcomed easing geopolitical tensions in the Middle East. The massive plunge in crude oil prices and reduced concerns about fuel-led inflation contributed to the improved sentiment.

The Dow Jones Industrial Average (DJIA) jumped by 1.39% to 53,213.10, while the S&P 500 rose 0.94% to 7,559.90.

Major Asian markets, however, finished trading on a mixed note, with South Korea's KOSPI benchmark plummeting over 5 percent. Samsung and SK Hynix both slipped close to 9%.

The dollar index declined mildly, while the Japanese yen gained value due to government intervention. Bond yields mostly eased as inflation concerns decreased.

Crude oil prices plummeted heavily, with Brent Oil Futures (Oct) and Crude Oil WTI Futures (Sep) dropping by 5.87% and 7.23%, respectively. Gold futures also slipped around half a percent.