Global Markets Surge on Earnings and Iran Hopes

Global markets made significant gains on Wednesday, with shares advancing in Europe and Asia after the US stock market hit fresh records. The rally was driven by strong corporate earnings reports and hopes for a deal that could eventually lead to an end to the war in Iran.

Oil prices also resumed their ascent, with Brent crude gaining over 1% to $80.45 per barrel. This comes after oil prices swung wildly between $72 and $102 in July due to uncertainty about when calm in the Middle East would allow oil tankers to freely exit the Persian Gulf again.

Neil Newman, head of strategy for Astris Advisory Japan, attributed the market's rally to AI stocks, saying 'the focus has been back on semiconductors, technology and AI.' The Sensex slipped 0.2% in India after the Reserve Bank of the country chose to keep its key repo rate unchanged at 5.25%, citing a resilient economy despite shocks from the Iran war.