Trump Calls Off Iran Attacks Sends US Stocks Soaring
US stock futures have surged overnight after US President Donald Trump called off planned attacks on Iran over the weekend, citing it would have been 'the biggest since World War II.' The Dow futures are trading with gains of close to 200 points, as are the Nasdaq futures.
The move has also led to a decline in oil prices, with Brent crude falling as much as 7% in early Asia trading before paring some losses. The Organization of Petroleum Exporting Countries (OPEC+) along with its allies have agreed to hike output from September by another 1,88,000 barrels per day.
The bond markets are not cooling off despite the fall in oil prices and a rise in equities. The US 10-year yield has crossed the 4.7% mark last week and remains at those levels at the resumption of trade after the weekend break.