Oil prices retreat and global stocks hit record highs after Trump hails ‘great progress’ on Iran deal – business live

Key events Show key events only Please turn on JavaScript to use this feature Introduction: Oil prices retreat and global stocks hit record highs after Trump hails ‘great progress’ on Iran deal Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. Asian stock markets hit record highs, following in Wall Street’s footsteps, and oil prices retreated after Donald Trump hailed “great progress” towards a “final agreement” with Tehran. Brent crude oil futures fell nearly 2% to $107.7 a barrel. The dollar lost 0.36% against a basket of major currencies. The US president said last night he was pausing ‘Project Freedom’ , the US effort to guide stranded vessels out of the strait of Hormuz launched on Monday, but added that his blockade of Iranian ports would remain in place. In a social media post, Trump said he made the move based double quotation mark on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran”. Iran is yet to comment. MSCI’s All-Country World Index rose 0.56% to a new record the broadest index of Asia-Pacific shares outside Japan leapt 2.8% at one stage, but then dipped 0.1%. South Korea’s Kospi jumped nearly 8% through the 7,000 mark for the first time as the Seoul market reopened after a holiday. …