European stocks rise more than 2% in early trading, with futures up over 1,000 points

With the U.S. and Iran agreeing to a two-week ceasefire, European stock markets rose more than 2% in early trading, while Dow futures rose by more than 1,000 points.

As of 3:35 p.m. Hong Kong time, Dow Jones futures were temporarily at 47,899 points, up 1,087 points. The UK FTSE 100 index was at 10,595 points, up 246 points or 2.38%; Germany’s DAX index was at 24,013 points, up 1,091 points or 4.78%; France’s CAC 40 index was at 8,172 points, up 263 points or 3.33%; Italy’s FTSE MIB index was at 47,156 points, up 1,739 points or 3.83%.

U.S. President Trump said that if Iran agrees to fully, immediately, and safely open the Strait of Hormuz, he agrees to suspend bombing and attacks on Iran for two weeks.

A statement from the Secretariat of the Supreme National Security Council of Iran said it has submitted 10 recommendations to the United States via Pakistan. Negotiations with the United States will be held in Islamabad starting April 10 for two weeks. If both sides agree, they can be extended.

The New York Federal Reserve Bank’s survey results showed that, driven by a surge in energy prices triggered by the Middle East war, the U.S. consumers’ one-year inflation expectations for March rose to 3.42%, higher than the previous figure of 3%. The three-year inflation expectations were 3.1%, also higher than the previous figure of 3%.

With oil prices rising, New York crude oil futures were currently $115 per barrel, up $2.59 or 2.3%; London Brent crude was $111.42 per barrel, up $1.65 or 1.5%.