Global Markets | Australian shares end at five-week peak on US-Iran ceasefire
Why it matters: The U.S.-Iran ceasefire caused oil prices to drop below $100, driving Australian shares to a five-week peak.
- Australian S&P/ASX 200 index surged over 2% to a five-week high, marking its biggest one-day gain in a year, driven by resources and financials.
- Oil prices dropped below $100 a barrel due to the U.S.-Iran ceasefire, easing inflation concerns.
- Bitcoin jumped 4% to $71K, then vaulted past $72,000, with Ethereum also rising, as reported by Economic Times Markets and CoinDesk.
- South Korea stocks led gains in Asia, according to CNBC, reflecting the broader positive market reaction.
- Short positions on Bitcoin, Ether, and oil experienced a $427 million wipeout following the ceasefire news, per CoinDesk.
- Three Polymarket traders made timely bets on the U.S.-Iran ceasefire, as noted by Cointelegraph.
Global markets rallied significantly following a U.S.-Iran ceasefire, with Australian shares hitting a five-week peak and South Korean stocks leading gains in Asia as oil prices plunged below $100 a barrel. This positive sentiment also propelled cryptocurrencies, with Bitcoin surging past $72,000 and Ethereum following suit, leading to a massive $427 million wipeout for short positions across these assets.
