International markets update:
Global markets are cheering an optimistic outlook for a potential U.S.-Iran deal to reopen the critical Strait of Hormuz, driving broad market rallies and a surge in tech stocks.
- Optimism soared across markets on hopes that the U.S. and Iran could reach an agreement to reopen the strategic Strait of Hormuz by Wednesday, following comments from U.S. Treasury Secretary Scott Bessent.
- Asian tech stocks rallied, mirroring Wall Street’s record-setting performance driven by continued optimism surrounding artificial intelligence and growth sectors.
- General Motors and China’s SAIC Motor extended their automotive joint venture by 20 years, focusing on domestic sales in China and exports to non-U.S. markets.
- India’s retail inflation surged to an 18-month high in June, surpassing the central bank’s 4% medium-term target for the first time in over a year.
- Novo Nordisk’s raised guidance and quarterly beat failed to convince investors on a sustainable growth path amid intensifying competition in the obesity drug market and mixed clinical trial results for its next-generation drug.
Stock Market News summarised for the Wall Street Investors Club community.