Business
World shares rally after Trump-brokered shaky Israeli-Iran ceasefire
People stand in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Tuesday, June 24, 2025, in Tokyo. (AP)
BANGKOK, June 24, (AP: Stocks rallied and oil prices fell on Tuesday after U.S. President Donald Trump announced what appears to be a shaky ceasefire in the Israel-Iran war.
A tentative truce proposed by Trump remained uncertain after Israel said Iran had launched missiles into its airspace less than three hours after the ceasefire went into effect.
It vowed to retaliate. Still, investors took heart after Trump said Israel and Iran had agreed to a “complete and total ceasefire” soon after Iran launched limited missile attacks Monday on a U.S. military base in Qatar, retaliating for the American bombing of its nuclear sites over the weekend.
The future for the S&P 500 gained 0.8% while that for the Dow Jones Industrial Average was up 0.6%.
“The Middle East may still be smoldering, but as far as markets are concerned, the fire alarm has been shut off,” Stephen Innes of SPI Asset Management said in a commentary.
In early European trading, Germany’s DAX leaped 1.8% to 23,679.64, while the CAC 40 in Paris added 1.2% to 7,631.07. Britain’s FTSE 100 was up 0.4% at 8,789.91.
In Asia, Tokyo’s Nikkei 225 rose 1.1% to 38,790.56 and the Hang Seng in Hong Kong gained 2.1% to 24,177.07.
The Shanghai Composite index climbed 1.2% to 3,420.57. In South Korea, the Kospi jumped 3% to 3,103.64, while Australia’s S&P/ASX 200 gained 1% to 8,555.50. Taiwan’s Taiex rose 2.1% and India’s Sensex was up 0.6%. In Bangkok, the SET surged 2.5%.
Oil prices fell further, after tumbling on Monday as fears subsided of an Iranian blockade of the Strait of Hormuz, a vital waterway for shipping crude.
The price of oil initially jumped 6% after trading began Sunday night, a signal of rising worries as investors got their first chance to react to the U.S. bombings.
But it quickly shed all those gains, with U.S. benchmark crude falling 7.2%. It dropped further early Tuesday, giving up 2.4% to $66.85 per barrel. It had briefly topped $78. Brent crude, the international standard, shed 2.4% early Tuesday to $68.83.
U.S. stocks rallied on Monday despite the United States’ bunker-busting entry into its war with Israel. The S&P 500 climbed 1% and the Dow industrials gained 0.9%. The Nasdaq composite index advanced 0.9%.
Iran’s retaliation for the U.S. attacks appeared not to target the flow of oil. The fear throughout the Israel-Iran war has been that it could squeeze supplies, pumping up prices for crude, gasoline, and other products.
Back in the U.S., Treasury yields eased after a top Federal Reserve official said she would support cutting rates at the Fed’s next meeting, as long as “inflation pressures remain contained.”
Investors will be watching for Fed. Chair Jerome Powell’s comments to the U.S. Congress later Tuesday, analysts said. The yield on the 10-year Treasury held steady at 4.33% from 4.38% late Friday. The two-year Treasury yield, which more closely tracks expectations for the Fed, dropped to 3.83% from 3.90%.
The Federal Reserve has been hesitant to cut interest rates this year because it’s waiting to see how much higher tariffs imposed by Trump will hurt the U.S. economy and raise inflation. Inflation has remained relatively tame recently, but higher oil and gasoline prices would push it higher.
That could keep the Fed on hold because cuts to rates can fan inflation while they also give the economy a boost. On Wall Street, Elon Musk’s Tesla was the single strongest force pushing the S&P 500 higher after jumping 8.2%.
The electric-vehicle company began a test run on Sunday of a small squad of self-driving cabs in Austin, Texas. It’s something that Musk has long been touting and integral to Tesla’s stock price being as high as it is.
Hims & Hers Health tumbled 34.6% after Novo Nordisk said it will no longer work with the company to sell its popular Wegovy obesity drug. Novo Nordisk’s stock that trades in the United States fell 5.5%.
In currency dealings early Tuesday, the U.S. dollar fell to 145.44 Japanese yen from 146.15 yen late Monday. The euro rose to $1.1604 from $1.1578.
The Ministry of Commerce and Industry inspects 55 tons of precious metals in H1 2025, collecting $5.5 million in fees.
KUWAIT CITY, Oct 21: The Ministry of Commerce and Industry announced that its Precious Metals Department inspected and hallmarked approximately 55 million grams of gold, silver, and other precious metals and stones during the first half of 2025, generating total fees of KD 1.77 million (around USD 5.5 million).
In official statistics released to Kuwait News Agency (KUNA) on Tuesday, the ministry revealed that gold and silver dominated the inspected quantities. Specifically, 18.063 million grams of gold were examined, with fees totaling KD 909,000 (approximately USD 3 million). Silver inspections amounted to 31.446 million grams, yielding KD 314,000 (around USD 1 million) in fees.
The ministry further stated that 2.221 million grams of gold inlaid with precious stones were also examined, generating fees of KD 158,000 (around USD 516,000).
Detailed statistics showed that unplated gold made up the majority of gold examined, followed by gold inlaid with precious stones at 11 percent and gold inlaid with diamonds at 4 percent.
In relation to other services such as parcels, certificates, and trade releases, the ministry indicated that additional fees collected amounted to KD 184,000 (approximately USD 600,000). Among these, trade release services topped the list, with 7,599 transactions generating KD 75,000 (about USD 245,000).
The data also highlighted fees collected from the examination of plated accessories and prayer beads. A total of 13,945 plated accessories were examined for KD 1,394 (around USD 4,500), while 9,540 prayer beads generated KD 4,700 (about USD 14,000) in fees.
Kuwait reaffirms commitment to disability rights, highlights achievements in inclusive employment
Erdogan’s visit strengthens cooperation, ties
Man Runs Over Officer, Crashes Into Patrols During Chase
-
Latest News18 hours agoMinister stresses crucial role of labs in advancing healthcare
-
Politics19 hours agoFirefighters contain house Fire in Rabiya with no injuries reported
-
Latest News16 hours agoToday in Kuwait’s history | Kuwait Times Newspaper
-
Business18 hours agoKuwait hallmarks 55 tons of precious metals in 6 months, generates $5.5M in fees
-
Politics17 hours agoMunicipal Campaign In Hawally Issues 44 Violations For Encroachment Cases
-
Business19 hours agoAsian markets extend gains, with Chinese shares up more than 1%, after Wall Street rally
-
Politics9 hours agoEgyptian and his son get 3 years in prison for bribing bailiff
-
Latest News14 hours agoKuwaiti Ambassador: Pres. Erdogan’s visit “renews” cooperation vision, boosts ties