15.06.202607:46:00UTC+00DAX 40 Tops 25,000

Frankfurt’s DAX 40 jumped 1.5% to climb back above 25,000 on Monday, its highest level since early June, after oil prices fell sharply following the conclusion of a US-Iran framework agreement. After weeks of negotiations, both sides confirmed a memorandum of understanding to extend the ceasefire and reopen the Strait of Hormuz, with the US, Iran, and mediator Pakistan all endorsing the deal. A formal signing is scheduled for this Friday in Switzerland, though markets remain cautious as key issues, including the status of Iran’s nuclear program, remain unresolved. Money markets now price in roughly 30 basis points of additional ECB tightening this year—about one more rate hike—down from nearly two hikes expected before last Thursday’s increase.