Stock markets surge as Trump calls off strikes on Iran, touts peace deal

Global stock markets surged on June 24, 2024, following former U.S. President Donald Trump's announcement that he had called off planned retaliatory strikes against Iran. Trump stated in a social media post that the strikes were "disproportionate to shooting down an unmanned drone" and that "Iran is stating publicly that they were not responsible for the drone flying over." He also expressed optimism about a potential peace deal, tweeting, "I hope that the Iran deal will be made at the right time, maybe by the right people." The news led to significant gains in U.S. futures and Asian markets, with the Nikkei 225 in Japan rising 1.1% and the Shanghai Composite in China climbing 0.5%. This market reaction reflects investor relief over de-escalation in geopolitical tensions, which had previously fueled concerns about oil supply disruptions and broader economic instability.