Peace hopes lift shares
Australia's share market has notched its best two-session performance since April following reports the US and Iran have agreed on the terms of a peace deal.
The S&P/ASX 200 jumped 110 points on Monday, up 1.25 per cent, to 8,914, as the broader All Ordinaries gained 121.9 points, or 1.35 per cent, to 9,128.
A memorandum of understanding expected to be signed by US and Iranian officials in Switzerland on Friday includes a 60-day ceasefire extension, the reopening of the Strait of Hormuz within 30 days and lifting of the US naval blockade, and commitments to discuss Iranian sanctions and frozen funds.
Monday’s jump came after the S&P/ASX 200 gained 170.8 points on Friday, posting its best week of gains in two months.
Oil prices slump
Oil prices slumped to 14-week lows, launching most cyclical sectors higher as investors repriced the Persian Gulf conflict's likely global economic impact.
The Australian dollar is buying 70.81 US cents, up from 70.33 US cents on Friday at 5pm, buoyed by stronger base metal prices and an easing of the safe-haven greenback.
