Stocks rebound as Mideast mediation pushes oil lower
Global stocks rose on Tuesday as oil prices retreated from a one-month high amid mediation efforts in the Middle East. Yemen's Houthis threatened a naval blockade on Saudi Arabia, but a senior Iranian official said Tehran received a proposal for a 10-day ceasefire. Brent crude eased 0.6% to $88.72 per barrel. In equities, Europe's STOXX 600 rose 0.2%, Japan's Nikkei gained 3%, and South Korea's KOSPI surged 4.5%. US President Donald Trump imposed 50% tariffs on $20 billion of Canadian imports, though market reaction was muted. Investor focus is on upcoming earnings from Alphabet and Intel to test the AI trade. Traders are pricing in at least one Fed rate hike this year. The dollar hovered near a one-week high, while the yen remained near 40-year lows. Sterling fell for a fourth consecutive day after the UK appointed a new finance minister.
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