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CNBC Daily Open: Iran deal fuels global relief rally

6 h ago

U.S. President Donald Trump celebrated his 80th birthday and a peace agreement with Iran, triggering a global relief rally for stocks. The U.S. and Iran have agreed to a deal that aims for an immediate and permanent end to the conflict. Trump announced on Truth Social that the deal is complete, authorizing the opening of the Strait of Hormuz and removal of the U.S. naval blockade. Iran reaffirms its commitment not to develop nuclear weapons, and the pact includes an immediate halt to hostilities across the region, including between Israel and Hezbollah in Lebanon. World leaders, including the U.K., France, Germany, and Italy, welcomed the deal, calling it "a moment of opportunity to restore regional stability and stabilise the global economy," and said they are prepared to lift sanctions in response to verifiable steps by Iran on its nuclear program. The agreement is set to be signed after G7 meetings this week; Trump will travel to Evian-les-Bains to join G7 leaders and heads of state from the Middle East and Asia, with the signing in Geneva on Friday. Markets cheered: U.S. stock futures spiked, the Nikkei led a relief rally in Asia Pacific, and oil prices tumbled to levels not seen since March 10. However, Trump warned France of a fresh trade war, threatening 100% tariffs on French wines if President Macron does not drop the digital tax on U.S. tech companies. Meanwhile, CEOs of major AI companies are set to join G7 leaders, but talks are complicated by a U.S. directive to Anthropic to suspend its Fable 5 and Mythos 5 models for export controls. Separately, Meta spent over $14 billion to bring Scale AI's Alexandr Wang and his team to revamp its AI efforts, resulting in the Muse Spark AI model in April, marking Meta's first proprietary foundation model.