Oil prices retreat and global stocks hit record highs after Trump hails ‘great progress’ on Iran deal – business live

US president pauses ‘Project Freedom’ to work on ‘final agreement’ with Tehran; stocks also ride high on AI euphoria

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

Asian stock markets hit record highs, following in Wall Street’s footsteps, and oil prices retreated after Donald Trump hailed “great progress” towards a “final agreement” with Tehran.

on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran”.

Investors bought and continue to add to positioning in the 2026 winners. There has been some buying in S&P 500 materials stocks, but it’s tech that continues to attract the bulk of flows, notably in Apple and the memory plays.

9am BST: Eurozone services and composite PMIs for April

9.30am BST: UK services and composite PMIs for April

1.15pm BST: US ADP employment change for April