Global stocks fell in holiday-thinned trading as investors weighed whether a 60-day diplomatic push between the US and Iran could yield a nuclear accord and a more durable peace agreement.
MSCI Inc.’s gauge of world equities dropped 0.3%, paring a weekly gain. An index of Asian shares lost 1.1% after a five-day rally that took it to record highs. S&P 500 futures slid 0.6% after the US benchmark climbed 1.1% on Thursday, while contracts for the Nasdaq 100 declined 0.9%.
The dollar was stronger against most major currencies. The moves pointed to risk aversion ahead of the weekend, with holidays in the US, China, Hong Kong and Taiwan draining liquidity from markets.
Brent crude traded below $80 a barrel. Prices have tumbled about 9% this week as the US-Iran interim peace deal saw shipping through the Strait of Hormuz start to return to normal, easing the global crude market’s biggest ever supply shock.
US Vice President JD Vance said on Thursday that the 60-day clock for working out the contentious details in the so-called memorandum of understanding had started ticking.
