SHARES OF CK HUTCHISON EXTEND GAINS, UP MORE THAN 4%

Elevated energy prices are likely to continue weighing on markets despite a two-week ceasefire agreed by Donald Trump with Iran, according to Priyanka Sachdeva. She said reopening the Strait of Hormuz may not reverse damage to energy infrastructure, adding, “The true cost of this conflict will be paid at the fuel pump and across global inflation for months to come.”

China held contacts with Iran to encourage a path toward a ceasefire, according to officials who were not authorized to comment publicly and spoke on condition of anonymity, primarily working through intermediaries including Pakistan, Turkey and Egypt. The Chinese foreign ministry did not immediately respond to a request for comment. Earlier Tuesday, Foreign ministry spokesperson Mao Ning said all parties should show sincerity and quickly end the conflict, adding China is “deeply concerned” about impacts on the global economy and energy security.