Investors tentatively emerged from their bunkers on Tuesday to buy up everything from stocks to gold after United States President Donald Trump boosted hopes of an imminent de-escalation of the Iran war that has erased trillions of dollars from financial markets.
Less than 24 hours earlier, the Australian sharemarket had tumbled to a 10-month low after Trump delivered a 48-hour ultimatum to Iran, warning that America would “obliterate” the country’s oil assets if the regime did not reopen the Strait of Hormuz. Closure of the strait has led to a chronic fuel shortage.
