But the situation is still very fluid.
Missiles were still being launched from Iran towards Israel. Israeli media said a building had been struck and three people were killed in the missile strike on Beersheba.
An Iranian official earlier confirmed that Tehran had agreed to a ceasefire, but the country's foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks.
Risk assets rallied nonetheless - S&P 500 futures rose 0.5% and Nasdaq futures were 0.7% higher. European stock markets are bracing for a strong rebound, with EUROSTOXX 50 futures up 1.2%.
The MSCI's broadest index of Asia-Pacific shares outside Japan gained 2.1% while Japan's Nikkei rallied 1.1%. South Korean shares hit their highest since September 2021.
The beleaguered dollar, which had found some safe-haven bids from the Middle East conflict, was on the back foot again and fell 0.5% to 145.45 yen, having come off a six-week top of 148 yen overnight.
With the Israel-Iran conflict potentially easing, investor focus shifts to Federal Reserve Chair Jerome Powell's upcoming appearance before Congress. The Fed has not made a move on interest rates this year due to the inflationary impact of Trump's tariffs.
But some Fed officials are breaking ranks with Powell, whose hawkish view on rates has drawn Trump's ire. Fed's Michelle Bowman said overnight that she was open to cutting rates in July, while Governor Christopher Waller said he would also consider a rate cut next month.
More Fed officials will be speaking tonight, with New York Fed President John Williams giving keynote remarks in New York and Cleveland Fed President Beth Hammack due to speak on monetary policy in London.
In Europe, central bankers are busy too. Bank of England Governor Andrew Bailey will make public appearances in London and a few ECB officials will be giving speeches.
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