Amid reports of a two-week ceasefire between the US and Iran, Asian markets showed cautious optimism. The truce, which includes an agreement to temporarily reopen the Strait of Hormuz, brought welcome relief to global economies.

President Donald Trump’s announcement of a two-week ceasefire between the US and Iran that will see Tehran temporarily reopen the vital Strait of Hormuz brought welcome relief to Asian markets on Wednesday. With Trump’s deadline approaching for the Islamic Republic to reopen the waterway or face obliteration, he announced a halt to attacks for two weeks and said he had received a “workable” 10-point proposal. Iran later said it had agreed to safe passage in the strait, through which a fifth of.....