MSCI’s global equities index rose yesterday and oil prices fell on fresh hopes for a peace deal between Iran and the US, while investors awaited the hotly anticipated market debut of Elon Musk’s SpaceX .

Stocks had rallied sharply on Thursday after US President Donald Trump said the countries were close to a deal. But, yesterday, terms of a proposed memorandum to end the war in the Gulf outlined by Western, Pakistani and Iranian sources yesterday appeared to strongly favour Iran, drawing criticism from Trump, who called the reports inaccurate.

Meanwhile, Iranian Foreign Minister Abbas Araqchi said that an “Islamabad Memorandum of Understanding” for addressing the US-Israeli war on Iran had “never been closer”, but urged…