Global Markets: U.S., Iran agree to two-week ceasefire

Glacier FarmMedia – The following is a glance at the news moving markets in Canada and globally.

     – The United States, Israel and Iran agreed to a two-week ceasefire on Tuesday, hours before the U.S. were to launch a large-scale attack on Iran. One of the terms of the 10-point plan brokered by Pakistan was Iran facilitating safe passage through the Strait of Hormuz. As a result, crude oil prices fell by US$18 to US$21 per barrel since the announcement. However, Israel continued to attack Lebanon in its war against Hezbollah and the fate of Iran’s missile and nuclear programs remain unclear.

     – The Artemis II spacecraft, which is carrying Canadian astronaut Jeremy Hansen, is pointed towards Earth and its crew is preparing to land in the Pacific Ocean off the coast of San Diego, Calif. on Friday at around 7 p.m. CDT, NASA said on Tuesday. A NASA spokesperson added that the crew is packing all of the science equipment, cameras, tablets and reference material before re-entering Earth’s atmosphere. The mission broke the record for the farthest distance humans have flown from Earth at 406,771 kilometres, beating the previous record of 400,171 km set by the Apollo 13 astronauts in 1970. The Artemis crew also had a call with astronauts on the International Space Station, which is 400 km above Earth.

     – John Deere settled a class-action lawsuit on Tuesday, establishing a US$99 million settlement fund for farmers over costs and access to repairs. John Deere also agreed to make “the digital tools required for the maintenance, diagnosis, and repair” of large agricultural equipment, including tractors, combines, and sugarcane harvesters for 10 years. The settlement fund covers eligible plaintiffs who paid Deere’s authorized dealers for repairs to large agricultural equipment from January 2018. The company is also facing a lawsuit from the U.S. Federal Trade Commission, accused of forcing farmers to use its authorized dealer network and driving up their costs for parts and repairs.

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