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Equities attempted to stabilise after a sharp global selloff, as the US delayed its deadline for Iran to agree to a ceasefire by 10 days, offering a temporary reprieve to markets. US and European futures rose around 0.5%, while Asian equities pared earlier losses to close modestly lower, as investors cautiously responded to the extension.

Equities and bonds edged lower as rising oil prices and ongoing uncertainty around Middle East ceasefire talks weighed on sentiment. Asian equities fell 1.1%, snapping a two-day run, while US and European futures pointed to further losses as earlier optimism around a potential resolution began to fade.

Equities rallied as oil prices fell, with US diplomatic efforts fuelling cautious optimism that tensions in the Middle East may begin to ease. Asian equities rose 1.9%, while US and European futures pointed higher, as a pullback in crude helped ease inflation concerns and reduced pressure on central banks to tighten policy further.