Shares have surged in Asia, with benchmarks in Japan and South Korea setting fresh records, after the U.S. and Iran signed their initial agreement ending the war.

U.S. stocks rallied and recovered the last of their losses caused so far by the U.S.-Iran war, as hope remains on Wall Street that the global economy can still avoid a worst-case scenario.

U.S. stocks held steadier as Wall Street waited for the next signal on when the war with Iran may end.