Global markets were on the rise as traders waited for details on ‌a potential deal to reopen the Strait of Hormuz and extend the U.S.-Iran ceasefire.

Wall Street futures were muted after major North American markets closed up yesterday.

TSX futures pointed higher ahead of GDP data releases later this morning.

In Canada, investors are getting results from Laurentian Bank of Canada.

“The market’s already taking the view that a deal’s going to be done and the Strait is going to be open,” said Jason Wong, senior market strategist at BNZ in Wellington.

Overseas, the pan-European STOXX 600 was up 0.56 per cent in morning trading. Britain’s FTSE 100 rose 0.2 per cent, Germany’s DAX gained 0.26 per cent and France’s CAC 40 climbed 0.9 per cent.

In Asia, Japan’s Nikkei closed 2.53 per cent higher, while Hong Kong’s Hang Seng advanced 0.7 per cent.

Oil futures fell after reports that the U.S. and Iran had reached agreement on a potential ceasefire extension.

Brent crude futures declined 1.5 per cent to US$92.29 a barrel. West Texas Intermediate (WTI) futures were down 1.5 per cent to US$87.52.

“While oil flows through the Strait of Hormuz remain restricted and oil inventories keep falling, the market focus remains on the possibility of a deal between the U.S. and Iran,” said UBS analyst Giovanni Staunovo.

In other commodities, spot gold was up 0.6 per cent to US$4,518.57 an ounce. U.S. gold futures for August delivery gained 0.4 per cent to US$4,549.10.

The Canadian dollar weakened against its U.S. counterpart.

The day range on the loonie was 72.40 US cents to 72.66 US cents in early trading. The Canadian dollar was down about 1.58 per cent against the greenback over the past month.

The U.S. dollar index, which weighs the greenback against a group of currencies, climbed 0.1 per cent to 99.12. The dollar was pegged at $1.3808.

The euro slid 0.1 per cent to US$1.1640. The British pound declined 0.22 per cent to US$1.3415.

In bonds, the yield on the U.S. 10-year note was last up at 4.460 per cent.

Japan’s CPI, jobless rate, consumer confidence, retail sales and industrial production

Germany’s CPI and unemployment

8:30 a.m. ET: Canada’s Real GDP for Q1. The Street is anticipating a gain of 1.4 per cent from Q4.

8:30 a.m. ET: Canada’s monthly real GDP for March. Consensus is a 0.1-per-cent increase from February

8:30 a.m. ET: U.S. wholesale and retail inventories for April.

8:30 a.m. ET: U.S. goods trade deficit for April.

With Reuters and The Canadian Press