Global markets gained ground on reports the U.S. is seeking a month-long ceasefire in its war on Iran, raising hopes for a breakthrough that could help restore oil ⁠exports from ​the Gulf.

Wall Street futures were in positive territory after major U.S. markets closed lower yesterday.

TSX futures followed sentiment higher after Canada’s main stock market closed modestly higher yesterday.

In Canada, investors are getting results from Goeasy Ltd. and Pizza Pizza Royalty Corp.

On Wall Street, markets are watching earnings from Cintas Corp. and Chewy Inc.

“The market ‌is trading the headlines at the moment,” said Kerry Craig, global market strategist at J.P. Morgan Asset Management in Melbourne.

“So there’s a positive tone. The difficulty is now ... there are still unknowns about where this actually goes from here and whether there’s anything material in terms of a ceasefire.”

Overseas, the pan-European STOXX 600 was up 1.34 per cent in morning trading. Britain’s FTSE 100 rose 1.16 per cent, Germany’s DAX gained 1.5 per cent and France’s CAC 40 advanced 1.47 per cent.

In Asia, Japan’s Nikkei closed 2.87 per cent higher, while Hong Kong’s Hang Seng rose 1.09 per cent.

Oil prices sank after reports the United States had sent Iran a 15-point proposal ⁠aimed at ​ending the war in the Middle East, raising prospects of a ceasefire that could ease supply disruptions in the region.

Brent crude futures fell 5.3 per cent to US$98.96 a barrel. West Texas Intermediate (WTI) crude futures were down 5.2 per cent to US$87.52.

“Expectations of a ceasefire have risen slightly and profit-taking is leading the market,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities. “But the outlook remains uncertain as to whether negotiations will succeed, limiting selling.”

In other commodities, spot gold was up 1.6 per cent at US$4,545.34 an ounce. U.S. ‌gold futures for April delivery jumped 3.3 per cent to US$4,545.20.

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

The day range on the loonie was 72.47 US cents to 72.73 US cents in early trading. The Canadian dollar was down about 0.88 per cent against the greenback over the past month.

The U.S. dollar index, which weighs the greenback against a group of currencies, dropped 0.12 per cent to 99.31.

The euro was down 0.03 per cent to US$1.1604. The British pound fell 0.04 per cent to US$1.3404.

In bonds, the yield on the U.S. 10-year note was last down at 4.332 per cent.

Germany business confidence. UK CPI

8:30 a.m. ET: U.S. current account deficit for the fourth quarter

8:30 a.m. ET: U.S. import prices for February

With Reuters and The Canadian Press