A one-page memo to end the war between the U.S. and Iran is nearing completion, officials say, according to Axios.

Officials report that a one-page memo aimed at ending hostilities between the U.S. and Iran is nearing completion, potentially signaling a shift in geopolitical tensions. This development could influence risk appetite in global markets, as reduced conflict risks may lead to increased capital flows into emerging markets, particularly in the Middle East. Assets most exposed include Iranian equities and oil markets, which could see price volatility depending on the perceived likelihood of a diplomatic resolution. Traders will be particularly attentive to any official announcements or subsequent negotiations that may arise from this memo, as they could further impact market sentiment and asset valuations.

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