Global stocks rise on reports of Trump offering 15-point ceasefire plan to Iran

US stocks climbed higher on Wednesday, taking its cue from the FTSE 100 (^FTSE) and Europe, as investors weighed reports that the Trump administration has offered a 15-point ceasefire plan to Iran.

The news comes even as the US military is preparing to call up at least 1,000 more troops to supplement some 50,000 troops already in the region.

The plan was submitted to Iran by intermediaries from Pakistan, which has offered to host renewed negotiations between Washington and Tehran. The move would see Iran end its proxy strategy in the region, stop funding and arming proxy groups, and keep the Strait of Hormuz open as a free maritime zone. It would also include restricting missile use to self-defence purposes.

In return, all sanctions on Iran would be lifted and Iran would also receive support for a civilian nuclear program in the city of Bushehr.

However, Iran’s Revolutionary Guards said it had launched fresh attacks against locations in Israel, including Tel Aviv and Kiryat Shmona, as well as US bases in Kuwait, Jordan and Bahrain, according to Iranian state media.

An Iranian military spokesperson, Ebrahim Zolfaghari, mocked the US attempts at a ceasefire deal, insisting the US were only negotiating with themselves.

Read more: UK inflation held at 3% ahead of Iran war

Elsewhere, official figures showed that the UK inflation remained at an annual rate of 3% in February, the same reading as the month before. Economists had expected the consumer prices index (CPI) to stay steady 3% before a sharp slowdown in March and April towards the Bank of England’s 2% target.

Clothing made the largest upward contribution to the monthly change while motor fuels made the largest, offsetting downward contribution, the Office for National Statistics said, with prices collected before the start of the conflict in the Middle East and subsequent rise in crude oil prices.

Chancellor Rachel Reeves said: “In an uncertain world we have the right economic plan, taking a responsive and responsible approach to supporting working people in the national interest.”

“We’re taking £150 off energy bills [from measures in November’s budget] and providing targeted support for those facing higher heating oil costs. We’re also acting to protect people from unfair price rises if they occur, bring down food prices at the till, and cut red tape to boost long-term energy security – building a stronger, more secure economy.”

• London’s benchmark index (^FTSE) was 1.3% higher in early afternoon trade, back over the 1,000-point mark, led by bankers and miners

• Germany’s DAX (^GDAXI) rose 1.7% and the CAC (^FCHI) in Paris headed 1.5% into the green.

• The pan-European STOXX 600 (^STOXX) was up 1.4%.

• The S&P 500 (^GSPC) rose 0.9%, and the Dow Jones Industrial Average (^DJI) gained around 1.1%. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) also added 1.1% on the heels of a day of losses for Wall Street stocks.

• The pound was 0.2% lower against the US dollar (GBPUSD=X) at 1.3387.