Donald Trump's extension of the ceasefire with Iran has largely been largely ignored by investors, despite Asian stocks mixed and European markets slightly higher. The announcement alleviated concerns that the U.S. might resume strikes on Iran. However, the Strait of Hormuz remains closed, resulting in inflationary pressures and global growth prospects. The MSCI World Index has already regained pre-war levels, with the S&P 500's price-to-earnings ratio falling below its five-year average. Grace Peters, co-head of global investment strategy at J.P. Morgan Private Bank, said investors are returning to focusing on fundamentals and the bar for re-engaging with the conflict has been raised. The prospects for further peace negotiations remain uncertain.