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AAP
AAP
Business
Derek Rose

Aust shares gain after US agrees to 'stand down' in war

United States Iran Australia The United States
Markets are pricing in a peace deal in the Middle East as highly likely despite fresh hostilities. (Lukas Coch/AAP PHOTOS)

The Australian share market has moved higher after a US official said America and Iran would "stand down for now" following an exchange of fire near the Strait of Hormuz that tested their fragile ceasefire.

The benchmark S&P/ASX200 index finished Monday up 59.2 points, or 0.68 per cent, at 8,823.4, while the broader All Ordinaries gained 62.7 points, or 0.7 per cent, at 9,026.9.

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