CNBC Daily Open: Markets rally on hopes of Iran-U.S. Strait of Hormuz deal

Markets experienced a significant rally on Tuesday as hopes for an Iran-U.S. Strait of Hormuz deal grew, according to CNBC correspondent Justina Lee from Singapore. U.S. Treasury Secretary Scott Bessent stated that a deal could be reached by Wednesday, expressing optimism that the Strait, which previously carried about 20% of global oil traffic, would remain "free and open for all commercial vessels."

Tech stocks in Asia saw a rally following Wall Street's record-setting session, driven by optimism surrounding artificial intelligence and growth stocks. General Motors and China's SAIC Motor extended their joint venture by 20 years, with the agreement now lasting until 2047, focusing on domestic sales and exports of vehicles built in China for non-U.S. markets.

Meanwhile, India's retail inflation hit an 18-month high in June, surpassing the central bank's 4% target for the first time in over a year. Novo Nordisk's stock price also saw fluctuations, as investors reacted to the company's raised guidance, which did not impress market participants. Analysts noted that the improved results were likely due to temporary factors such as rebate adjustments and varying drug sales, while concerns about Novo Nordisk's long-term growth prospects persist due to increased competition from Eli Lilly.