SINGAPORE, March 25 (Reuters) - Stocks rose and oil fell

on Wednesday on reports the U.S. is seeking a month-long

ceasefire in its war on Iran, and had sent a 15-point plan to

Iran for discussion, raising hopes for a resumption of oil

exports out of the Persian Gulf.

S&P 500 futures rose 0.9% in the Asia morning,

European futures lifted 1.2% and Brent crude futures

fell about 6% to $98.30 a barrel.

Equity markets in Australia, South Korea and

Japan rose roughly 2% in morning trade and gold,

which investors had been selling to take profit after a long

rally, rose 1.6%.

"The market is trading the headlines at the moment," said

Kerry Craig, global market strategist at J.P. Morgan Asset

Management in Melbourne.

"So there's a positive tone. The difficulty is now...there

are still unknowns about where this actually goes from here and

whether there's anything material in terms of a ceasefire."

U.S. President Donald Trump said on Tuesday the U.S. was

making progress in negotiating an end to the war, including

winning an important concession from Tehran, while a source

confirmed that Washington had sent Iran a 15-point settlement

proposal.

Israel's Channel 12, quoting three sources, said the U.S.

was seeking a month-long ceasefire to discuss the 15-point plan.

Tehran has denied that direct talks have taken place.

CAUTIOUS OPTIMISM

Markets have responded well, though cautiously, to rumblings

since Monday that the U.S. is looking for an end to hostilities,

since it is not really clear if there is much progress on when

the Strait of Hormuz can open to oil tankers.

So far this week the dollar is marginally lower - and it was

under slight pressure on Wednesday morning - buying 158.8 yen

and trading at $1.1620 per euro.

Brent crude prices remain up 35% since the war began and

near the $100 a barrel level that's already causing economic

pain for buyers in Asia who are paying up for jet fuel and

diesel.

Interest rate markets have also stuck with expectations of

fairly extreme responses from central bankers, pricing a series

of hikes in Europe, Britain, Japan and Australia in the coming

months to tame inflation, and no further U.S. rate cuts.

Benchmark 10-year Treasury yields dropped around

five basis points to 4.34% in Tokyo trade and two-year yields

fell by a similar margin to 3.875%.

Yields fall when bond prices rise.

LIGHT POSITIONING

"For now, it feels like a market that is reacting rather

than anticipating, and until there is clearer alignment from

both sides, I would expect price action to remain fragile," said

Marc Velan, head of investments at Lucerne Asset Management in

Singapore.

"People are reluctant to chase moves that are entirely

headline-driven and can reverse quickly."

On the ground U.S., Israeli and Iranian strikes have

continued and sources said Washington was preparing to send more

troops to the region.

Two people familiar with the matter told Reuters on Tuesday

that the U.S. was expected to send thousands of soldiers from

the Army's elite 82nd Airborne Division to the Middle East.

The Australian dollar hung around 70 U.S. cents after

February inflation data - from before the outbreak of war - was

a tad cooler than expected.

War worries have also obscured growing concerns in credit

markets where there are signs of stress in private credit and

Ares Management ( ARES ) on Tuesday became the latest asset manager to

cap withdrawals at a private debt fund, spooking investors.

Shares of Ares, which managed roughly $623 billion

in assets at the end of 2025, fell 1% on Tuesday. They are down

36% so far this year.