S&P 500 rallies on hopes of US-Iran breakthrough ahead of Jackson HolePakistani Army Chief Munir is carrying an offer to Iran to halt blockade and lift sanctions under MoUCrypto news today: ETF inflows, Ethereum demand and US regulation lift sentimentGermany August Ifo business climate index 88.8 vs 87.2 expectedFrance August consumer confidence 86 vs 87 expectedGermany Q2 final GDP +0.3% vs +0.2% q/q prelimFX option expiries for 25 August 10am New York cutWhat are the main events for today?The most important piece of news for markets came arond the middle of the session when Al Arabiya reported that Pakistan's Army Chief was carrying a proposal to Iranian leaders aimed at reducing tensions between the US and Iran. The framework could involve a gradual easing of sanctions and an end to the US blockade under the Islamabad Memorandum of Understanding. Adding to optimism, Iranian sources described Munir's visit to Tehran as "highly productive" and indicated that the results of the talks could become apparent soon. The markets reacted positively to the news on expectations of potential de-escalation and eventually a deal. Oil prices dropped notably after the news, while equities rallied. It's not the first time we get such positive headlines, of course, but the fact that Trump spoke with Munir ahead of his trip strengthened market's hope for a better outcome.On the economic data side, Germany's final Q2 GDP report surprised to the upside as the preliminary 0.2% growth was revised to 0.3%, reinforcing the narrative of economic recovery in the largest Eurozone economy. The stronger reading added to a growing list of encouraging German data points which point to strenghtening economic activity. The German IFO Business Climate Index jumped to 88.8, much above the 87.2 consensus estimate and up sharply from the previous month. Both the current conditions and expectations components exceeded forecasts, pointing to improving business confidence across the economy. The survey confirmed that German activity is rebounding, with firms becoming increasingly optimistic about the months ahead despite geopolitical and energy-related uncertainties.In France, consumer confidence remained subdued in August, with the headline index holding at 86, below the 87 expected by analysts. The reading remains well below the long-term average of 100. French households remain pessimistic about the country's broader economic prospects. This article was written by Giuseppe Dellamotta at investinglive.com.