Chinese chipmaker CXMT debuts on Shanghai exchange with massive gains

Chinese memory chip company CXMT started trading in Shanghai on Monday, and its shares jumped nearly 470% on the first day. The company is now China's most valuable listed business, with a market value of around 3.3 trillion yuan, or about $490 billion.

Global stock markets also rose on the same day. Shanghai gained 1.2%, Hong Kong rose 1%, and Japan's Nikkei was up 0.5%. In Europe, Germany's DAX climbed 1.6% and France's CAC 40 added 0.8%. US futures for the S&P 500 and Dow Jones both rose 1%. The gains came after reports that the US and Iran had stopped military actions and were talking about a ceasefire. Oil prices fell between 4% and 7% during the same session.