Global stocks surged last week, pushing the S&P 500 and Nasdaq 100 to fresh records. | BLOOMBERG

Investors riding a scorching run of market momentum are likely to face a reality check when trading resumes in Asia after U.S. President Donald Trump rejected the latest peace offering.

Trump labeled Iran’s latest response to his proposal to end the 10-week conflict with the U.S. as “TOTALLY UNACCEPTABLE.” Iran offered to transfer some of its stockpile of highly enriched uranium to a third country in its response to the latest U.S. proposal to end 10 weeks of war, but rejected the idea of dismantling its nuclear facilities, The Wall Street Journal reported.…