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Union leaders trumpeted gains in SAG-AFTRA’s tentative contract with the major studios, citing stronger AI protections and the consolidation of previously separate pension plans.

“The theme of this negotiation really has been about looking out for the future of performers, and I think that the contract delivers on that,” Duncan Crabtree-Ireland, SAG-AFTRA’s chief negotiator, said in an interview Tuesday.

After striking the deal a little over a week ago, SAG-AFTRA said its national board approved the proposed contract on Monday.

The union‘s membership, which includes more than 160,000 actors, broadcast journalists, dancers, DJs, stunt performers, voice-over artists and other entertainment professionals, will begin voting on the new contract later this week.

“The scope of the contract is something that I hope the members find meaningful,” SAG-AFTRA President Sean Astin said.

One of the chief gains, he said, was merging of the pension plans of the two previously separate unions — the Screen Actors Guild and the American Federation of Television and Radio Artists — fourteen years after they agreed to combine.

Their health plans were consolidated in 2017, but the pensions have remained separate until the current negotiation cycle. That was a major sticking point with members, some of whom couldn’t qualify for benefits as their contributions were split between two plans. Studios agreed to boost their overall contributions to the combined plan by 1%.

Union leaders also pointed to stronger protections against AI, including new guidelines that govern how studios should use generative AI and that strongly favor “human performances.”

The guardrails state that producers should not intend to use AI in a human role unless a synthetic actor brings “significant additional value” to the production. The contract draws a distinction between a digital replica that is created with a performer’s consent vesus a synthetic digital character that is not authorized.

“Digital replicas are derived from human beings who have compensation and other protections available to them,” Astin said. “If it can’t be done like that, then they’ve got to bargain with us for some very unique use of synthetics…That’s a pretty high bar.”

Under the new contract, minimum wage rates will increase by 3% annually. The agreement also boosts the so-called bonus for residuals that performers get on most-watch streaming shows. Members will increase their contribution to the health plan by 1%.

The actors’ union first began negotiations with the Alliance of Motion Picture and Television Producers in February and extended those talks in March. They were briefly paused to allow the studios to finish negotiations with the writers’ union.

SAG-AFTRA joins WGA as the latest Hollywood union to strike a four-year deal with the studios. The previous contract term was three years.

The Directors Guild of America is the last union that still needs to land its own agreement. Negotiation sessions with the studios started on Monday. The contract is set to expire on June 30.

Trading on Tuesday began with high expectations that the Iran war is inching to a close, fuelling gains across major stock markets and pushing oil back under $100 a barrel.

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Investors remained hopeful for a lasting de-escalation of the conflict, now in its seventh week, as the US and Iran are said to be weighing a second round of talks before a temporary ceasefire agreement expires next week.

The US military on Monday began a blockade of Iranian ports as Washington steps up pressure on Tehran, following weekend ceasefire talks between the two sides that ended without agreement.

Trump also suggested on Monday that the United States is still willing to engage with Tehran.

“I can tell you that we’ve been called by the other side,” he said, without elaborating further.

Oil prices continued to pull back on Tuesday from earlier gains.

Brent crude, the international standard, was down 0.8% at $98.62 per barrel, nearing 8 am CET.

It reached nearly $104 early on Monday amid Iran war concerns and limited progress in weekend ceasefire talks.

Benchmark US crude fell 1.7% early Tuesday to $97.40 a barrel.

The global energy shock stemming from maritime traffic disruptions in the Strait of Hormuz, through which roughly a fifth of the world’s oil is typically transported, has led to surging fuel prices and threatens to push up inflation in many countries and weigh on economic growth.

Stock markets are hungry for good news

Investors were quick to recover after the dismal first trading day on Monday. Asian markets were mostly up on Tuesday morning, tracking Wall Street gains.

Tokyo’s Nikkei 225 was up 2.4%, while South Korea’s Kospi jumped more than 3% to 6,004.30.

Hong Kong’s Hang Seng rose 0.4% to 25,759.75, while the Shanghai Composite climbed 0.6% to 4,010.45.

This comes as China on Tuesday reported worse-than-expected export growth.

The world’s second-largest economy expanded its exports by 2.5% in March year on year, significantly slower than the previous two months as uncertainties rose from the Iran war and its impact on energy prices and global demand.

The March data missed analysts’ estimates and was sharply down from the 21.8% export growth recorded in January and February.

Wall Street rose on Monday. The S&P 500 gained 1%, the Dow Jones Industrial Average climbed 0.6% and the Nasdaq Composite added 1.2%.

Shares in Goldman Sachs fell 1.9% despite the investment bank posting better-than-expected quarterly profits.

In other trading, gold and silver prices rose on Tuesday. Gold was up 0.6% at $4,796.60 (€4,219.62) an ounce, while silver gained 1.8% to $77.05 (€67.80) per ounce.

The US dollar fell to ¥159.08 from ¥159.45. The euro was trading at $1.1766, up from $1.1759.