Equity indices in Japan and South Korea hit a record high Thursday after US President Donald Trump's extension of the Iran ceasefire helped to buoy investor sentiment, while upbeat earnings reports also lifted sentiment.
Japan and South Korea stocks hit a record high Thursday, trailing gains in U.S. stocks overnight after President Donald Trump's extension of the Iran ceasefire helped to buoy investor sentiment, while upbeat earnings reports also lifted sentiment. Trump extended a two-week US ceasefire a day ago, marking a retreat from threats to resume bombing Iran if a deal wasn't reached by a Wednesday deadline.
Japan's benchmark Nikkei 225 rose 0.7% to hit an all-time high of 60,014 intraday, supported by strong gains in tech stocks. Softbank Group Corp gained over 6% while Mitsubishi Industries gained 1.86%, according to CNBC International. The broader Topix clawed back losses to trade flat.
South Korea's blue-chip Kospi popped 2.2% to scale a fresh peak. The country's economy grew more than expected in the first three months of the year, recording the fastest growth since the third quarter of 2020.
Australia's S&P/ASX 200 was 0.4% lower. Hong Kong Hang Seng index futures were at 26,171, compared with the index's last close of 26,163.24.
The US dollar was little changed against major currencies. The Japanese yen was flat at 159.38 per dollar.
ALSO READ: Brent Crude Climbs Above $105 As US-Iran Peace Talks Stall, Hormuz Tensions Escalate
Oil Prices
Oil prices extended gains for a fourth straight session as tensions between the US and Iran intensified, with no breakthrough in peace negotiations and continued disruption in the Strait of Hormuz. Brent crude hovered near $106 a barrel, while US West Texas Intermediate traded around $97, reflecting sustained supply concerns.
Wall Street
US stocks closed at a fresh record high on Wednesday as Trump's ceasefire extension with Iran boosted optimism among traders. The S&P 500 Index gained 1% to close at an all-time closing high. The tech-heavy Nasdaq 100 Index finished 1.7% higher, also setting a fresh all-time closing high.
In the futures segment, contracts for S&P 500 and Nasdaq were down 0.3% and 0.2%.
ALSO READ: S&P 500, Nasdaq Set Fresh Record High as Trump Extends Iran Ceasefire
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