- Asian stock markets rose following a strong Wall Street session and easing Strait of Hormuz tensions
- South Korea's Kospi surged 4.69%, Japan's Nikkei 225 climbed 3.13%, Australia's ASX 200 gained 0.25%
- The S&P 500 hit a record close above 7,700, and Dow Jones added over 900 points to a record high
Asian stock markets climbed on Wednesday, tracking a strong Wall Street session as investors took cues from gains in U.S. equities and signs that Washington and Tehran could be moving closer to an agreement over the Strait of Hormuz.
South Korea's Kospi jumped 4.69%, Japan's Nikkei 225 rallied 3.13% and Australia's ASX 200 gained 0.25%.
The advance followed a second consecutive session of strong gains on Wall Street. U.S. equities rose after corporate earnings and comments from Treasury Secretary Scott Bessent raised expectations that the United States and Iran could be nearing an agreement that would allow the Strait of Hormuz to reopen.
The S&P 500 gained 1.8% and finished above 7,700 for the first time, setting a record closing high. The Dow Jones Industrial Average added more than 900 points to also end at a record.
Oil prices moved in the opposite direction as prospects of progress over the key energy shipping route eased concerns about supply disruptions. West Texas Intermediate crude futures dropped 5.7% to settle at $75.77 a barrel.
U.S. equity futures were comparatively subdued after the Wall Street rally. Dow futures rose 90 points, or 0.2%, and S&P 500 futures gained 0.1%, while Nasdaq-100 futures slipped 0.2%.
Investors are likely to continue monitoring developments between the U.S. and Iran, with any agreement over the Strait of Hormuz having implications for crude oil prices and broader market sentiment.
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