- Asian markets showed mixed performance amid concerns over prolonged Middle East conflict and US-Iran tensions
- MSCI Asia Pacific Index fell 0.4%, Nikkei 225 rebounded 0.2%, South Korea’s Kospi dropped 0.5%
- US futures rose modestly after Wall Street's previous session losses with S&P 500 and Nasdaq futures up
Asian stock markets were mixed on Wednesday as concerns grew that the Middle East conflict could drag on, after President Donald Trump extended a US ceasefire in Iran. The MSCI Asia Pacific Index slipped 0.4%.
Japan's benchmark Nikkei 225 initially fell 0.4%, but recovered losses to trade 0.2% higher. The broader Topix was down 0.8%. South Korea's Kospi fell 0.5% after reaching a record high in the previous session.
Australia's S&P/ASX 200 was 0.9% lower. Hong Kong Hang Seng index futures were at 26,264, compared with the index's last close of 26,487.48.
Trump announced he was extending a ceasefire with Iran indefinitely a day before it was set to expire, even as plans for a fresh round of talks between the two countries fell apart. The US would hold off on fresh attacks, but would maintain its blockade of the key Strait of Hormuz, which remains at a virtual standstill.
Vice President JD Vance had been due to travel to Pakistan to resume talks with Iran, but representatives from Tehran refused to attend, citing what they said were unreasonable US demands. Iran's semi-official Tasnim news agency said that there is currently no prospect of Iran participating in negotiations, Bloomberg reported.
Oil Prices
Oil prices held on to recent gains after Trump extended a ceasefire with Iran, even as the continuation of a naval blockade in the Strait of Hormuz kept supply concerns front and centre. Brent crude for June settlement slipped 0.2% to $98.32 a barrel, while WTI for June delivery eased 0.3% to $89.36, after both benchmarks surged nearly 9% over the previous two sessions.
Wall Street
S&P 500 and Dow Jones Industrial Average futures added 0.5% and 0.4%. Nasdaq 100 futures was up 0.7%.
During Tuesday's regular session, the S&P 500 closed down 0.63% at 7,064.01, while the Nasdaq Composite settled 0.59% lower. The Dow Jones Industrial Average shed 293.18 points, or 0.59%, to finish at 49,149.38.
ALSO READ: Brent Crude Holds Near $98 As Trump Maintains Truce, But Keeps Hormuz Blockade
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