Oil Sinks, Tokyo Leads Asia Stock Surge on Growing Mideast Peace Hopes
SoftBank jumped more than 15% as traders bet lower oil and easing inflation fears would keep fueling the regional rally.
- On Thursday, Tokyo's Nikkei surged more than 5 percent as investors returned from a long holiday, leading a strong rally across Asian markets fueled by growing optimism the Iran war is nearing an end.
- President Donald Trump noted Wednesday that an agreement to end the war is near, with reports indicating both sides are close to a memorandum of understanding on opening the Strait of Hormuz.
- Oil prices tumbled more than 2 percent Thursday, falling below $100, while tech stocks drove gains with SoftBank rocketing more than 15 percent as traders embraced the shift from conflict to negotiations.
- Iran's foreign ministry spokesman Esmaeil Baqaei said the proposal is "still under review," while Parliament speaker Mohammad Bagher Ghalibaf warned Washington against trying to "force us to surrender" as the ceasefire remains fragile.
- Broadening the rally, markets in Hong Kong, Shanghai, and Seoul climbed as investors tracked standout earnings from US giants Microsoft, Apple, and Alphabet, signaling broad confidence in the economic recovery.
18 Articles
18 Articles
Al-Monitor
Oil sinks, Tokyo leads Asia stock surge on growing Mideast peace hopes
Oil sank again Thursday and Tokyo's Nikkei index led another strong rally across Asia stocks, fuelled by growing optimism the Iran war is close to ending and the revival of demand for all things AI.Risk sentiment was surging on hopes Washington and Tehran will conclude the conflict and reopen the Strait of Hormuz, which has been effectively closed since the start of March, choking off a fifth of the world's crude.
Global stocks mostly drop amid Middle East developments
European stock markets dropped after big gains the previous session, while leading Asian markets jumped Global stocks mostly dropped Thursday as Washington awaited Tehran’s response to a US plan to end the Middle East war and reopen the Strait of Hormuz. Crude oil declined sharply early in the session amid hopes for a peace deal that ends the strait disruption. But oil prices later cut losses. The benchmark international oil contract Brent Crude…
Oil sinks, Tokyo leads Asia stock surge on growing Middle East peace hopes
Asian markets surged, led by Japan and South Korea, with strong gains in tech and chip stocks across multiple regional exchanges. (EPA Images pic) HONG KONG: Oil sank again Thursday and Tokyo’s Nikkei index led another strong rally across Asian stocks, fuelled by growing optimism the Iran war is close to ending and the revival of demand for all things AI. Risk sentiment was surging on hopes Washington and Tehran will conclude the conflict and re…
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