Precise Investors Editorial Team
Investor sentiment improved after reports said Tehran and Washington had reached a draft agreement to extend their ceasefire for another 60 days and continue negotiations over other issues
Asian stock markets rose sharply on Friday, led by artificial intelligence-linked shares, while reports that Iran and the U.S. were close to extending their ceasefire also boosted risk appetite.
Nikkei 225 climbed 2.6% to levels just below record highs hit earlier this week, while the broader TOPIX index gained 2%.
KOSPI soared 3.2% to near record levels, powered by strong gains in semiconductor and artificial intelligence-linked shares.
Shanghai Composite edged down 0.4%, while the blue-chip Shanghai Shenzhen CSI 300 index traded flat. Hang Seng index added 1%, with the Hang Seng TECH sub-index jumping 1.7%.
Investor sentiment improved after reports said Tehran and Washington had reached a draft agreement to extend their ceasefire for another 60 days and continue negotiations over other issues.
Iranian media said the framework had not yet been finalized, while the proposed agreement still requires consent from the U.S. president.
The reports helped calm some fears of further tensions surrounding the Strait of Hormuz, a key route for international oil supplies.
Oil prices declined for a second straight session, with Brent crude heading for its sharpest weekly drop in almost two months.
Straits Times Index advanced 1%, while Nifty 50 was largely unchanged.
S&P/ASX 200 index jumped 1.3%.
In Japan, data showed Tokyo core inflation slowed to 1.3% in May, remaining below the Bank of Japan’s 2% target and reinforcing expectations that the central bank will proceed cautiously with further policy normalization.
Separate data showed that Japan’s factory output increased 0.9% in April from the previous month, rebounding unexpectedly despite concerns over rising energy costs and supply-chain disruptions linked to Middle East tensions.
In related news, U.S.’ S&P 500 and NASDAQ Composite posted record closing highs overnight, driven by strong gains in AI-linked companies.
U.S. stock index futures were little changed during Asian hours.
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