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Asian stocks rally after Trump’s Iran ceasefire and ‘immediate’ Hormuz opening—even as it remains unclear how open the strait
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◎ Multiple-sources
Asian markets surged Wednesday morning as investors welcomed a two-week ceasefire between the U.S. and Iran, even if details of what the temporary truce means for transit through the strategic Strait of Hormuz remain unclear.
Key facts
- Eastern Time, South Korea’s KOSPI is up by 7.1%, while Japan’s Nikkei 225 rose 5.5%
- Hong Kong’s Hang Seng Index, back from a long holiday weekend, also gained 3.1%, while Australia’s ASX 200 is up by 2.6%
- On April 7, Singapore announced nearly 1 billion Singapore dollars ($784 million) in relief measures for local households and businesses
- Australian flag carrier Qantas rose by 10%, while budget airline AirAsia surged by 6.9%
Summary
Eastern Time, South Korea’s KOSPI is up by 7.1%, while Japan’s Nikkei 225 rose 5.5%. Benchmark indexes in Vietnam, Indonesia, and the Philippines rose by more than 2.0%. (Investors may have also been cheered by index maker FTSE’s signal that it will upgrade Vietnam to emerging market status, and won’t downgrade Indonesia to a frontier market ). Airline stocks, which have been hard-hit by fuel shortages, jumped on Wednesday. Late on Tuesday, U.S. President Donald Trump announced the start of a two-week Pakistan-brokered ceasefire with Iran.