Late on Tuesday, U.S. President Donald Trump announced the start of a two-week Pakistan-brokered ceasefire with Iran

Wed, Apr 8 · 3:12 PM UTC 2 min read

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The news came 90 minutes before Trump’s self-imposed deadline of 8 p.m.

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

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. 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.

#trump