Oil prices ease and Asian shares gain on hopes for Mideast deal, as companies report strong profits
BANGKOK (AP) — Asian shares surged and oil prices slipped Wednesday after the U.S. stock market rallied to records, helped by strong corporate…
Asian stock markets experienced a significant surge and oil prices dropped on Wednesday following a rally in the U.S. stock market, driven by robust corporate earnings reports and optimism surrounding a potential deal aimed at resolving the conflict in Iran. Major indices across Tokyo, Seoul, and Taiwan surged by over 3%, while U.S. benchmarks also reached new highs.
Tech companies specializing in computer chips and AI-related sectors saw substantial gains, with Kioxia and Advantest leading the charge. Major tech corporations, such as Samsung Electronics, also experienced positive movements. Neil Newman, a strategy head at Astris Advisory Japan, commented that the market rally was predominantly fueled by AI stocks, with semiconductor and technology sectors experiencing notable activity.
Meanwhile, other Asian markets, including Shanghai and Hong Kong, also recorded modest gains. In addition, oil prices experienced a decline, with Brent crude, the global benchmark, falling by 1.2% to $78.43 per barrel, as there was growing anticipation for advancements in the resolution of the Iran Strait of Hormuz situation.
Written by urgent.news from Associated Press's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
