Asian shares rallied to near a record as optimism around the artificial intelligence trade and stronger-than-expected earnings from megacap tech companies propelled benchmarks in South Korea and Taiwan to all-time highs. The yen gained. MSCI’s Asian equities index climbed 2.2% to within touching distance of its all-time high set on Feb. 27, which was just before the US-Israel war on Iran began. Gauges in South Korea and Taiwan both advanced more than 4%. Taiwan Semiconductor Manufacturing Co. jumped 6.6% and South Korean chipmaker SK Hynix Inc. surged 11%. Futures for the S&P 500 and the Nasdaq 100 also gained after the Wall Street gauges closed at new highs on Friday on earnings from major tech companies including Apple Inc. Asian markets opened higher after President Donald Trump said the US would begin guiding ships not involved in the Iran conflict through the Strait of Hormuz from Monday. However, a senior Iranian official said Tehran would consider any US interference in the Strait a ceasefire breach, according to an AFP report. Brent crude whipsawed — initially falling 2.4%, then erasing those losses before trading little changed at about $108 a barrel. The yen strengthened as much as 0.7% Monday after Japan reportedly intervened in the market last week. There’s no cash trading of US Treasuries until New York opens due to holidays in Tokyo and London. Mainland China is also closed. In other corners of the market, gold edged lower to around $4,600 an ounce, while silver traded around $75.75 an ounce. Bitcoin led cryptocurrencies higher, rising 1% to about $79,800. MSCI’s gauge of Asian technology shares surged 4.7% to a record. The latest headlines add to the month-long surge in equities as traders mostly set aside concerns about the economic fallout from the Middle East hostilities, with signs of corporate resilience driving US stocks to their best month since 2020. Efforts to turn a fragile ceasefire into lasting peace combined and signs of US economic strength sent the S&P 500 to its fifth consecutive week of gains. Trump described discussions with Tehran as “very positive” after it received Washington’s response to its latest proposal to end the war. Steps to guide neutral ships out through the Strait of Hormuz could pave the way for smoother energy flows from the Middle East after a near-full blockade for two months. Iran’s proposal called for a complete end to the conflict within 30 days along with guarantees against renewed strikes, the semi-official Tasnim News Agency reported. The plan reiterated Tehran’s earlier demands, including that US forces withdraw from near Iran, a maritime blockade be lifted, sanctions removed and reparations paid, it said. The S&P 500 Index ended April at highs with about 81% of the benchmark’s companies having beat first-quarter earnings estimates, according to data compiled by Bloomberg. Emerging market equities notched a fresh record high toward the end of April while Asian shares have also recouped their war-driven losses. Risk-taking went beyond equities, with high-yield credit spreads near multi-year tights and retail traders piling into prediction markets and zero-day options. The rally has held through the war in Iran, oil above $100 a barrel and a Federal Reserve that has signaled rates will stay higher for longer amid elevated energy costs.
Nikkei +0.38% Hang Seng +1.71% CSI -0.06% Shanghai +0.11% Shenzen +0.13%
Eur$ 1.1731 CNH 6.8215 CNY 6.8289 JPY 156.68 GBP 1.3589 CHF 0.7808 RUB 75.0001 TRY 45.1930 WTI$ 101.49 -0.46% Gold 4;610 -0.10% BTC 80;239 +1.68% ETH 2,388 +2.50%
S&P +0.16% Nasdaq +0.36% EuroStoxx +0.43% FTSE Closed Dax +0.39% SMI +0.25%
Macro :
- US to Hike Tariff Rate on EU Auto Imports to 25%, Trump Says
- Aegon, Barclays Say Prepare for Market Pain: Credit Weekly
- World’s Largest Container Carrier Plans Route Avoiding Hormuz
- US Approves Nearly $9 Billion in Weapons Sales to Mideast States
- Morocco’s Crown Prince Gets Key Army Role in Sign of Elevation
- Trump Ramps Up Pressure on Cuba With Fresh Sanctions Push
Keep an eye on :
Keep an eye on :
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- YAR NO :UAE fertiliser giant resorts to trucks to shift product out of Gulf - FT