Asian Stocks Rise With Eyes on Payrolls and the Iran War – Europe Market Wrap

Asian equities climbed at the close of another tumultuous week, with a report raising hopes that more commerce may be allowed through the Strait of Hormuz. On Friday, vital US payroll statistics will be released, and attention is turning to that.

Regional shares rose Thursday after US stocks recovered on news that Iran is writing an agreement with Oman to oversee commerce along the crucial waterway, which has been essentially closed since the beginning of the war. Trading was quiet in Asia, with many significant markets off for holidays. Major European markets have also closed.

Treasury futures traded barely changed in Asia, with the cash market closed until US hours, when it will reopen for a full day. The Dollar was mixed against its Group of 10 counterparts. US stock-index futures, which are also available for a brief session, fell, with S&P 500 contracts down 0.3%.

Oil prices rose beyond $110 per barrel Thursday as Trump issued new threats against Iranian infrastructure in an effort to put pressure on Tehran during negotiations. West Texas Intermediate rose 11%, as the global Brent benchmark settled near $109.

Iran targeted more sites in Arab Gulf states overnight and into Friday. A container ship signaling French ownership exited the Strait of Hormuz, in what appeared to be the first known transit by a vessel linked to Western Europe since the Iran war all but shuttered the vital.