With Emphasis on the Middle East, Asian Shares Advanced – Asia 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.
Regional shares rose in response to a recovery in US equities on Thursday, which revealed that Iran is writing an agreement with Oman to control traffic across the crucial canal, which has been essentially closed since the beginning of the war. Trading was weak in the region, with many significant markets closed for the holidays.
MSCI’s benchmark Asia Pacific Index rose 0.7%, with South Korea’s Kospi increasing 2.9% and Japan’s Nikkei 225 Stock Average rising 1.1%. China’s CSI 300 Index fell 0.6% after initially rising.
Australia, New Zealand, Hong Kong, Singapore, Taiwan, the Philippines, and Indonesia were among the Asian markets closed on Friday due to holidays. The US stock market will also be closed on Good Friday, while the government is still slated to provide a slew of economic statistics, including March nonfarm payrolls.
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.
