Oil Drops on Iran Talks, Global Stock Rally Resumes: – Asia Market Wrap
Global markets resumed their surge after a brief halt, as suggestions that Iran may enter negotiations with the US raised hopes for resolution in the Middle East ahead of a looming ceasefire deadline. Oil prices have dropped.
On Tuesday, the MSCI All Country World Index rose 0.1% as lowering geopolitical tensions and a comeback in the AI trade boosted Asian stocks. The gauge’s 11-day surge, the longest in five years, came to a stop on Monday as a tumultuous weekend in the Middle East called peace efforts into question. South Korean stocks climbed to a new high, as Apple fell in late US trading after appointing John Ternus as its next CEO.
Equity-index futures indicated that Asian advances could extend to Europe and Wall Street.
Gold fell 0.6% to around $4,800 per ounce. Silver fell 1% to around $78.90 per ounce, while Bitcoin dropped to around $75,750.
In Asia, tech stocks led the way, with MSCI’s technology index jumping 2.4% to extend its year-to-date gain to more than 38%. Earlier, the Philadelphia Semiconductor Index rose, marking the 14th consecutive session in the green – a winning streak it had only surpassed previously, in 2014.
