Asian Stocks Surge As Trump Pauses Project Freedom, Brent Oil Drops Below $110, KOSPI Sets New Record
Asian stock markets rose sharply on Wednesday as optimism grew over a potential US-Iran ceasefire. President Trump announced significant progress in peace talks and paused “Project Freedom” for ship movements through the Strait of Hormuz. Brent Crude futures dropped below 110 dollars per barrel. South Korea’s KOSPI hit a fresh record high, boosted by Samsung Electronics.
Asian stock markets rose sharply on Wednesday as optimism grew over a potential US-Iran ceasefire. |
Mumbai: Stock markets in Asia rose Wednesday as hope of a ceasefire between the US and Iran increased. US President Donald Trump said great progress has been made in peace talks with Iran, and that he has put a pause on 'Project Freedom'.
Brent Crude Oil futures slipped below $110 per barrel. South Korea's benchmark KOSPI hit a fresh record high. "...the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, we have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time," Donald Trump wrote in a post on Truth Social.
In South Korea, Samsung Electronics Co. crossed the $1 trillion mark in market capitalisation for the first time, driven upwards by a rally in artificial intelligence stocks. Shares of Samsung soared over 12% intraday, helping the KOSPI hit another record.
The South Korean electronics company is the second Asian company after TSMC to join the $1 trillion club. South Korea's headline inflation accelerated to a 21-month high of 2.6% on year in April. The latest inflation print was in line with what The Wall Street Journal polled. Inflation had risen 2.2% on year in March. Markets in Japan remained closed Wednesday.
Disclaimer: This story is from the syndicated feed. Nothing has been changed except the headline.
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