Asian markets traded mostly higher on Friday as investors welcomed reports that the US and Iran are nearing an agreement to extend their ceasefire for a further 60 days, raising hopes of a broader diplomatic breakthrough in the Middle East.
Oil prices fell to their lowest levels in two months on Friday as investors grew increasingly optimistic that ongoing negotiations between the US and Iran could lead to a longer-term ceasefire agreement and an eventual reopening of the Strait of Hormuz.
Brent crude dropped as much as 1.4% to US$92.40 a barrel, its lowest level since March 11, while US benchmark West Texas Intermediate fell 1.7% to US$87.37.
Market participants are closely monitoring negotiations between Washington and Tehran, with any agreement likely to have significant implications for global energy markets and inflation expectations.
Japan’s Nikkei 225 surged 2.8% to 66,483.83 after inflation data showed Tokyo’s core consumer prices rose at a slower pace than economists had forecast, boosting expectations that monetary policy will remain supportive.
South Korea’s Kospi climbed 3.1% to 8,439.50, with both Japanese and South Korean benchmarks trading close to record highs.
Elsewhere, Hong Kong’s Hang Seng advanced 0.9% to 25,223.63, while China’s Shanghai Composite slipped 0.9% to 4,060.68.
Australia’s S&P/ASX 200 gained 1.6% to 8,731.70 and Taiwan’s Taiex jumped 2.5% to 44,732.94.
US stock futures edged higher after another record-setting session on Wall Street. The S&P 500 rose 0.6%, the Nasdaq 100 gained 0.8%, and the Dow Jones Industrial Average added 0.1%.
In the technology sector, AI developer Anthropic strengthened its position in the artificial intelligence race after raising US$65 billion in fresh funding, valuing the Claude chatbot creator at US$965 billion and overtaking OpenAI in valuation for the first time.
