Market Overview: Asian Shares Surge Following Wall Street Rebound

BANGKOK (AP) — Asian markets experienced significant gains on Thursday after a rebound in U.S. stocks, with South Korea’s Kospi recovering the 12% it lost the previous day.

In Tokyo, the Nikkei 225 surged by 4.3% to reach 56,600.44. South Korea’s Kospi was trading at 5,702.02 before trading was halted shortly after the initial surge.

Australia’s S&P/ASX 200 saw a slight increase of 0.3% to hit 8,927.20, while New Zealand’s benchmark index rose by 0.9%. Taiwan’s main share index also recorded a 4% gain.

Contrarily, U.S. futures remained relatively stable, with the Dow Jones Industrial Average flat and the S&P 500 slightly rising by 0.2%. The increase in U.S. stocks followed a stabilization in oil prices and positive updates regarding the American economy.

The S&P 500 climbed by 0.8% on Wednesday, recovering much of the losses experienced since the onset of the conflict with Iran. The Dow added 0.5%, and the Nasdaq composite increased by 1.3%. Financial markets have been volatile this week due to the ongoing uncertainty regarding the Middle Eastern war.

On the oil front, prices initially stabilized on Wednesday. After momentarily exceeding $84, Brent crude settled at $81.40, reflecting a return to prior levels. However, oil prices resumed their upward trajectory on Thursday, climbing by 2.4% to $83.32 per barrel.

Recent reports indicating robust growth in the U.S. business sector were encouraging. The real estate and finance sectors saw their fastest growth since mid-2022, while hiring outside the government sector showed a positive trend. Despite these signs of economic strength, there remains concern over how the conflict in Iran may impact inflation and corporate profits. While some investors suggest remaining patient through market fluctuations, others voice doubts about the situation’s escalation.