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Oil prices were up more than one percent in early Asian trade on Thursday off the back of persistent worries about supplies because of the Middle East conflict. But following days of market declines, Asian stocks rose in early trade Thursday.
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Asian equities rebounded, tracking US stock gains fueled by positive economic data, despite ongoing Iran war uncertainty. South Korea’s Kospi surged 11%, and the MSCI Asia Pacific Index rose 2.8%. Oil prices continued their ascent for a fifth day, while gold advanced as the dollar weakened.
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Indian markets mirrored global trends as US stocks surged on Wednesday. Investor fears eased following reports of Iran’s openness to talks and President Trump’s commitment to stabilize oil markets. Tech shares saw renewed interest, boosting the Nasdaq. The S&P 500 neared its all-time high. Oil prices remained steady. This development offers a glimmer of optimism for investors.
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Gold prices surged on Thursday. Escalating Middle East conflict drove investors to safe-haven assets. A softer dollar also boosted bullion prices. The U.S. and Iran are involved in a widening war. This geopolitical tension has sent gold up significantly this year. Investors are now awaiting key U.S. economic data releases.
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The dollar’s rally paused Thursday, offering relief to the euro amid hopes the Middle East conflict might be shorter than feared. Investors seized on a report of potential Iran-CIA talks, though Tehran denied it. Upbeat US services data also supported sentiment, even as the dollar held weekly gains amidst market volatility.
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