Asian markets rally as US and Iran reach deal to end hostilities and reopen Strait of Hormuz
By
John Power, Erin Hale
A second-rack bagel that's nearly first-rack. Tasty stuff.
Summary
Asian stock markets surged following the announcement of a deal between the US and Iran to end the US-Israel war on Iran and reopen the Strait of Hormuz. Japan's Nikkei 225 soared 5.5%, South Korea's Kospi jumped 5.7%, and other regional markets saw significant gains. US stock futures also pointed to a positive open, reflecting investor relief over the de-escalation of geopolitical tensions and the expected stabilization of oil supplies through the Strait of Hormuz.
Key quotes
· 4 pulledStock markets across the Asia Pacific are surging following the announcement of a deal between Washington and Tehran to end the US-Israel war on Iran.
Japan's Nikkei 225 benchmark index soared 5.5 percent in morning trading on Monday, while South Korea's Kospi jumped as much 5.7 percent.
Taiwan's Taiex climbed as much as 2.7 percent, while the ASX200 in Australia rose about 1.5 percent.
In Hong Kong, the Hang Seng Index rose about 1 percent before giving up most of its gains later in the morning.
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