Asian stocks jump as Wall Street rallies over renewed hopes of Iran war end
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Asian shares were sharply higher Wednesday after US stocks soared to their best day since last spring on renewed hopes that the Iran war could soon end.
South Korea's Kospi surged 5.2 per cent to 5,312.45 in early trading, while Tokyo's Nikkei 225 rose 3.5 per cent to 52,840.67.
Australia's S&P/ASX 200 was up 1.9 per cent to 8,641.30.
The renewed optimism came after US President Donald Trump said on Tuesday the United States will be done attacking Iran probably in two to three weeks, and that the US "will not have anything to do with" what happens next in the Strait of Hormuz.
The White House said Trump will deliver a public address Wednesday evening on the Iran war.
Trump's remarks came after he told US allies to "go get your own oil" and blamed them for refusing to be more involved in its war effort. Significant maritime traffic disruption at the Strait of Hormuz, where roughly a fifth of the world's oil typically passes through, has sent energy prices surging and is fueling global inflation.
Oil prices steadied after an earlier dip. The price for a barrel of Brent crude, the international standard, was up 0.6 per cent at USD 104.62 early Wednesday. Benchmark US crude rose 0.9 per cent to USD 102.30.
On Tuesday, the S&P 500 jumped 2.9 per cent for its largest gain since May to 6,528.52. The Dow Jones Industrial Average surged 2.5 per cent to 46,341.51, and the Nasdaq composite leaped 3.8 per cent to 21,590.63.
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Lauding "enormous accomplishments" in the war against Iran, Israel Prime Minister Benjamin Netanyahu said Tuesday evening that the joint Israel-US campaign was "systematically crushing" the Islamic regime while removing existential threats to the Jewish state.
Addressing the nation in Hebrew ahead of the Jewish festival of Pesach (Passover), Netanyahu stressed that "sooner or later" the Iranian regime will fall, while Israel creates "new alliances with important countries in the region" against the shared threat emanating from Tehran.
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US President Donald Trump on Monday renewed his attack on birthright citizenship, saying the constitutional provision was meant for the “BABIES OF SLAVES” and not for children of wealthy foreigners.
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IndiGo has appointed former British Airways chief William Walsh as its new Chief Executive Officer (CEO), the airline said on Tuesday.
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