economy
Asia-Pacific markets mostly rise in Easter trade on hopes for Hormuz reopening
South Korea's Kospi led gains in the region while Japan's Nikkei 225 also opened higher. The Australian and Hong Kong markets were closed for the Easter weekend.
TL;DR
- Asia-Pacific markets mostly traded higher on Friday due to hopes for a partial reopening of the Strait of Hormuz.
- Iran and Oman are reportedly drafting a protocol to monitor transit through the Strait of Hormuz.
- Oil prices surged significantly, with U.S. crude futures up nearly 12% and Brent crude reaching its highest level since the 2008 financial crisis.
- South Korea's Kospi led regional gains, rising 2.74%, while Japan's Nikkei 225 was up 1.26%.
- South Korean President Lee Jae Myung is set to meet with French President Emmanuel Macron for a summit.
- The CSI 300 index in mainland China reversed earlier gains, falling 0.85%.
- Australian and Hong Kong markets were closed for the Easter weekend.
- U.S. markets experienced a volatile session but closed little changed, with the Dow declining slightly, the S&P 500 advancing, and the Nasdaq Composite gaining.