economy
Japan's Nikkei hits record high as Asia markets rise amid Middle East concerns
Asia-Pacific markets opened higher even amid concerns over volatile oil prices with the Strait of Hormuz remaining closed.
TL;DR
- Asia-Pacific markets opened higher, with Japan's Nikkei 225 hitting a record high.
- Investors seemed to look past uncertainty over U.S.-Iran negotiations and tensions in the Strait of Hormuz.
- Secretary of State Marco Rubio stated Iran has mined "large segments" of the Strait of Hormuz and fired on commercial ships.
- A White House official reported the Pentagon destroyed numerous mines and over 40 minelaying vessels.
- The Strait of Hormuz is crucial for global oil supplies, with around 20% passing through before the conflict.
- Japan's Nikkei 225 rose 2.94%, Topix added 2.14%; CSI 300 gained 1.52%, while Hang Seng lost 1.73%.
- Australia's S&P/ASX 200 rose 0.82% despite GDP growth missing expectations due to weaker spending and weather disruption.
- India's Nifty 50 fell 0.78%, and BSE Sensex slipped 0.85%.
- South Korea's markets were closed for a holiday.
- West Texas Intermediate and Brent crude futures saw gains.
- S&P 500 futures and Nasdaq 100 futures traded around the flatline.
- The S&P 500 rose 0.13% on Tuesday, ending above 7,600 for the first time; the Dow added 0.45%, and the Nasdaq Composite gained 0.03%.