Asian markets today: Asian markets surged on Wednesday, April 8, after US President Donald Trump announced a two-week pause on planned attacks on targeting Iranian infrastructure.
South Korea led the gains, with the Kospi soaring 6% and the smaller Kosdaq advancing 3.95%. Major stocks Samsung Electronics and SK Hynix rallied 7.25% and 9.61%, respectively.
Japan’s Nikkei 225 extended its rally to 5.05%, while the Topix climbed 3.13%. Meanwhile, Australia’s S&P/ASX 200 rose 2.7% in early trade on Wednesday.
China’s CSI 300 rose 2.76%, while Hong Kong’s Hang Seng Index climbed 2.87% as markets reopened after the holiday.
Meanwhile, the Indian stock market saw robust buying activity on Wednesday morning, driving benchmark indices sharply higher, with both the Sensex and Nifty 50 surging around 4%. The Sensex rallied over 2,800 points, or nearly 4%, to hit an intraday peak of 77,392, while the Nifty 50 climbed more than 800 points, or 3.5%, reaching a high of 23,939 during the session.
“Indian equity markets are poised to open higher, supported by an improvement in global sentiment following a marked easing in geopolitical tensions. A temporary two-week ceasefire between the United States and Iran has helped restore risk appetite across global markets, reducing the immediate uncertainty that had weighed on equities,” said Ponmudi R, CEO of Enrich Money.
US-Iran ceasefire deal
US President Donald Trump announced a ceasefire ahead of an earlier indicated strike deadline, tying the deal to the reopening of the Strait of Hormuz for global maritime traffic. Iran has indicated conditional acceptance of the proposal, while Israel has temporarily halted its operations.
In a post on Truth Social, Trump said the agreement was “subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.”
Iranian Foreign Minister Abbas Araghchi, posting on X on behalf of the country’s Supreme National Security Council, stated that Tehran’s armed forces would “cease their defensive operations.”
Trump added that the two-week ceasefire depends on Iran ensuring full, immediate, and secure access through the Strait. Araghchi noted that safe transit through Hormuz would be maintained for the next two weeks in coordination with Iran’s military.
Following the announcement, US crude oil prices dropped sharply, with the West Texas Intermediate contract for May delivery falling more than 16% to $94.23 per barrel.
US stock market today
US equities finished on a positive note on Tuesday as investors weighed signs of progress in negotiations ahead of President Donald Trump’s deadline for Iran regarding the Strait of Hormuz.
In the final hour of trading, the three major indexes rebounded from sharp losses earlier after Pakistan’s Prime Minister Shehbaz Sharif said on X that diplomatic efforts toward a peaceful resolution in the Middle East were advancing steadily.
Just before the closing bell, both the S&P 500 and the Nasdaq turned positive to end at least 1% higher, extending their winning streak to five consecutive sessions.
Futures linked to the Dow Jones Industrial Average jumped 718 points, or 1.5%. S&P 500 futures gained 1.6%, and Nasdaq 100 futures rose 1.7%.
In overnight trade, the S&P 500 edged up 0.08% to close at 6,616.85, while the Nasdaq Composite added 0.10% to finish at 22,017.85. The Dow Jones Industrial Average, however, declined by 85.42 points, or 0.18%, ending at 46,584.46.
(With inputs from agencies)
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