Asia-Pacific markets rallied on Wednesday after U.S. President Donald Trump said he had agreed to suspend planned attacks on Iranian infrastructure for two weeks.
Japan’s Nikkei 225 vaulted 2,878.86 points, or 5.4%, to 56,308.42
In Hong Kong, markets emerged from an extended long weekend with a vengeance, the Hang Seng popping 776.49 points, or 3.1%, to 25,893.02.
The move was “subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz,” he wrote on Truth Social.
Iranian Foreign Minister Abbas Araghchi, in a post on X on behalf of the country’s Supreme National Security Council, said Tehran’s armed forces will “cease their defensive operations.”
Trump noted the two-week ceasefire was subject to Iran agreeing to a complete, immediate and safe opening of the Strait of Hormuz. Araghchi said that safe passage through the Strait of Hormuz will be possible for the next two weeks in coordination with Iran’s armed forces.
U.S. crude oil prices plunged on the news. The West Texas Intermediate fell more than 16% to $94.71 per barrel by 2.40 a.m. ET. International benchmark Brent lost more than 14.9% to $93 per barrel.
In other markets
The CSI 300 index in Shanghai captured 154.94 points, or 3.5%, to 4,595.56.
In Taiwan, the Taiex zoomed 1,531.56 points, or 4.6%, to 34,761.38.
South Korea’s Kospi climbed 377.56 points, or 6.9%, to 5,494.78
In Singapore, the Straits Times Index dipped 14.39 points, or 0.3%, to 5,872,34.
In Australia, the AZX 200 hiked 223.03 points, or 2.6%, to 8,951.80.
In New Zealand, the NZX 50 advanced 223.03 points, or 2.6%, to 13,253.94.
