Stock markets throughout Asia opened with significant gains Thursday morning, building on momentum from a Wall Street recovery as crude oil prices settled after recent volatility.
South Korea’s Kospi index recovered the entire 12% loss it suffered the previous day, while Tokyo’s Nikkei 225 surged 4.4% higher.
The positive movement in Asian markets followed Wednesday’s recovery on Wall Street, where investors found relief as oil price increases slowed and economic data provided positive signals about the U.S. economy.
On Wednesday, the S&P 500 gained 0.8%, nearly wiping out losses accumulated since Middle East tensions escalated. The Dow Jones Industrial Average increased 0.5%, while the Nasdaq composite posted a 1.3% gain.
Financial markets worldwide have experienced volatility this week due to uncertainty surrounding Middle East conflicts, with many investors closely monitoring crude oil price movements for direction.
Throughout Wednesday’s trading session, oil prices pulled back from earlier highs.
Brent crude, the global benchmark, reached above $84 per barrel before settling at $81.40, returning to previous day levels. U.S. benchmark crude edged up just 0.1% to close at $74.66 per barrel.
