HONG KONG (AP) — Markets across Asia climbed Friday, following the upward momentum from Wall Street, as crude oil values increased in anticipation of upcoming ceasefire negotiations between the United States and Iran scheduled for Pakistan.
South Korea’s Kospi index surged 1.8% to close at 5,879.71, while Japan’s Nikkei 225 advanced 1.6% to reach 56,789.58. Fast Retailing, the company behind Japanese clothing chain Uniqlo, saw its shares spike over 10% after announcing improved annual profit forecasts.
In Hong Kong, the Hang Seng index climbed 0.7% to 25,919.12, and China’s Shanghai Composite rose 0.6% to 3,991.14. Chinese officials released data Friday showing the nation’s consumer price index increased 1% year-over-year in March, falling short of analyst predictions and declining from February’s 1.3% rise.
Australia’s S&P/ASX 200 declined 0.4%, while Taiwan’s Taiex advanced 1.3% and India’s Sensex posted a 0.7% gain.
Diplomatic discussions between Washington and Tehran are set to commence Saturday in Pakistan’s capital city of Islamabad, focusing on establishing a lasting ceasefire arrangement in the ongoing Iran conflict. Vice President JD Vance will head the American negotiating team.
However, concerns about the stability of the current two-week truce emerged following Wednesday’s fatal Israeli attacks in Lebanon, casting doubt on whether the temporary ceasefire remains effective. Iran continues to maintain authority over the Strait of Hormuz, keeping the crucial shipping lane mostly shut despite American pressure to reopen this vital route for international energy transportation.
Israeli Prime Minister Benjamin Netanyahu announced his approval for discussions with Lebanon, with those negotiations reportedly planned for Washington in the coming week.
Energy markets saw modest increases Friday, with Brent crude, the global benchmark, rising 0.5% to $96.42 per barrel. U.S. benchmark crude gained 0.4% to reach $98.28 per barrel.
Regarding future oil pricing, Barclays analyst Ajay Rajadhyaksha noted in recent research that “$65-70 a barrel is not coming back,” referencing pre-conflict price levels. The financial institution forecasts Brent crude averaging approximately $85 per barrel throughout this year.
“A ceasefire is not a refund,” he stated. “Ceasefires end wars; they don’t undo them.”
Thursday’s trading session on Wall Street ended positively amid optimism surrounding the Iran conflict ceasefire. The S&P 500 increased 0.6% to 6,824.66, the Dow Jones Industrial Average rose 0.6% to 48,185.80, and the Nasdaq composite advanced 0.8% to 22,822.42.
Constellation Brands, distributor of Modelo and Corona beer brands in America, jumped 8.5% after reporting quarterly earnings that exceeded expectations. Cloud computing company CoreWeave gained 3.5% following news of an extended partnership with Meta Platforms running through 2032. Meta’s stock price increased 2.6%.
Precious metals experienced declines, with gold falling 0.5% to $4,791.90 per ounce and silver dropping 0.6% to $76.02 per ounce.
Currency markets showed the U.S. dollar strengthening to 159.18 Japanese yen from the previous 158.96 yen. The euro traded at $1.1694, down from $1.1699.
