Asia-Pacific stocks climb on Hormuz reopening hopes
Asia-Pacific markets mostly moved higher on Friday as growing expectations of a partial reopening of the Strait of Hormuz improved investor sentiment and eased fears of disruptions to global energy supplies.
Kazem Gharibabadi, Iran’s deputy foreign minister for legal and international affairs, said tanker movements through the strait “should be supervised and coordinated” between Iran and Oman, News.Az reports, citing foreign media.
The development fueled hopes that the crucial oil corridor could soon partially reopen, after energy markets were shaken a day earlier by sharp price spikes ahead of the Good Friday holiday closure.
Across the region, equities posted gains, with South Korea’s Kospi leading the rally, rising 2.83%.
South Korean President Lee Jae Myung was expected to meet French President Emmanuel Macron later in the day for a summit aimed at upgrading bilateral relations to a “Global Strategic Partnership,” marking the first such elevation in 22 years, according to the presidential office.
Japanese markets also advanced, with the Nikkei 225 climbing 1.32% and the broader Topix index adding 0.88%, supported largely by energy stocks.
In contrast, Chinese markets turned lower, with the CSI 300 index falling 0.77% and the Shanghai Composite declining 0.94%.
Meanwhile, Japanese government bond yields surged to multi-decade highs, with the two-year yield reaching 1.391%, its highest level since 1995, and the benchmark 10-year yield rising to 2.399%, a level last seen in 1999.
News.Az
By Nijat Babayev
