Asian stocks advanced on Thursday after U.S. jobs and services data beat forecasts, and reports emerged that Tehran is willing to talk with to talk on ending the war.
However, Iranian officials reportedly denied the reports about cease-fire talks.
Gold prices were half a percent higher at $5,165 an ounce in Asian trade as the dollar held steady after coming under selling pressure in the previous session.
Oil prices jumped more than 3 percent after the United States submarine sank an Iranian warship off the southern coast of Sri Lanka.
In a Pentagon briefing, U.S. Defense Secretary Pete Hegseth said the strike on the warship was the first such attack on an enemy since World War II.
China’s Shanghai Composite index rose 0.64 percent to 4,108.57 after China vowed to accelerate its push for tech self-reliance and unveiled plans to inject 300-billion yuan ($44bn) into state-owned banks this year to guard against systemic risks.
Hong Kong’s Hang Seng index ended up 0.28 percent at 25,321.34, paring early gains.
Japanese markets bounced back on speculation that tensions in the Middle East could ease.
The Nikkei average jumped 1,032 points, or 1.90 percent, to 55,278.06 after losing more than 4,600 points over the past three trading days.
The broader Topix index also ended up 1.90 percent at 3,702.67, with mining, oil and coal product, and bank issues leading the surge.
Seoul stocks rebounded from the previous session’s sharpest decline ever on signs of an easing oil price surge. The Kospi average jumped 9.63 percent to 5,583.90 after plunging 18 percent over the past two sessions following the U.S. and Israeli strikes on Iran.
Technology giants and automakers topped the gainers list, with Hyundai Motor, Samsung Electronics and SK Hynix surging 9-11 percent.
Australian stocks eked out modest gains as technology stocks recovered on bargain hunting. The benchmark S&P/ASX 200 rose 0.44 percent to 8,940.30 while the broader All Ordinaries index closed 0.52 percent higher at 9,164.90. WiseTech Global soared 7.1 percent and Xero added 4.3 percent.
Across the Tasman, New Zealand’s benchmark S&P/NZX-50 index ended 0.64 percent higher at 13,617.89.
U.S. stocks ended higher overnight as oil prices stabilized after a recent run-up on news that the U.S. will discuss offering ships insurance and military escorts to help ease the flow of oil through the Straits of Hormuz.
Defense Secretary Pete Hegseth signaled a possible longer time frame for the conflict than has previously been floated by the Trump administration, saying the war could last up to eight weeks, but might be over sooner.
“Ultimately, we set the pace and the tempo. The enemy is off balance, and we’re going to keep them off balance.”
Investors also cheered upbeat economic data, with private employers adding more jobs than anticipated in February and the U.S. services sector activity surging to more than a 3-1/2-year high in the month.
The tech-heavy Nasdaq Composite climbed 1.3 percent, the S&P 500 gained 0.8 percent and the Dow rose half a percent.
Business News
Asian Stocks Follow Wall Street Higher On Solid US Data
2026-03-05 08:38:44
