Asian Markets Track Wall Street Higher

Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from Wall Street overnight, boosted by markets in South Korea, Taiwan and Japan amid strong gains in technology stocks as well as tumbling crude oil prices that eased global inflation concerns on reports of an interim deal between the US and Iran to reopen the Strait of Hormuz. Asian markets closed mostly higher on Tuesday.

US Treasury Secretary Scott Bessent claimed the U.S. and Iran could reach a deal to reopen the Strait of Hormuz over the next couple days. He added that it would be freedom of movement, indicating that the traffic would be free for all international ships.