Tokyo's Nikkei 225 jumps 5.7% on hopes for reopening the Strait of Hormuz
AP News • • business
Key Points:
- Asian stock markets surged, with Tokyo’s Nikkei 225 jumping 5.7% to a record intraday high as investors anticipated a possible U.S.-Iran deal to reopen crude oil shipments through the Persian Gulf.
- The Nikkei has gained nearly 73% over the past year, driven by strong demand for tech shares benefiting from the artificial intelligence boom.
- Oil prices fell sharply on Wednesday amid hopes for a deal to reopen the Strait of Hormuz, a critical route for global oil supply, but tensions remained after the U.S. military targeted an Iranian oil tanker attempting to breach a blockade.
- U.S. stock markets rallied due to easing oil prices and strong corporate earnings, with notable gains from chipmakers AMD and Nvidia, as well as companies like CVS Health and Disney.
- Currency markets saw the U.S. dollar weaken slightly against the Japanese yen, while the euro edged higher against the dollar.
