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Asian stock markets climbed sharply on Thursday, tracking strong gains on Wall Street as investors focused on robust corporate earnings and largely ignored rising oil prices and geopolitical tensions in the Gulf. Major indices in Japan, South Korea, and Taiwan reached record highs, highlighting continued investor confidence in global equities despite mounting risks.
The positive momentum followed an impressive overnight session in the United States, where the S&P 500 advanced 1% and the Nasdaq surged 1.6%, both closing at all-time highs. Strong early earnings reports helped ease concerns about the resilience of the U.S. consumer, even as energy costs rise amid ongoing conflict involving Iran. The optimism in U.S. markets spilled over into Asia, driving tech-heavy shares higher across the region.
MSCI’s broad Asia-Pacific index outside Japan rose 1% to a new peak, while Japan’s Nikkei index surpassed the 60,000 level for the second consecutive day. Meanwhile, China’s blue-chip stocks posted modest gains of 0.3%, while Hong Kong’s Hang Seng index dipped slightly by 0.3%.
Oil prices continued to climb, with Brent crude rising to $102.45 per barrel after Iran seized two container ships near the Strait of Hormuz, intensifying concerns over global supply disruptions. Despite this, financial markets remained relatively stable, with U.S. Treasury yields holding steady and currency movements limited. The euro hovered near $1.1709, while the U.S. dollar maintained slight gains.
Corporate earnings also played a significant role in boosting sentiment. GE Vernova shares surged after raising its revenue forecast, while Boeing saw gains following a smaller-than-expected loss. Tesla, however, faced pressure as investors reacted cautiously to its increased spending plans despite positive free cash flow.
Analysts warn that while markets are currently resilient, growing geopolitical and supply risks could eventually weigh on investor sentiment if left unresolved.
