Asian Shares Jump Up to 4.4% as Oil Falls on Hormuz Reopening Hopes
Updated
Updated · WRAL News · Aug 5
Asian Shares Jump Up to 4.4% as Oil Falls on Hormuz Reopening Hopes
3 articles · Updated · WRAL News · Aug 5
Summary
Tokyo, Seoul and Taiwan benchmarks climbed more than 3% Wednesday, with Seoul’s Kospi up 4.4% and Japan’s Nikkei 225 rising 3.3%, as chip and AI stocks led a broad regional rally.
Brent crude fell 1.2% to $78.43 after dropping 5.3% Tuesday, as Iran and Oman inched toward a deal to reopen the Strait of Hormuz, though progress still hinges on the U.S. lifting its blockade on Iranian ports.
Kioxia rose 6.3%, Advantest 6.9%, SK Hynix 6.7%, Samsung 4.1% and TSMC 3.5%, extending an Asian tech surge fueled by Wall Street’s AI-driven gains.
U.S. stocks had set fresh records overnight—the S&P 500 gained 1.8% and the Nasdaq 2.6%—after strong earnings from Palantir and Caterpillar and as lower oil prices eased inflation worries.
Job openings near 7.4 million at end-June reinforced the view that the U.S. economy remains resilient, giving investors more confidence to keep buying risk assets.