Asian shares are mostly higher and Japan’s Nikkei tops 70,000 before BOJ rate hike
Summary
Asian stock markets mostly rose, with Japan’s Nikkei index briefly passing 70,000 points before falling back slightly after the Bank of Japan increased its key interest rate to 1%, the highest level in 30 years. Global markets rallied on hopes of a deal between the United States and Iran to improve oil supplies, causing oil prices to drop and U.S. stocks, especially those linked to artificial intelligence, to rise.Key Facts
- Japan’s Nikkei 225 index briefly rose above 70,000 points but settled at 69,713.05 after the Bank of Japan raised its interest rate by 0.25% to 1%.
- South Korea’s Kospi index reached a new record high, increasing by 2.1% to 8,721.64.
- China’s Shanghai Composite slightly increased by 0.1%, while Australia’s ASX 200 and Hong Kong’s Hang Seng both fell by 0.3% and 1.3%, respectively.
- The U.S. and Iran reached a tentative agreement to resume the flow of crude oil, expected to reopen the Strait of Hormuz by Friday.
- Following the tentative deal, Brent crude oil prices dropped by 4.8% to around $83 per barrel, and U.S. crude stayed near $80 per barrel.
- U.S. stock markets saw gains, with the S&P 500 rising 1.7%, the Dow Jones increasing 0.9% to a record, and the Nasdaq climbing 3.1%.
- Stocks tied to artificial intelligence, such as Micron Technology, Advanced Micro Devices, and Nvidia, saw significant price increases.
- SpaceX, owned by Elon Musk and linked to AI company xAI, rose 19.6% in its second day of trading on Wall Street.
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