Asian stock markets surged on Thursday as shipping through the Strait of Hormuz showed signs of resuming and strong earnings guidance from Nvidia, along with a suspended workers’ strike at Samsung Electronics, boosted global chipmaker shares, News.Az reports, citing Reuters.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 2.7%, ending a four-day losing streak. South Korea’s KOSPI jumped more than 8%, while Taiwanese equities rose nearly 4%. Chinese blue-chip stocks moved against the trend, slipping 0.5%.

In early European trading, pan-regional futures were down 0.2%, German DAX futures edged 0.1% lower, and FTSE futures fell 0.4%.

Brent crude futures rose 0.9% to $106 a barrel in Asia trading, recovering part of earlier declines after three supertankers passed through the Strait on Wednesday as Iran maintained control of the waterway. Supply concerns remained elevated following a U.S. inventory drawdown.

On Wall Street on Wednesday, the S&P 500 gained 1.1%, while the Nasdaq Composite rose 1.5% after three days of losses. The gains followed remarks from U.S. President Donald Trump, who said the United States was ready for further action against Iran if no peace deal was reached, while also suggesting a short pause for negotiations.

S&P 500 e-mini futures slipped 0.1% in Asia, with Nasdaq futures also slightly lower.

Asian chipmakers rallied after Nvidia issued a stronger-than-expected revenue forecast on Wednesday, with CEO Jensen Huang signaling continued strong demand for AI chips.

However, Nvidia shares fell 1.3% in extended trading despite the upbeat outlook.

Samsung Electronics surged more than 8% after its union suspended industrial action following a tentative pay agreement, averting a major strike involving nearly 48,000 workers that had threatened South Korea’s economy and global chip supply.

Japan’s Nikkei 225 index rose 3.2% after S&P Global’s flash manufacturing PMI showed expansion in May. Japanese export data also showed a 14.8% year-on-year increase in April, according to finance ministry figures.

The U.S. dollar strengthened slightly against the yen, rising 0.1% to 159.015 yen.

Australian equities rose 1.5%, lagging regional gains amid mixed economic data. The Australian dollar fell 0.4% to $0.7112 after employment unexpectedly declined in April and unemployment rose to its highest level since late 2021.

U.S. Treasury yields climbed, with the 10-year note rising 1.8 basis points to 4.586%. Federal Reserve minutes showed growing concern over inflation, with some policymakers open to further rate hikes if needed.

Gold dipped 0.2% to $4,533.50, while cryptocurrencies edged higher, with bitcoin and ether both posting small gains.

News.Az 

By Nijat Babayev