HONG KONG: The Tokyo stock market reached a record high on Thursday (Apr 16), amid heightened optimism that the United States and Iran would extend their ceasefire, hold fresh talks on ending their war and reopen the Strait of Hormuz to oil and gas traffic.
The gains tracked Wall Street, which struck all-time peaks on Wednesday, with investors cheered by healthy earnings that indicated the US economy remained resilient despite surging oil prices and rising inflation overall.
Global stock markets "have staged one of the fastest recoveries in recent memory", said Matt Britzman, senior equity analyst at Hargreaves Lansdown.
At the same time, "oil prices remain elevated … as investors look towards a possible extension of the ceasefire between the US and Iran while weighing the chances of a broader agreement that could ultimately reopen the Strait of Hormuz", he said.
The waterway, through which one-fifth of oil and gas usually passes, has been choked by Iranian forces since the US-Israeli offensive began.
