On Tuesday (24 March, 9:19 AM, GMT+7, Bangkok time), most major indices in the Asia Pacific recorded notable gains following indications of reduced tension in the Middle East, contributing to a drop in oil prices.
Oil benchmarks declined after President Donald Trump announced that the United States would postpone military strikes on Iranian energy-related targets for five days. This decision followed what he described as discussions with Iranian officials, though Iranian state media, referencing a senior security official, denied that such talks occurred.
Despite these developments, the Strait of Hormuz continued to see only minimal shipping activity, remaining largely blocked.
In the region, Japan’s inflation data showed that consumer prices rose 1.3% in February, compared to 1.5% seen in the previous month. This represents a fourth consecutive monthly slowdown that brought inflation to its lowest level since March 2022—well below the Bank of Japan’s 2% goal.
Japan’s NIKKEI rose by 0.72% to 51,886.35. Australia’s ASX 200 grew by 0.25% to 8,387.10, while South Korea’s KOSPI slid 0.05% to 5,403.06.
As for stocks in China, Shanghai’s SSEC increased by 0.18% to 3,820.29. Hong Kong’s HSI jumped by 1.24% to 24,684.24, while Shenzhen’s SZI dropped by 0.47% to 13,282.82.
The U.S. stock markets edged up on Monday as the Dow Jones Industrial Average (DJIA) gained 1.38% to 46,208.47. NASDAQ surged by 1.38% to 21,946.76, and S&P 500 added 1.15% to 6,581.00. VIX declined by 2.35% to 26.15.
As for commodities, oil prices settled lower on Monday as traders reacted to Trump’s announcement regarding the delayed military action against Iranian power facilities and his reference to positive discussions with Tehran. Brent crude finished down 10.9% at $99.94 per barrel, and U.S. West Texas Intermediate settling 10.3% lower at $88.13.
Meanwhile, the prices rose on Tuesday as concern remains about disruptions to supply, following Iran’s denial of any negotiations with the United States. This morning, Brent advanced $3.70, or 3.70%, to $103.64 per barrel, and the WTI expanded $3.48, or 3.95%, to $91.61 per barrel.
Meanwhile, gold futures fell by 1.87% to $4,324.70 per Troy ounce.
