On Wednesday (6 May, 9:04 AM, GMT+7, Bangkok time), major indices in the Asia Pacific exhibited gains, reflecting upward sentiment in U.S. markets after weaker oil prices and positive corporate results improved investor confidence. The rally came as diplomatic activity surrounding the Middle East continued, with U.S. President Donald Trump announcing a temporary halt to an American-led initiative aimed at assisting ships through the Strait of Hormuz.
Trump stated on social media that both sides had agreed to maintain the blockade while pausing “Project Freedom,” a U.S. military operation guiding commercial vessels through the strategic waterway, in order to give ongoing negotiations a chance to succeed. The U.S. military had started the project earlier in the week to shepherd merchant vessels safely past potential threats, and Defense Secretary Pete Hegseth confirmed that two U.S. commercial ships, along with destroyer escorts, had transited the strait without incident.
Market sentiment was further supported by ongoing optimism for technology stocks. South Korea’s Kospi soared to a fresh record high, continuing its remarkable 70% rally this year. Samsung Electronics achieved a $1 trillion market capitalization as investors maintained enthusiasm for artificial intelligence-linked shares. Meanwhile, trading in Japan remained closed for a holiday.
South Korea’s KOSPI jumped by 5.68% to 7,330.93, and Australia’s ASX 200 rose by 1.03% to 8,770.00.
As for stocks in China, Shanghai’s SSEC grew by 0.83% to 4,146.39. Shenzhen’s SZI surged by 2.06% to 15,419.40, and Hong Kong’s HSI advanced by 0.35% to 25,989.30.
The U.S. stock markets edged up on Tuesday as the Dow Jones Industrial Average (DJIA) gained 0.73% to 49,298.25. NASDAQ expanded by 1.03% to 25,326.12, and S&P 500 increased by 0.81% to 7,259.22. VIX dropped by 4.98% to 17.38.
As for commodities, oil prices settled lower on Tuesday as traders responded to reports of two ships navigating the Strait of Hormuz and assurances from U.S. officials that the ceasefire with Iran remained in effect. Brent crude ended the session down $4.57, a drop of 4%, to close at $109.87 per barrel. U.S. West Texas Intermediate crude settled $4.15 lower, a 3.9% decrease, finishing at $102.27 per barrel.
The downward momentum continued into Wednesday as investors anticipated that restricted crude flows from the Middle East could be restored, following comments from President Donald Trump suggesting that a resolution to the conflict with Iran was possible. Brent futures slumped $2.11 or 1.92% to $107.76 per barrel, and the WTI futures declined $1.84 or 1.80% to $100.43 per barrel.
Meanwhile, gold futures escalated by 1.50% to $4,636.80 per Troy ounce.
