On Friday (29 May, 9:10 AM, GMT+7, Bangkok time), most major indices in the Asia Pacific showed an upward trend after reports of military actions by Iran were offset by indications of progress toward a temporary truce with the United States, a development closely watched by global markets.
Iran carried out missile attacks late Thursday, according to state news agency Fars, with targets unspecified. This followed earlier statements from U.S. defense officials that Tehran had launched a ballistic missile toward Kuwait and used attack drones near the strategic Strait of Hormuz.
Despite ongoing tensions, investor sentiment was bolstered by an apparent breakthrough in ceasefire negotiations. A White House representative confirmed that Washington and Tehran had nearly finalized an agreement to pause hostilities for an initial period, following reports from Axios.
Markets responded positively to the prospect of reduced geopolitical risk, with crude oil prices declining on Friday. The proposed 60-day extension of the ceasefire, accompanied by renewed discussions on Iran’s nuclear activities, eased concerns about energy supply disruptions in the region.
Meanwhile, Treasury Secretary Scott Bessent did not confirm that a final agreement had been reached, emphasizing that negotiations were ongoing. He reiterated President Trump’s conditions for any pact: reopening the Strait of Hormuz, Iran relinquishing highly enriched uranium, and ending its nuclear program.
Japan’s NIKKEI rose by 1.80% to 65,857.60. South Korea’s KOSPI grew by 2.15% to 8,361.53, and Australia’s ASX 200 surged 1.00% to 8,679.20.
As for stocks in China, Shanghai’s SSEC slid by 0.13% to 4,093.38. Shenzhen’s SZI declined by 0.47% to 15,787.79, while Hong Kong’s HSI added 0.54% to 25,142.05.
The U.S. stock markets edged up on Thursday as the Dow Jones Industrial Average (DJIA) climbed by 0.05% to 50,668.97. NASDAQ gained 0.91% to 26,917.47, and S&P 500 advanced by 0.58% to 7,563.63. VIX plummeted by 3.38% to 15.74.
As for commodities, oil prices were mixed on Thursday as traders assessed varying updates, including negotiations between the U.S. and Iran to extend a ceasefire. Brent crude futures for July, set to expire at Friday’s close, recorded a decline of 58 cents, finishing at $93.71 per barrel, down 0.6%. U.S. West Texas Intermediate (WTI) managed a slight increase, rising 22 cents to close at $88.90 per barrel, a gain of 0.3%.
This morning, Brent futures lost $1.09, or 1.16%, to $92.62 per barrel, and the WTI futures dropped $1.11, or 1.25%, to $87.79 per barrel.
Meanwhile, gold futures increased by 0.11% to $4,537.50 per Troy ounce.
