Asian shares rose on Thursday after trading in the red for several days amid ongoing tensions in the Middle East. It came as stocks jumped on Wall Street as a recent surge in oil prices capped and an economic update painted a more positive picture of the US economy. In South Korea, the Kospi halted its decline, adding 10% or 513 points to 5,606. Japan’s Nikkei 225 also rose 2.7% to 55,713. Hong Kong’s HSI was also trading in the green, rising 353 points to 25,603 by 9:10 am. Shanghai and Shenzhen added 0.9% and 1.7%, respectively. Elsewhere in the region the gains were more modest. Australia’s S&P/ASX 200 rose 0.3% to 8,927.20, while New Zealand’s benchmark index rose 0.9%. In contrast, US futures indicated a slower start ahead. Futures tied to the Dow Jones Industrial Average were almost unchanged, while S&P 500 futures ticked up 0.2%. The S&P 500 rose 0.8% on Wednesday, clawing back most of the losses seen since the start of the Iran conflict. The Dow Jones Industrial Average rose 0.5%, and the Nasdaq Composite outperformed with a gain of 1.3%. Globally, market sentiment remains sensitive to developments in the Middle East, with fluctuations in oil prices dictating trade direction. Crude oil prices softened during Wednesday’s session. Brent crude briefly rose above $84 a barrel and closed at $81.40, almost matching the previous day’s level. US benchmark crude rose 0.1% to close at $74.66 a barrel. However, by early Thursday, oil was rising again. Brent crude rose 2.4% to $83.32 a barrel, while U.S. benchmark crude jumped 2.5% to $76.53 a barrel.
