Asian stocks mostly higher after Wall Street hits record and oil rises

16/04/2026

Dealers talk near the screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank, in Seoul, South Korea on April 16. (AP)

HONG KONG, April 16, (AP): Asian stocks mostly gained while oil prices rose on Thursday as investors were closely watching prospects of a ceasefire extension in the Iran war and more talks between the U.S. and Iran. Tokyo’s Nikkei 225 closed 2.4% higher at 59,518.34, reaching an all-time high and recovering from its earlier losses since the start of the Iran war. South Korea’s Kospi climbed 2.2% to 6,226.05.

Hong Kong’s Hang Seng rose 1.7% to 26,398.54, while the Shanghai Composite index was up 0.7% to 4,055.55. China on Thursday reported 5% economic growth for the January-March quarter, an acceleration from the previous quarter. While economists say China has largely shrugged off the initial impacts of the Iran war, some are warning its massive export engine could be hit more significantly in the coming months on slower global economic growth.

Taiwan’s Taiex traded 1.1% higher. Shares of chipmaker TSMC were up 0.2% ahead of its results announcement Thursday, which showed a 58% jump in profit, better than analysts had expected. Australia’s S&P/ASX 200 lost 0.3%. On Wednesday, regional officials told The Associated Press that the US and Iran had an "in-principle agreement” to extend a two-week ceasefire deal that is expiring next week and were making progress toward another round of talks.

But U.S. Treasury Secretary Scott Bessent also warned that Washington was preparing to apply secondary sanctions on those doing business with Iran - including potentially those from China that’s buying Iranian oil - in order to step up economic pressure on the country. Oil gained early Thursday. Brent crude, the international standard, was up 1.6% to $96.44 per barrel.

Benchmark US crude, meanwhile, gained 1.4% to $92.58 a barrel. Oil prices have surged since the Iran war began in late February. The Strait of Hormuz, a crucial waterway where roughly a fifth of the world’s oil passes through normally, has remained largely closed. The US has imposed a sea blockade on Iranian ports this week to force Tehran to reopen the strait and to accept a deal.

"The key upside risk for the market is that peace talks between the US and Iran break down,” ING Bank strategists Warren Patterson and Ewa Manthey wrote in a note Thursday. "This isn’t an unrealistic scenario, given that US and Iranian demands remain fairly wide apart.”