Asian Indices Surge As US-Iran Peace Hopes Lift Sentiment, Nikkei Jumps Over 2%, Brent At $104 Per Barrel

Mumbai: Indices in Asia rose as market participants assessed the likelihood of the US and Iran striking a peace deal. The Brent crude oil price remaining slightly lower than in the past few days also possibly supported the indices. Brent Crude futures were near $104 per barrel. All major benchmark indices in the region were up. Japan's Nikkei 225 Day outperformed peers to rise over 2%.

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Japan's inflation eased on an annualised basis in April compared to March. Consumer prices in the country rose 1.4% on year and 0.1% on month. Core inflation, which excludes fresh food and fuel prices, slowed to a four-year low. Core inflation rose 1.9% on year in April.

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"Although inflationary pressures eased in April, they will pick up again before long. Accordingly, we still think the Bank of Japan is likely to resume its tightening cycle sooner rather than later," Abhijit Surya, senior Asia-Pacific economist at Capital Economics, told Reuters.

Meanwhile in South Korea, consumer sentiment improved in May after having declined for two months running. Consumer sentiment regarding current living standards was at 93, two points higher than in April. Sentiment regarding current domestic economic conditions was significantly higher by 15 points on month at 83.

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One-year forward inflation expectations were lower at 2.8% compared to 2.9% in April. Semiconductor exports and the rally in the South Korean stock market probably supported the sentiment. South Korea's broader market KOSDAQ was very volatile during early trade. Trading in the index was suspended briefly after it rose over 5%, the Dow Jones Newswires reported. The KOSDAQ had opened over 1% higher Thursday. The benchmark index, KOSPI, advanced modestly.

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