Global Markets Rise Amid Positive Wall Street Gains
HONG KONG (AP) — Global stock markets were mostly up on Friday, buoyed by gains seen on Wall Street. Oil prices also recovered, partly fueled by a tentative ceasefire in the ongoing Iran conflict and upcoming discussions between the U.S. and Iran in Pakistan.
In early European trading, the UK’s FTSE 100 increased by 0.2%, reaching 10,627.69. France’s CAC 40 saw a similar rise of 0.2%, moving up to 8,265.80, while Germany’s DAX also climbed 0.2%, hitting 23,844.89.
Asian markets ended the day on a positive note. South Korea’s Kospi grew by 1.4%, reaching 5,858.87, and Japan’s Nikkei 225 jumped by 1.8% to 56,924.11. Notably, shares of Fast Retailing, the company behind Uniqlo, surged by 12% after it raised its profit forecasts for the year.
Hong Kong’s Hang Seng index rose by 0.6% to 25,893.54, while the Shanghai Composite index increased by 0.5%, reaching 3,986.22. China’s latest report showed a 1% rise in its consumer price index in March, which was lower than analysts had predicted and a drop from February’s 1.3% increase.
Meanwhile, Australia’s S&P/ASX 200 fell by 0.1%, whereas Taiwan’s Taiex rose by 1.6%.
Negotiations between the U.S. and Iran are set to begin in Islamabad this Saturday, aimed at reaching a lasting ceasefire agreement in the ongoing Iran conflict. U.S. Vice President JD Vance is leading the American delegation.
However, recent Israeli strikes on Lebanon have raised concerns about the stability of the current ceasefire. Iran continues to maintain control over the Strait of Hormuz, a key maritime route for global oil and gas transportation.
Israeli Prime Minister Benjamin Netanyahu confirmed that discussions with Lebanon have been authorized, with further talks expected in Washington next week.
On the oil front, prices were up on Friday. Brent crude, the global standard, rose by 1.8% to $97.68 per barrel, while U.S. benchmark crude increased by 1.9%, reaching $99.76 per barrel.
Ajay Rajadhyaksha of Barclays noted that oil prices are unlikely to return to the $65-70 per barrel range seen before the Iran conflict, predicting that Brent crude could average around $85 per barrel for the rest of the year. He added, “A ceasefire is not a refund; ceasefires end wars, they don’t undo them.”
Wall Street celebrated its gains on Thursday, driven by hopes of a ceasefire in the Iran conflict. The S&P 500 increased by 0.6% to 6,824.66, the Dow Jones Industrial Average rose by 0.6% to 48,185.80, and the Nasdaq composite climbed by 0.8% to 22,822.42.
Constellation Brands, known for its Modelo and Corona beers in the U.S., saw its shares jump 8.5% following better-than-expected quarterly results. Cloud services firm CoreWeave rose 3.5% after expanding a deal with Meta Platforms, which itself gained 2.6%.
In other market movements, gold and silver prices dropped. Gold lost 1.1% to $4,765.60 an ounce, while silver dropped 1.7% to $75.13 an ounce.
The U.S. dollar gained ground, trading at 159.31 Japanese yen compared to 158.96 yen previously. The euro also weakened, trading at $1.1685, down from $1.1699.
