BEIJING (dpa-AFX) - Asian stocks rose on Wednesday to extend gains from the previous session as oil prices stabilized on easing supply concerns following reports that the International Energy Agency (IEA) may deploy its largest-ever stockpile draw to offset supply risks from war.
Investors also digested better-than-expected fiscal Q3 results from enterprise and cloud-computing giant Oracle and looked ahead to the release of key U.S. inflation data for fresh insights into the Federal Reserve's rate path.
Both Brent and WTI contracts traded higher in Asian trade after having plunged more than 11 percent on Tuesday as U.S. President Donald Trump said the war on Iran was 'going to be ended soon'.
U.S. yields were slightly lower and gold held steady below $5,200 an ounce as Tehran kept up pressure, firing missiles and drones at Gulf nations while facing heavy strikes from the United States and Israel.
China's Shanghai Composite index edged up by 0.25 percent to 4,133.43 in volatile trading. Hong Kong's Hang Seng index slipped 0.24 percent to 25,898.76, giving up early gains.
Japanese markets rallied as the yen remained weak on BoJ policy uncertainty and data showed wholesale inflation cooled for a third month in February.
The Nikkei average rose 1.43 percent to 55,025.37 while the broader Topix index settled 0.94 percent higher at 3,698.85.
Semiconductor-related stocks led the surge after Oracle posted strong third-quarter earnings and lifted its 2027 revenue outlook.
SoftBank Group shares jumped over 7 percent and Kioxia surged 9.3 percent. Nintendo added 8.9 percent after releasing a new game.
Seoul stocks rose for a second straight session as investors hunted for bargains after recent volatility. The benchmark Kospi surged 1.40 percent to 5,609.95, with tech giants Samsung Electronics and SK Hynix rising 1.1 percent and 1.8 percent, respectively.
Brokerage houses ended on a bullish note, with Mirae Security Assets surging 10.5 percent and Kiwoom Securities adding 5.5 percent.
Australian markets advanced, led by strong gains in the mining and materials sector. The benchmark S&P/ASX 200 rose 0.59 percent to 8,743.50 while the broader All Ordinaries index ended up 0.59 percent at 8,976.80.
Ora Banda Mining shares soared 21.5 percent, Lynas Rare Earths skyrocketed 16.2 percent and Iluka Resources gained 9.4 percent.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index surged 1.52 percent to 13,293.13, snapping a three-session losing streak.
Overnight, U.S. stocks fluctuated before ending narrowly mixed as investors reacted to rapidly changing developments surrounding the war with Iran.
After signaling that the Iran war could be over 'very soon' President Trump later claimed that Iran would be hit 'twenty times harder' if they do anything that stops the flow of oil within the Strait of Hormuz.
'We will eliminate easy-to-destroy targets that would make the reconstruction of Iran as a country nearly impossible. Death, fire, and fury will reign over them. But I hope and pray that this does not happen,' Trump said.
Without providing a timeline as to when the war would end, Pentagon chief Pete Hegseth asserted that Iran is 'badly losing'.
The Dow slipped 0.1 percent and the S&P 500 dipped 0.2 percent while the tech-heavy Nasdaq Composite finished marginally higher.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
