CANBERA (dpa-AFX) - Asian stocks followed Wall Street higher to hit a six-week high on Wednesday amid optimism over renewed U.S.-Iran talks.
U.S. President Trump told Fox News that he views the war as very close to being over. Media reports suggested the negotiating teams from the U.S. and Iran could return to Pakistan later this week pr early next week to resume talks to end the conflict in the Middle East that has edged towards its eighth week.
The U.S. dollar lingered near six-week lows in Asian trade amid prevailing optimism around a ceasefire and a possible resolution.
Gold edged lower but held above $4,800 an ounce after climbing nearly 2 percent in the previous session on easing fears of an energy-led inflation shock and hopes for a potential peace agreement between the United States and Iran in the coming days.
Brent crude prices held steady above $95 a barrel after plunging 4.6 percent in the previous session following a warning from the International Energy Agency that high oil prices could lead to a fall in global demand.
China's Shanghai Composite index finished marginally higher at 4,027.21, paring early gains. Hong Kong's Hang Seng index gained 0.29 percent to close at 25,947.32 after China-based technology firm Huaqin launched a Hong Kong share sale to raise about US$581 million.
Japanese markets closed higher as the yen traded below 159 per dollar and data showed core machinery orders increased 13.6 percent month-over-month in February.
The Nikkei average rose 0.44 percent to 58,134.24 while the broader Topix index settled 0.40 percent higher at 3,770.33. Tech stocks led the surge, with Advantest rising 2.2 percent and SoftBank climbing 4.8 percent on optimism over AI demand.
Seoul stocks rallied after data showed South Korea's export price growth rose to 28.7 percent year-on-year in March, up from 10.7 percent in the previous period.
The Kospi average soared 2.07 percent to 6,091.39, ending above 6,000 points for the first time after the outbreak of the U.S.-Iran conflict in late February. Samsung Electronics, SK Hynix and Hyundai Motors surged 2-3 percent.
Australian markets ended off their day's highs as energy stocks declined, offsetting gains among miners and gold stocks. The benchmark S&P/ASX 200 finished marginally higher at 8,978.70 while the broader All Ordinaries index closed up 0.17 percent at 9,181.10.
Virgin Australia shares soared 7.2 percent after the airline said it has adjusted airfares and capacity for the second half to offset higher jet fuel costs.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index ended up 0.46 percent at 13,076.58, snapping a three-session losing streak.
Overnight, U.S. stocks rose sharply to extend gains from the previous session after President Trump indicated in an interview that the second round of U.S.-Iran talks 'could happen over the next two days' to work out a deal that could end the war that began on Feb. 28.
Investors also cheered data that showed March producer prices rose by 0.5 percent month-on-month and by 4 percent on a yearly basis, both coming below expectations.
The tech-heavy Nasdaq Composite soared 2 percent and the S&P 500 gained 1.2 percent to reach their best closing levels in over two months, while the Dow climbed 0.7 percent to hit a one-month closing high.
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