Hong Kong, Sep 3: Asian stock markets moved higher on Thursday as investors took some comfort from a modest decline in oil prices and gains on Wall Street, although concerns over the ongoing Iran-US conflict continued to keep markets cautious.
Brent crude, the global benchmark, eased 0.4 per cent to around $95.26 a barrel, while US crude slipped 0.1 per cent to about $90.84. Oil prices had risen sharply earlier in the week after renewed fighting between the United States and Iran raised concerns about possible disruptions to global energy supplies.
US President Donald Trump said on Wednesday that he did not expect the US bombing campaign to continue for much longer, helping ease some concerns in financial markets.
Asian equities broadly followed Wall Street’s positive lead. Japan’s Nikkei 225 gained 0.2 per cent, while South Korea’s Kospi advanced 1.4 per cent. Hong Kong’s Hang Seng edged up 0.1 per cent, and China’s Shanghai Composite added 0.4 per cent.
Australia’s S&P/ASX 200 rose 0.5 per cent, while Taiwan’s Taiex gained 0.6 per cent. India’s Sensex was also trading higher, adding around 0.3 per cent.
Technology stocks remained among the key drivers of the regional gains. SoftBank Group rose 2.9 per cent in Japan, while Samsung Electronics and SK Hynix also advanced in South Korea.
The positive mood followed gains on Wall Street, where the S&P 500 rose 0.5 per cent on Wednesday. The Dow Jones Industrial Average gained 0.6 per cent, while the Nasdaq Composite advanced 0.5 per cent.
Technology and artificial intelligence-related stocks continued to attract investor interest after strong results from Dell Technologies and Palo Alto Networks. Dell surged 15.8 per cent, while Nvidia, Meta Platforms and Micron Technology also recorded gains.
In the US bond market, the 10-year Treasury yield eased to around 4.77 per cent after briefly moving above 4.81 per cent. Investors remain concerned about inflation, higher energy costs and rising US government debt.
Markets are now looking ahead to the US employment report due on Friday, which could provide fresh clues about the health of the world’s largest economy and influence expectations for interest rates.
Currency markets also remained active. The Japanese yen strengthened against the US dollar, with the dollar trading around 157.78 yen. The euro was slightly higher at about $1.1598.
Overall, Asian markets started the session on a positive note, supported by technology stocks and softer oil prices. However, geopolitical tensions, energy costs, bond yields and upcoming US economic data are likely to keep investors cautious and markets volatile.