A foreign exchange trader monitors exchange rates in front of a large screen displaying the South Korean benchmark stock index (C) and the Korean won/USD exchange rate (R) in a foreign exchange trading room at the Hana Bank headquarters in Seoul on April 9, 2025.
Jung Yeon-je | afp | fake images
Asia-Pacific markets were set to open higher on Tuesday, recovering from Monday’s decline, after oil prices fell and Wall Street rallied as US President Donald Trump signaled the conflict with Iran may be coming to an end.
Australia S&P/ASX 200 rose 1.55% in early operations.
Japan Nikkei 225 was about to jump, with the Chicago contract at 54,575 and the Osaka futures contract at 54,560, up from the index’s previous close of 52,728.72. The index plummeted 5.2% on Monday.
Hong Kong Hang Seng Index Futures were at 25,370, compared to the index’s last close of 25,408.46.
Oil prices fell after Trump said he was considering taking control of the Strait of Hormuz, the world’s biggest bottleneck for the crude market. Trump also told a CBS News reporter, who shared the comments in a post on X, that “the war is virtually complete.”
US crude oil was down 6.49% at $88.66 per barrel as of 7:28 pm ET on Monday. The drop came after oil surpassed $100.
During the night American stocks advanced. The S&P 500 rose 0.83% to close at 6,795.99, while the Dow Jones Industrial Average added 239.25 points, or 0.5%, to finish at 47,740.80. The blue-chip index is coming off its biggest weekly decline in almost a year. The Nasdaq Composite rose 1.38% to close at 22,695.95.
Those moves mark an impressive turnaround from losses seen earlier in the day. The Dow Jones was down nearly 900 points at its session low, and the S&P 500 and Nasdaq had fallen as much as 1.5% each.
