Asian currencies gained, and South Korea and Taiwan led emerging Asian equities to all-time highs on Thursday as Donald Trump’s prediction of a swift end to the Iran war boosted sentiment and brought on risk-on plays.
South Korean and Taiwan stocks clinched record closing highs, as easing worries over geopolitics kept the chip rally ablaze and deepened Samsung Electronics into the $1 trillion territory it crossed last session.
Southeast Asian stocks rose as well, with those in the Philippines gaining 1.1% and Indonesia adding 0.8%. U.S. President Donald Trump expected a swift end to the war, as Tehran considered a U.S. peace proposal that sources said would formally end the conflict.
Key U.S. demands that Iran suspend its nuclear program and reopen the Strait of Hormuz remained unresolved, however. Oil prices reversed course on Thursday around 0723 GMT, dropping sharply.
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