Asian markets surged Wednesday morning as investors welcomed a two-week ceasefire between the U.S. and Iran, even if details of what the temporary truce means for transit through the strategic Strait of Hormuz remain unclear.
As of 2:30am Eastern time, South Korea’s KOSPI is up by 7.1%, while Japan’s Nikkei 225 rose 5.5%. Taiwan’s TAIEX jumped 4.6%. Hong Kong’s Hang Seng Index, back from a long holiday weekend, also gained 3.1%, while Australia’s ASX 200 is up by 2.6%.
