Stocks in Asia climbed to a record high as optimism that the reopening of the Strait of Hormuz will restore oil flows and curb inflation pressures buoyed risk appetite.
The MSCI Asia Pacific Index rose 0.1%, heading for a sixth day of gains. The Kospi jumped more than 2.5%. US equity futures edged lower after the S&P 500 climbed 1.1% and the Nasdaq 100 gained 2.5% Thursday. A gauge of chip stocks surged more than 6% to an all-time high, led by Intel Corp., after President Donald Trump said the company would work with Apple Inc. to design and manufacture semiconductors in the US.
