Asian shares shrug off Wall St blues following signing of U.S.-Iran deal on ending the war

Asian shares surged on Thursday as markets shrugged off Wall Street’s weakness after the United States and Iran signed an initial agreement intended to end the war. In Tokyo, the Nikkei Stock Average jumped 1,151.24 points to 71,053.49, marking a breakout above 70,000 for the first time this week on expectations of a war’s end and a rally in high-tech names tied to artificial intelligence. South Korea’s Kospi rose 1.6% to 9,007.95, with Samsung Electronics up 1.9% and SK Hynix up 6%. Taiwan’s Taiex climbed 1.2%, while Hong Kong’s Hang Seng fell 1.8% to 23,968.66 and the Shanghai Composite edged lower. Australia’s ASX 200 slipped 0.6% to 8,916.60.

U.S. markets closed after the deal, with the S&P 500 down 1.2% to 7,420.10, the Dow Jones slipping 1% to 51,492.55, and the Nasdaq composite down 1.3% to 26,021.66, as investors digested Federal Reserve projections that kept rates steady for now and signaled toward a final Iran nuclear accord within a 60-day negotiating clock. In his first news conference as head of the U.S. central bank, Kevin Warsh said he would overhaul how the central bank communicates with markets and households, ending hints about future rate paths. Oil prices fell, while U.S. futures were higher, contributing to a broad risk-on mood in parts of Asia.