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Asia-Pacific stock markets "full recovery"! Korean stocks surged over 6% in the morning, international oil prices plummeted over 10%
Cailian Press, March 10 (Editor Liu Rui) After experiencing a sharp decline yesterday, the Asia-Pacific stock markets “completely recovered” on Tuesday, solely due to a remark made overnight by U.S. President Trump.
On Tuesday morning, South Korea’s KOSPI index opened up more than 5%, leading to a rebound in the Asia-Pacific stock markets. As of press time, the KOSPI’s gains further expanded to 6.44%. Chip stocks led the rally in the Korean market; as of press time, Samsung Group surged 9.54%, SK Hynix rose 12%. Both stocks had experienced double-digit drops yesterday.
South Korea’s KOSPI index surged in the morning Japan’s Nikkei 225 index opened up 1.5%, and the Topix index rose 1.3%. As of press time, these two major indices had increased by 3.54% and 3.08%, respectively.
Nikkei 225’s morning trend Australia’s S&P/ASX 200 index rose 1.35% in early trading. New Zealand’s S&P/NZX 50 index gained 0.36% during the day.
Hong Kong’s Hang Seng Index opened up 1.31%, and the Hang Seng Tech Index increased by 2%. Popular tech stocks surged across the board, with Zhipu Technology jumping over 12%, Bilibili up more than 4%, Xpeng Motors up over 3%, Kuaishou, JD Health, and Xiaomi Group opening up over 2%.
Trump’s remark ignited the market
The rise in Asia-Pacific stocks was solely triggered by a key statement from U.S. President Trump.
According to CCTV News, on the 9th local time, U.S. President Trump threatened that if Iran takes any action to block oil transportation through the Strait of Hormuz, the U.S. will respond with “20 times the force of previous strikes.” Earlier that day, Trump stated at a press conference that the conflict with Iran would “end soon.”
Trump’s remark caused international oil prices to fall more than 10% intraday. Meanwhile, U.S. stocks surged on Monday, wiping out last week’s decline.
As of press time on Tuesday, international Brent crude oil prices had fallen 10.22% intraday to $88.85 per barrel. U.S. WTI crude oil prices dropped 10.13% to $85.17 per barrel. Earlier, international oil prices had broken through $100 per barrel on Monday and even approached $120 per barrel at one point.