Asian stocks mostly higher after Wall Street hits record and oil rises
[April 16, 2026] By
CHAN HO-HIM
HONG KONG (AP) — Asian stocks mostly gained while oil prices rose on
Thursday as investors were closely watching prospects of a ceasefire
extension in the Iran war and more talks between the U.S. and Iran.
Tokyo’s Nikkei 225 closed 2.4% higher at 59,518.34, reaching an all-time
high and recovering from its earlier losses since the start of the Iran
war. South Korea’s Kospi climbed 2.2% to 6,226.05.
Hong Kong’s Hang Seng rose 1.7% to 26,398.54, while the Shanghai
Composite index was up 0.7% to 4,055.55. China on Thursday reported 5%
economic growth for the January-March quarter, an acceleration from the
previous quarter. While economists say China has largely shrugged off
the initial impacts of the Iran war, some are warning its massive export
engine could be hit more significantly in the coming months on slower
global economic growth.
Taiwan’s Taiex traded 1.1% higher. Shares of chipmaker TSMC were up 0.2%
ahead of its results announcement Thursday, which showed a 58% jump in
profit, better than analysts had expected. Australia’s S&P/ASX 200 lost
0.3%.
On Wednesday, regional officials told The Associated Press that the U.S.
and Iran had an “in-principle agreement” to extend a two-week ceasefire
deal that is expiring next week and were making progress toward another
round of talks.
But U.S. Treasury Secretary Scott Bessent also warned that Washington
was preparing to apply secondary sanctions on those doing business with
Iran – including potentially those from China that’s buying Iranian oil
– in order to step up economic pressure on the country.
Oil gained early Thursday. Brent crude, the international standard, was
up 1.6% to $96.44 per barrel. Benchmark U.S. crude, meanwhile, gained
1.4% to $92.58 a barrel.
Oil prices have surged since the Iran war began in late February. The
Strait of Hormuz, a crucial waterway where roughly a fifth of the
world’s oil passes through normally, has remained largely closed. The
U.S. has imposed a sea blockade on Iranian ports this week to force
Tehran to reopen the strait and to accept a deal.
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Dealers talk near the screen showing the Korea Composite Stock Price
Index (KOSPI), right, and the foreign exchange rate between U.S.
dollar and South Korean won at a dealing room of Hana Bank, in
Seoul, South Korea, Thursday, April 16, 2026. (AP Photo/Lee Jin-man)
 “The key upside risk for the market
is that peace talks between the US and Iran break down,” ING Bank
strategists Warren Patterson and Ewa Manthey wrote in a note
Thursday. “This isn’t an unrealistic scenario, given that US and
Iranian demands remain fairly wide apart.”
On Wednesday, Wall Street hit a record on optimism over progress on
a longer term ceasefire of the Iran war. The benchmark S&P 500 rose
0.8% to 7,022.95, eclipsing its prior all-time high set in January.
The Nasdaq composite gained 1.6% to 24,016.02, while the Dow Jones
Industrial Average edged down 0.2% to 48,463.72.
Shares of Bank of America were 1.8% higher after the bank announced
better-than-expected quarterly results and its CEO Brian Moynihan
saw signs of a “resilient American economy” including solid spending
by consumers. Shares of Morgan Stanley gained 4.5% also following
better-than-expected quarterly results.
San Francisco-based shoe brand Allbirds’ share price ballooned 582%
to nearly $17, after saying it’s shifting into artificial
intelligence and would be changing its name to NewBird AI.
In other dealings, gold and silver prices were higher. Gold’s price
climbed 0.3% on Thursday to $4,836.50 an ounce, while silver prices
rose 0.6% to $80.14 per ounce.
The U.S. dollar fell to 158.92 Japanese yen from 159 yen. The euro
was trading at $1.1788, down from $1.1799.
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