Asian equities extended gains for a second consecutive session Wednesday, driven by enthusiasm for technology shares and a proposed ceasefire in the Middle East.
Seoul's Kospi index surged more than 5 percent in volatile trading, while Tokyo's Nikkei 225 rose 1.9 percent to around 67,511. The broad MSCI index for Asian stocks outside Japan climbed 0.25 percent, though gains followed earlier energy-driven losses. Markets were buoyed after mediators proposed a ten-day ceasefire to Iran, even as the U.S. military completed an 11th consecutive night of strikes targeting Iran's capabilities in the Strait of Hormuz and Donald Trump said the U.S. was 'not finished' attacking Iran.
Brent crude rose 1.2 percent to $92.09 a barrel, while the Japanese yen weakened below 163 against the dollar, its lowest since 1986. The Trump administration announced a new 50 percent tariff on some Canadian goods. Investors now await earnings from Tesla and Alphabet on Wednesday, followed by Microsoft, Meta Platforms, Apple and Amazon next week.