Kospi Jumps 3% to Record as Topix Hits High Despite Iran Tensions
Updated
Updated · CNBC · May 29
Kospi Jumps 3% to Record as Topix Hits High Despite Iran Tensions
10 articles · Updated · CNBC · May 29
South Korea's Kospi climbed more than 3% to a fresh intraday record on Friday, while Japan's Topix rose 1.86% to an all-time high as regional investors kept buying risk assets.
Samsung Electronics surged as much as 6.51% after saying it had started shipping samples of its latest high-bandwidth memory chip, reinforcing a tech-led rally already fueled by Wall Street's record closes.
U.S. benchmarks set new closing highs overnight, with the S&P 500 up 0.58% and the Nasdaq up 0.91%, after Snowflake jumped 36.5% on upbeat guidance and a $6 billion AWS spending plan.
Markets largely brushed aside renewed Iran military activity, including reported missile launches and drone deployments near the Strait of Hormuz, even as Washington and Tehran were said to have mostly agreed terms for a temporary halt to the three-month conflict.
With markets at record highs, are investors ignoring the true cost of a potential Strait of Hormuz shutdown?
As a fragile U.S.-Iran deal emerges, what hidden red lines could reignite the entire conflict?
Will Iran’s new Strait of Hormuz ‘toll booth’ permanently alter global maritime trade and international law?