Asian markets on Thursday declined after staging a comeback on the US-Iran ceasefire on Wednesday.
Japan’s Nikkei witnessed a slump as relief over the US-Iran ceasefire faded, and investors adopted a more cautious stance after the session’s strong rally. The index went down 0.4 per cent to 56,036.75 as of 02:00 GMT and is on track to snap a fourth-session rally if the current trend persists.
The broader Topix was down 0.5 per cent at 3,755.52. Nikkei 225 futures on the Chicago Mercantile Exchange crossed the 57,000 level overnight.
However, in the previous trading session, the Nikkei surged 5.4 per cent to its highest point in more than one month on hopes that the Strait of Hormuz would reopen after Trump agreed to a two-week ceasefire with Iran.
Meanwhile, a similar trend was witnessed in South Korea, where the Kospi declined 0.6 per cent. Additionally, Australia’s S&P/ASX 200 declined 0.24 per cent, while Hong Kong’s Hang Seng futures pointed to a muted session during the early morning hours.
Market sensitivities continue over claims that the US and Israel breached the terms of a two-week ceasefire agreement with Tehran, causing anxiety among investors.
Besides, Brent crude oil prices have also surged by more than 2.5 per cent to $97.12 a barrel, signalling renewed inflation after coming down from a record $119 a barrel.
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