Asia-Pacific markets were mostly higher Tuesday, amid hopes that a deal between Washington and Tehran was still possible even as the U.S. blockades Iranian shipments in the Strait of Hormuz.
Japan’s Nikkei 225 sprang back to life 1,374.62 points, or 2.4%, to close Tuesday at 57,877.39
In Hong Kong, the Hang Seng restored 211.47 points, or 0.8%, to 25,872.32.
A fragile U.S.-Iran ceasefire, while not officially scrapped, has been deeply frayed, with the U.S. and Iran accusing each other of violating the conditions of the truce.
The U.S. on Monday said it began blocking ships from entering or exiting Iranian ports in the Strait of Hormuz, as it seeks to raise pressure on Iran to reopen the key oil route, following the collapse of peace talks. The blockade took effect at 10 a.m. ET.
Iranian officials responded by warning that the U.S. blockade will only drive global energy prices higher.
Australian markets leaped as business confidence in that country in March dropped, weighed by concerns over the Iran war that has led to a global oil shock, according to a survey from National Australia Bank.
CHINA
The CSI 300 index in Shanghai grabbed 55.13 points, or 1.2%, to 4,701.28.
China’s export growth lost momentum in March as manufacturers faced rising commodity and energy costs linked to Middle East supply disruptions, while imports posted their fastest expansion in more than four years.
Exports grew at their slowest pace in six months at 2.5% in U.S. dollar terms last month from a year earlier, Chinese customs data showed.
The figure fell short of a Reuters poll forecast of 8.6% and slowed sharply from the combined 21.8% increase recorded in the first two months of the year.
In other markets
In Taiwan, the Taiex ballooned 838.83 points, or 2.4%, to 36,296.12.
South Korea’s Kospi recovered 159.13 points, or 2.7%, to 5,967.75
In Singapore, the Straits Times Index restocked 23.4 points, or 0.5%, to 5,007.57.
In Australia, the AZX 200 regained 44.78 points, or 0.5%, to 8,970.82.
In New Zealand, the NZX 50 retreated 2.92 points to 13,017.26.
