WS #6692
Asian markets rallied on hopes of a US-Iran deal reopening the Strait of Hormuz, with Japan's Nikkei surging 5% to record highs as tech stocks caught up to the global AI rally. SoftBank soared 16.5%, Advantest +7.8%, Tokyo Electron +9.2%. Hong Kong's Hang Seng crossed 26,500 (+1.2%) led by Alibaba and Baidu, while oil producers fell. However, the Philippine Q1 GDP miss (2.8% vs 3.5% expected) highlights the economic damage from the Iran conflict, and a 'plastic shock' is hitting Asia as petrochemical supplies are strangled. The EU provisionally agreed to delay AI rules, a positive for tech regulation sentiment. Samsung halted all home appliance sales in China, pivoting to AI/semiconductors. Cathie Wood sold $8M more AMD at all-time highs and bought Tempus AI. Alphabet's Q1 earnings triggered a $420B market cap surge on 63% cloud revenue growth, re-rating the stock as an AI enterprise. The Iran narrative is STABLE with peace hopes countered by Iranian denial, keeping oil above $100.
Key developments
- Japan Nikkei surges 5% to record high on AI rally and Iran deal hopes
- Philippine Q1 GDP misses at 2.8% vs 3.5% expected, Iran war batters economy
- EU reaches provisional deal to delay AI rules
- Samsung halts all home appliance sales in China, pivots to AI/semiconductors
- Cathie Wood sells $8M more AMD at all-time highs, buys Tempus AI
- Alphabet Q1 earnings trigger $420B market cap surge on 63% cloud growth
- Asian shares jump on hopes for Strait of Hormuz reopening; oil holds above $100