Stocks climbed to a record and crude oil declined after President Donald Trump signaled progress toward a final agreement with Iran, adding fresh momentum to markets already buoyed by a rally in technology shares.
The yen appreciated. MSCI’s gauge for Asian equities advanced 2.3% to an all-time high with technology shares leading gains on renewed optimism for the artificial intelligence trade.
The Kospi index in South Korea, a poster child for AI investments, jumped more than 6% to a record, with Samsung Electronics Co. surging 15% to reach a valuation of $1 trillion, the second Asian company to attain that mark.
Brent fell 1.6% to about $108 a barrel on speculation tensions in the Middle East will ease following Trump’s comments. Elsewhere, the yen jumped more than 1% to about 155.85 per dollar.
A sudden surge in the currency ensured traders remained on edge over the potential for Japanese authorities to step back into the market after last week’s intervention to curb declines.
The dollar weakened against all its Group-of-10 peers. MSCI’s index of global stocks also advanced to a record as cheaper oil bolstered expectations for easing inflation and stronger growth.
