Trump Promises to Escort Neutral Ships Through Strait of Hormuz, Asian Tech Stocks Lead Record Market Surge

On May 4, Monday, Asian stock markets surged significantly, buoyed by strong earnings reports from major U.S. tech companies and Trump’s announcement that the U.S. would begin guiding some neutral vessels trapped in the Persian Gulf through the Strait of Hormuz, leading to a rebound in tech stocks. The Morgan Stanley Capital International Asia-Pacific Index, excluding Japan, rose by as much as 2.7%, setting a record. Benchmark indices in South Korea and Taiwan, dominated by tech stocks, soared over 3.5%. SK Hynix’s stock price surged nearly 10%, while TSMC jumped more than 6%. Dilin Wu, a research strategist at Pepperstone Group, noted that markets like South Korea are performing well due to AI-driven trading or speculation. She expressed a ‘cautiously optimistic’ outlook for the overall Asian market, citing geopolitical uncertainties and high oil prices as potential constraints on the stock market. (Jinshi)

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