Markets are continuing to climb after US President Donald Trump allayed investor worries over further escalation of tensions between the United States and Iran.
Japan’s Nikkei 225 jumped 1.9%, recovering its losses from Wednesday. South Korea’s Kospi and Hong Kong’s Hang Seng Index rose 1.2%, while China’s Shanghai Composite rose 0.9%.
Trump said in his address to the nation that Iran “appears to be standing down” after it attacked military bases in Iraq that housed US forces. He also said he would impose new sanctions on Iran.
Oil futures, meanwhile, rose a small amount after settling sharply lower Wednesday. US crude futures rose 0.8% to about $60 per barrel. Brent crude, a global oil benchmark, also added 0.8% and reached about $66 a barrel.
Safe-haven assets continued to pull back from a Wednesday surge that was triggered by Iran’s missile strike. Gold traded at about $1,560 an ounce on Thursday, after briefly topping $1,600 earlier. The Japanese yen was down 0.1% to 109.2 yen per US dollar.
Also on Thursday, official statistics showed China’s consumer inflation remained at its highest level in nearly eight years. The consumer price index rose 4.5% in December from a year earlier, matching November’s increase. But it was lower than the 4.7% rise expected by analysts polled by Reuters.
Pork prices soared 97% in December from a year earlier, according to that data. But that was still slightly lower than the 110% increase recorded in November.