Key Takeaways

• KOSPI surges 8%: South Korea’s index led Asia on massive chipmaking stock recoveries.
• Nikkei jumps 3.5%: Japanese tech and chip names rebounded sharply from recent heavy losses.
• TOPIX rises 1.7%: Broader Japanese gains ahead of next week’s BOJ meeting.
• Trump touts weekend deal: The president said an Iran peace agreement was close and could be signed over the weekend.
• Hormuz to reopen immediately: Trump said the deal will involve the strait’s immediate reopening — sending oil prices sharply lower.
• Wall Street rally tracked: Asian markets followed overnight U.S. gains driven by Trump’s peace optimism.
• Iran yet to confirm: Iranian media reported Tehran had made no final decision on a deal.
• S&P 500 futures up 0.2%: U.S. markets pointed cautiously higher in Asian trade.
• SpaceX debuts today: The Elon Musk-led company raised $75 billion in its IPO; the Nasdaq listing is closely watched for tech sentiment cues.
• Hang Seng advances: Hong Kong tech and internet names led local gains.
• Alibaba adds 2%: Bloomberg reported the company offered $1.5 billion for Chinese grocer Pupu to expand its online grocery footprint.
• China jumps 1.6%: CSI 300 and Shanghai Composite both advanced strongly.
• ASX 200 rises 1.8%: Australia gains ahead of next week’s RBA meeting, where rates are expected to hold but a hawkish tilt is anticipated after three consecutive hikes.
• BOJ hike risk building: Japan’s central bank is increasingly expected to raise rates next week on energy-driven inflation.
• India and Singapore steady: Nifty 50 futures rose 0.1%; Straits Times Index gained 0.5%.

Asian stocks rose sharply on Friday after U.S. President Donald Trump touted a peace agreement with Iran, while major technology and chipmaking stocks rebounded sharply from recent losses.

Regional markets tracked an overnight rally on Wall Street after Trump said a deal to end the Iran war was close and may even be signed over the weekend. His comments sparked strong gains in risk-driven assets, with tech shares in the lead.

S&P 500 futures rose 0.2% in Asian trade, with focus squarely on SpaceX’s trading debut after the Elon Musk-led rocket company clocked a bumper $75 billion initial public offering on Thursday.

A sharp drop in oil prices — after Trump said the Iran deal will involve the immediate reopening of the Strait of Hormuz — also buoyed Asian stocks.

KOSPI and Nikkei Lead Gains as Tech Recovers Ahead of SpaceX Debut

South Korea’s KOSPI was the best performer in Asia, surging over 8% on strong gains in heavyweight chipmaking stocks. Japan’s Nikkei 225 also jumped 3.5% on a similar trend.

The chipmaking sector recouped a bulk of its losses from over the past week, after anxiety over the Iran war and rising interest rates sparked a wave of profit-taking in the high-flying sector.

SpaceX’s trading debut on the Nasdaq later in the day will be closely watched for more cues on the tech sector, with the company’s massive listing also coming amid growing investor concerns over bloated tech valuations.

Hong Kong’s Hang Seng index also benefited from gains in local tech and internet names.

Alibaba Group added 2% after Bloomberg reported the company offered $1.5 billion for Chinese grocer Pupu, as the company attempts to strengthen its presence in the online grocery market.

Asia Stocks Upbeat After Trump Touts Iran Peace Deal

Broader Asian markets advanced on optimism over a U.S.-Iran peace deal, even as doubts over a potential agreement and continued hostilities in the Middle East remained.

Iranian media reported that Tehran had made no final decision on a deal.

Japan’s TOPIX index rose 1.7%, with focus turning to a Bank of Japan meeting next week — where the central bank is increasingly expected to hike interest rates in the face of rising energy-driven inflation.

Australia’s ASX 200 rose 1.8%, with focus on a Reserve Bank of Australia meeting next week where markets broadly expect rates to hold. But the RBA is expected to maintain a hawkish tilt after three straight hikes on sticky inflation.

China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes jumped 1.6% apiece, while Singapore’s Straits Times Index rose 0.5%.

Futures for India’s Nifty 50 index rose 0.1%.