Asian shares erase losses as Mideast tensions ease, oil ticks up
SINGAPORE - Asian stocks rebounded on Thursday and oil beat a retreat, as the United States and Iran backed away from the brink of further conflict in the Middle East and investors reversed their safety plays.
Japan’s Nikkei opened 1.6% higher, putting stocks back where they were on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1%, following gains on Wall Street overnight. “Yesterday, investors were fearing the worst, that this was the escalation now underway. The news overnight has been more along the lines that Iran pulled its punches and Trump is toning things down,” he said. “Which is seen by investors as substantially reducing the risk of a war.”
Brent futures nursed overnight losses of 4% to sit at $65.44 per barrel, near the cheapest since mid-December. Iranian Foreign Minister Mohammad Javad Zarif had earlier said the strikes “concluded” Tehran’s response to the killing of Soleimani.
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