Asian stocks extend rally on Gulf breakthrough hopes, oil hits two-month lows
Oil prices slumped to two-month lows on the news of an agreement before trimming some of the losses. US West Texas Intermediate (WTI) crude futures were last down 1.2 per cent to US$86.69 a barrel, on top of a 2.6 per cent drop overnight. Brent dropped 1.1 per cent at US$89.40 per barrel, having fallen nearly 3 per cent overnight. MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 3.2 per cent, led by a 7.4 per cent surge in South Korea’s KOSPI. Japan’s Nikkei rose 2.7 per cent. China’s blue-chip CSI300 rose 1 per cent, while Hong Kong’s Hang Seng gained 1.3 per cent. Overnight, Wall Street rallied with the three major indexes registering their biggest daily gains since Apr 8, when the US and Iran agreed to a temporary ceasefire. The Nasdaq jumped 2.5 per cent, helped by expectations of a strong market debut of Musk’s SpaceX. IG estimates the expected market cap of SpaceX at the close of business on day one would be just over US$2.4 trillion. “It suggests that SpaceX’s …







