Asia markets rally on Nikkei record high

June 03, 2026 (MLN): Asian markets traded mostly higher on Wednesday, led by a record-breaking performance in Japan, as investors largely shrugged off escalating tensions between the United States and Iran and focused on broader market momentum.

Japan's benchmark Nikkei 225 surged 2.9% to a fresh all-time high, while the broader Topix index advanced 2.1%. In China, the CSI 300 gained 1.5%, whereas Hong Kong's Hang Seng Index moved in the opposite direction, declining 1.7%.

Australia's S&P/ASX 200 rose 0.8% despite data showing the country's economy expanded 2.5% year-on-year in the first quarter, slightly below market expectations of 2.6%, according to CNBC.

Indian equities also came under pressure, with the Nifty 50 and BSE Sensex falling 0.8% and 0.9%, respectively. South Korean markets remained closed for a public holiday.

The positive market sentiment emerged even as concerns persisted over developments in the Middle East. U.S. Secretary of State Marco Rubio told lawmakers that Iran had deployed mines across parts of the Strait of Hormuz and targeted commercial shipping routes.

A White House official said U.S. forces had neutralized numerous naval mines and more than 40 vessels involved in mine-laying operations.

Oil prices remained elevated amid concerns over potential disruptions in the Strait of Hormuz, a key global energy transit route through which roughly one-fifth of the world's oil supply typically passes.

U.S. West Texas Intermediate crude climbed 1.0% to $94.70 per barrel, while Brent crude gained 0.9% to $96.88 per barrel.

Meanwhile, U.S. stock futures were little changed after Wall Street ended Tuesday's session at record levels, with the S&P 500 closing above the 7,600 mark for the first time.

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