Asian markets Soar to record levels on ceasefire, strong earnings

April 23, 2026 (MLN): Asian equities surged on Thursday, with major indices in Japan and South Korea touching record highs, as improved geopolitical sentiment and strong global cues lifted investor confidence.

Markets drew support from overnight gains on S&P 500 and Nasdaq Composite, after Donald Trump extended a temporary ceasefire with Iran, easing fears of an immediate escalation in Middle East tensions, according to CNBC.

The U.S. administration announced a two-week extension of the ceasefire, citing internal divisions within Iran’s leadership and ongoing diplomatic efforts.

However, uncertainty persists as Iranian officials have reportedly declined to participate in negotiations, while tensions remain elevated following recent maritime incidents in the Strait of Hormuz.

Oil markets reacted moderately to the developments, with West Texas Intermediate crude rising to around $93 per barrel, while Brent crude hovered above $102, showing lingering supply concerns.

In Japan, the benchmark Nikkei 225 briefly crossed the historic 60,000 level during intraday trade before retreating slightly on profit-taking.

The rally was underpinned by robust manufacturing data, with April’s Purchasing Managers’ Index indicating the fastest expansion in four years, driven by increased production amid supply chain uncertainties.

Among key movers, SoftBank Group surged more than 6% following reports of additional leverage to fund artificial intelligence investments, including a potential margin loan tied to its stake in OpenAI.

South Korea’s KOSPI also scaled a fresh intraday peak, advancing over 1.5%, while the tech-focused KOSDAQ posted modest gains.

The upside was supported by stronger-than-expected economic growth, with GDP expanding 1.7% quarter-on-quarter in the first quarter marked the fastest pace since 2020.

Shares of Samsung Electronics climbed to a new record high, although investors remained cautious amid looming labor unrest, as unions prepared for large-scale demonstrations ahead of a potential strike.

Elsewhere, Australia’s S&P/ASX 200 traded lower in volatile sessions, while China’s CSI 300 edged higher. Hong Kong’s Hang Seng Index slipped ahead of key inflation data releases.

Meanwhile, U.S. equity futures pointed to a subdued start, with contracts tied to the S&P 500, Nasdaq, and Dow Jones Industrial Average trading marginally lower after the previous session’s rally.

On Wall Street, the S&P 500 gained over 1%, while the Nasdaq jumped more than 1.6% to a record close, supported by continued strength in technology stocks.

The Dow Jones Industrial Average also posted solid gains, reflecting broad-based optimism across sectors.

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