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Asia open: Stock markets rally on US-Iran peace hopes; tech drives S&P 500 to record highs

Global stock markets rallied to record highs as hopes for a US–Iran peace agreement boosted investor risk appetite and pushed oil prices sharply lower. Semiconductor stocks led the advance, with Intel and AMD surging on strong AI-driven momentum and partnership optimism. The weaker US dollar fueled a sharp rebound in gold above $4,700, while the Japanese yen strengthened amid suspected intervention. Asian markets also climbed, supported by easing energy risks and tech-led gains.

07-05-2026 02:23 GMT by Kelvin Wong

Asia open: Equities hit records as geopolitical tensions cool and oil dips

Global markets surged as easing US–Iran tensions and softer oil prices lifted risk appetite, driving the S&P 500 and Nasdaq to record highs. Strong earnings momentum, led by mega-cap tech and the AI infrastructure boom, continues to underpin equities. The Australian dollar rebounded on hawkish RBA guidance, while a cooling geopolitical risk premium capped US dollar gains. Asia-Pacific markets followed Wall Street higher, supported by resilient sentiment.

06-05-2026 04:02 GMT by Kelvin Wong