Japan's Nikkei 225 surges past 65,000 for the first time on Hormuz reopening hopes

Tokyo [Japan], May 25, (ANI): Japanese stocks hit a record high on Monday as the Nikkei 225 surged past the record 65,000 mark for the first time as investors latched on to hopes of the Strait of Hormuz reopening after positive signals from the Trump administration on a peace deal with Iran.
Global crude oil prices fell 5%, driving Brent below the psychological $100 levels while the US dollar slid as investors rushed out of safe havens.

Trump had posted on his Truth Social platform that the talks with Iran were "proceeding in an orderly and constructive manner". He added that there is no rush to enter a deal with Iran and that time is on their side.
The US blockade will continue on the Iranian ships entering the Strait of Hormuz, Trump said, emphasising that it will "remain in full force and effect until an agreement is reached, certified, and signed".
Japan's Nikkei 225 jumped 3% on the news of negotiations moving in a positive direction, taking the index past the 65,000 mark.
Hong Kong and Korean markets are closed for holidays today. US markets will remain closed on Monday for Memorial Day.
Oil prices have surged sharply since the start of the war three months ago and have remained volatile with investors feeling jittery as central banks weigh prospects of rate hikes in light of inflation fears.
The consumer price index in the US had surged to 3.8% in April, its highest level since May 2023, as higher energy prices bite into household budgets, denting consumer sentiment.
US bond yields had surged last week with the 30-year Treasury yield touching its highest level since 2007 as investors feared that the US Federal Reserve would start hiking interest rates to tamp down inflation worries.
Data released on Friday showed US consumer interest hit a record low as higher gasoline prices took a toll on lower-income households who are already staring at the prospects of widespread price hikes.
Kevin Warsh took over as the US Federal Reserve chair on Friday and is likely to wait for more concrete signals on the price front before reaching a decision on an interest rate hike. (ANI)