South Korea stocks lead regional gains as Trump comments signal Iran war de-escalation

Speaking at the Oval Office on Tuesday, Trump said the U.S. and Iran were “in negotiations right now” and suggested Tehran was keen to strike a peace deal, adding he had stepped back from threats to target Iranian energy infrastructure “based on the fact we’re negotiating.”

South Korea’s Kospi jumped 2.81%, while the small-cap Kosdaq was 2.56% higher.

Australia’s S&P/ASX 200 rose 2%.

Japan’s Nikkei 225 gained 2.88%, while the Topix added 2.4%.

Hong Kong’s Hang Seng index added 1.14%, while the CSI 300 rose 0.67%.

Pop Mart shares plunged over 13% despite its annual revenue surging about 185% year on year to 37.12 billion yuan ($5.4 billion), and adjusted net profit soaring more than 284%.

Morningstar said Pop Mart’s blockbuster growth continues to be driven by its flagship Labubu franchise, warning that the company remains heavily reliant on a narrow set of IPs despite efforts to diversify, with expansion into areas such as licensing and theme park operations carries elevated execution risks.

Amid signs of de-escalation in the Mideast conflict, oil fell on Wednesday. International benchmark Brent crude futures dropped around 6% to $98.31 per barrel, while U.S. West Texas Intermediate futures were also down 5% at $87.65 per barrel.

Futures were higher after the S&P 500 pulled back, giving back some of the sharp gains seen in the previous session, as crude prices rose again while the Iran war entered its fourth week.

The broad market index lost 0.37% and ended at 6,556.37, while the Dow Jones Industrial Average shed 84.41 points, or 0.18%, and settled at 46,124.06. The Nasdaq Composite dropped 0.84% and closed at 21,761.89.

—CNBC’s Sean Conlon and Lisa Kailai Han contributed to this report.