Asian stock markets rose on Wednesday amid reports of a possible U.S. proposed ceasefire with Iran, which helped ease concerns over oil prices.
Market sentiment remains cautiously upbeat but mixed following reports that the US is seeking a month-long truce to allow negotiations. According to The New York Times, Washington sent Iran a 15-point proposal to resolve the conflict. Those efforts were more significant than concerns over heightened tensions in the Middle East after President Trump ordered the deployment of 2,000 troops.
WTI crude futures fell about 4% to below $89 a barrel on Wednesday, reversing gains from the previous session.
Gold prices rose more than 2% to $4,600 on Wednesday, extending gains from the previous session.
Japan’s ( NKY:IND ) rose 2.80% to above 53,600, while the broader Topix index rose 2.3% to 3,642 on Wednesday. The Japanese yen stabilized around 158.7 per dollar on Wednesday after a volatile start to the week, SEEbiz reports.
The KOSPI ( KOSPI ) rose more than 3% on Wednesday on better prospects for resolving the conflict in the Middle East. SK Hynix rose more than 5% after it considered a U.S. stock market listing to meet growing demand for AI memory.
China ( SHCOMP ) rose 1.08% to above 3,900, while Shenzhen Component jumped 1.9% to 13,800, extending gains from the previous session, and the offshore yuan.
Hong Kong ( HSI ) rose 0.37% to around 25,284 on Wednesday, marking a second straight session of gains.
India (SENSEX) rose 2.19% to 75,042 on Wednesday, extending gains from the previous session. The Indian rupee hovered just below 94 to the dollar, stabilizing near record lows. Market participants continue to monitor crude oil price changes, foreign flows and geopolitical events.
On the data side, HSBC’s India composite PMI flash fell to 56.5 in March from 58.9 in February and below market expectations of 58.7, marking the weakest growth since October 2022 amid ongoing conflict in the Middle East.
The Australian ( AS51 ) rose 1.85% to 8,486 on Wednesday morning, extending gains for a second day. The Australian dollar fell to around $0.70 on Wednesday, nearing a two-week low.
Annual inflation in Australia eased to 3.7% in February 2026, slightly below expectations of 3.8% but still above the central bank’s target of 2-3%.
