JAKARTA - The Asia-Pacific stock market weakened on Thursday after investors took note of Iran's allegations that the United States had violated a two-week ceasefire agreement. At the same time, oil prices continued to rise.
Quoted from a CNBC report, Thursday, April 9, pressure in the market emerged after the Speaker of the Iranian Parliament, Mohammed Bagher Ghalibaf, accused the US of violating the contents of the agreement. He said there were three things that were problematic, namely the rejection of Iran's right to enrich uranium, Israel's ongoing attacks in Lebanon, and the entry of drones into Iranian airspace.
A day earlier, US President Donald Trump announced a "two-way" ceasefire after the war with Iran lasted more than a month. In a post on Truth Social, Trump expressed his agreement to stop bombing and attacking Iran for two weeks. He also said Iran's 10-point proposal could be the basis for negotiations.
The ceasefire depends on Iran's willingness to reopen the Strait of Hormuz. CNBC reported that Iran would stop "defensive" operations if attacks on its territory were stopped. Israel was also said to have agreed to the deal, according to media reports.
However, market response in Asia remained negative. South Korea's Kospi index fell 1.41% and Kosdaq weakened 1.61%. In Japan, the Nikkei 225 fell 0.76% and the Topix corrected 0.75%. The S&P/ASX 200 index in Australia also fell 0.10%.
Similar pressure occurred in China and Hong Kong. The CSI 300 index fell 0.72%, while the Hang Seng weakened 0.63%.
Meanwhile, oil futures extended gains. WTI for May rose 3.80% to US$97.96 per barrel. Brent for June rose 2.88% to US$97.48 per barrel.
U.S. stock futures were little changed. S&P 500 and Nasdaq 100 futures were down 0.1%, while Dow Jones futures were down 32 points, or less than 0.1%.
In previous trading in the US, stocks actually jumped after Trump suspended attacks on Iran for two weeks. The Dow Jones rose 1,325.46 points or 2.85% to 47,909.92. The S&P 500 added 2.51% to 6,782.81, while the Nasdaq Composite jumped 2.80% to 22,635.00.
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