HONG KONG (AP) — Markets in Japan and South Korea hit fresh records as Asian shares advanced Friday on expectations the U.S. and Iran will agree to extend the ceasefire in their war by 60 days. Oil prices slipped, but remain above pre-war levels as the Strait of Hormuz remains largely closed. Analysts warned that the potential ceasefire extension should be viewed with caution, as it will take time for oil supplies to recover. U.S. futures edged higher.Tokyo’s Nikkei 225 jumped 2.5% and ended at a record high of 66,329.50, as data released Friday showed that Tokyo’s core inflation rate for May rose more slowly than economists expected.South Korea’s Kospi surged 3.6% to 8,476.15, also at an all-time closing high, with technology companies powering the gains thanks to the global boom in artificial intelligence. Shares in Samsung Electronics, the country’s leading company, rose 5.8%.
Hong Kong’s Hang Seng added 0.9% to 25,222.38, while the Shanghai Composite index fell 0.9% to 4,063.56.Australia’s S&P/ASX 200 was up 1.6% at 8,731.70.Taiwan’s Taiex traded 2.5% higher. India’s Sensex edged down 0.2%.
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