SynopsisAsian markets surged, mirroring a strong US performance driven by chipmaker gains and resilient economic data. Investors are largely overlooking geopolitical tensions, betting on continued corporate earnings growth. The yen's sharp decline to a 40-year low is drawing attention, while progress in US-Iran talks offers a glimmer of stability. This optimism suggests a robust market despite ongoing global uncertainties.AgenciesAn interim agreement signed earlier this month opened the door to a 60-day negotiating period, but those efforts faced a setback in recent days after a series of clashes over the Strait of Hormuz.Asian equities rose Wednesday after capping their best quarter in 17 years, as a rally in chipmakers and signs of US economic resilience fueled optimism about corporate earnings.Stocks advanced in Japan and South Korea, lifting the MSCI Asia Pacific Index 0.3%. The gains came after a tech-fueled rally lifted US stocks, with the S&P 500 climbing 0.8% and the Nasdaq 100 gaining 1.7%. A gauge of semiconductor stocks rose nearly 4%, helping post a record quarterly advance.Brent edged 0.7% higher to around $73.50 a barrel in early Asian trading, recouping some of the losses from Tuesday that were driven by expectations the US-Iran ceasefire would hold. Gold steadied around $4,010 an ounce, while Treasuries fell during the US session. The yen traded around 162.65 per dollar after falling to a 40-year low earlier this week.Investors have looked past lingering geopolitical tensions as fresh US data reinforced the view that the economy remains resilient. Steady US consumer spending and a still-solid labor market have helped ease concerns that higher energy prices and trade uncertainty would derail growth, bolstering confidence that companies can continue delivering strong earnings.“The markets have proven to be the ultimate grinder as they keep crushing it, despite a lot of hand-wringing that has gone along with this incredible rally that has endured deep selloffs, the Iran war and a number of other outside influences,” said JJ Kinahan at Cboe Global Markets.Tuesday’s economic reports showed US job openings were little changed in May, signaling labor demand remained steady, while consumer confidence edged higher in June as lower gasoline prices helped offset concerns about the job market. Federal Reserve policymakers voted unanimously to leave interest rates steady at last month’s meeting, the first led by Chairman Kevin Warsh. Steady employment data and elevated inflation readings have raised expectations that the Fed may need to raise rates later this year to tame price pressures. Officials will hold their next policy meeting at the end of July. Cleveland Fed President Beth Hammack said she sees little evidence current interest rates are restraining the economy and that the central bank may need to raise borrowing costs to return inflation to its 2% target.In Asia, the yen’s slide to a four-decade low against the dollar left traders eyeing Japan’s next intervention threshold. After the currency broke through the 162 per dollar level on Tuesday, strategists increasingly pointed to 163 and beyond, arguing the Finance Ministry may tolerate a weaker yen than it did in 2024.Meanwhile, US negotiators Jared Kushner and Steve Witkoff had positive discussions with regional leaders in Qatar and technical talks with Iran are moving ahead, according to a senior administration official.An interim agreement signed earlier this month opened the door to a 60-day negotiating period, but those efforts faced a setback in recent days after a series of clashes over the Strait of Hormuz.“While occasional reports of renewed friction have prompted brief moves in energy markets, investors continue to price in a relatively orderly reopening of the Strait of Hormuz and a gradual normalization of global oil flows,” said Daniela Hathorn, senior market analyst at Capital.com.Read More News on(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. 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