Asian markets traded higher on Friday, with most markets in the region closed for trading holiday on account of Good Friday 2026. The gains in Asian markets came amid hopes of reopening of the Strait of Hormuz amid the US-Iran war in the Middle East.
Japan’s Nikkei 225 gained 1.27%, and the Topix rose 0.97%. South Korea’s Kospi led gains in the region, surging 3.23%, while the Kosdaq rallied 1.45%.
Markets in Hong Kong, Singapore and Australia were closed for the Easter weekend. The Indian stock market is also closed for the Good Friday holiday.
According to reports, Iran and Oman were drafting a protocol to “monitor transit” through the Strait of Hormuz. The report raised hopes that the crucial waterway could partially reopen, supporting market sentiment.
Worries over the effective closure of the Strait amid the prolonged US-Iran war have lifted crude oil prices to multi-year high levels. On Thursday, crude oil prices jumped ahead of the market holiday for Good Friday. Brent crude oil price surged 7.78% to $109.03 a barrel, while the US West Texas Intermediate (WTI) crude futures spiked 11.41% to $111.54.
Meanwhile, Japan’s services sector grew at its weakest pace in three months in March, a private survey showed.
The S&P Global final Japan Services Purchasing Managers’ Index (PMI) fell to 53.4 in March from a 21-month high of 53.8 in February, but topped the flash reading of 52.8 and marked the 12th month of expansion, Reuters reported.
US Stock Futures
US futures were little changed. S&P 500 futures were flat, and the Nasdaq 100 futures eased 0.07%. Futures tied to the Dow Jones Industrial Average rose 0.02%.
Overnight on Wall Street, the US stock market ended slightly mixed on Thursday after paring deeper losses, as diplomatic signals from the Middle East helped calm markets.
The Dow Jones Industrial Average fell 0.13% to 46,504.67, while the S&P 500 rose 0.11% to 6,582.69. The Nasdaq Composite closed 0.18% higher at 21,879.18.
For the week, the S&P 500 rallied 3.36%, the Nasdaq jumped 4.44%, and the Dow gained 2.96%. The three indexes had their biggest weekly rise in four months and the first week of gains in six.
