Asia Market Quick Take – 1 April, 2026

Key points:

• Macro: US plans to leave Iran in 2-3 weeks
• Equities: Nasdaq 100 gains 3.8%, S&P 500 rallies 2.9% on Iran comments to end war
• FX: Dollar drops as Iran de-escalation; USDJPY below 159
• Commodities: Gold extended a three‑day advance pushing above $4,700.
• Fixed income: US Treasuries rally, paring their biggest monthly loss in over a year

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 Disclaimer: Past performance does not indicate future performance.

Macro:

• President Trump said the US could leave Iran within two to three weeks and indicated a deal with Tehran may be close, raising hopes the war that has jolted global markets may be nearing a conclusion.
• Iran's official news agency said the country's president was willing to end the conflict but wants guarantees against further attacks. Trump also urged Straits users to secure it themselves.
• US job openings fell by 358,000 to 6.88 million in February 2026, below expectations, with declines across all regions and in accommodation, food services, and mining. Hires slipped to 4.8 million, while separations held at 5.0 million, with quits at 3.0 million and layoffs and discharges at 1.7 million.
• US job quits fell to 2.97 million in February 2026, the lowest since August 2020, down from 3.13 million in January and 3.15 million a year earlier. The quits rate eased to 1.9%, with declines across all regions and most major sectors.
• Japan’s large manufacturers grew more confident for a fourth straight quarter, with the Tankan index rising to 17 from 16, beating forecasts and supporting the BOJ’s ongoing rate-hike stance.
• South Korea's exports continued to surge in March with shipments adjusted for working-day differences soaring 41.9% from a year earlier, driven by robust semiconductor demand.

Equities: 

• US: US equity indexes surged on Tuesday with the Dow Jones Industrial Average jumping more than 1,125 points, the S&P 500 up 2.9% to 6,528.52, and the Nasdaq Composite catapulting almost 800 points or 3.8% to 21,590.63 amid optimism that the Iran war is about to end. Communication services, technology, and consumer discretionary led the gains. S&P 500 futures were up 0.3% as of 8:04pm Tuesday in New York, while Nasdaq 100 futures gained 0.5%. Nike shares sank 9% after hours after the company forecast more falling sales and conceded its turnaround efforts were taking longer than expected.
• EU: European stock index futures climbed sharply with contracts on the Euro Stoxx 50 up about 1.9% as of 1:18am in London on hopes for an end to the Iran war. The FTSE 100 rose for the second day on Tuesday, climbing 0.5% or 48.49 points to 10,176.45 in London, reaching the highest closing level since March 18, with Rolls-Royce contributing the most to the index gain.
• Asia: Asian stocks jumped at the open, tracking a Wall Street rally, with equities in Japan, South Korea and Australia rising and sending the broader MSCI Asia Pacific Index up 1.6%. Japan's Nikkei climbed more than 3% to 52,792.66 while the Topix rose 3.1% to 3,607.25. South Korea's Kospi surged nearly 5% at the open to 5,330.04, snapping a four-day loss, with the Korea Exchange briefly halting program trading after Kospi 200 futures jumped more than 5%, triggering a sidecar. Samsung Electronics and SK Hynix jumped as much as 7.1% and 9.5% respectively. Recruit Holdings shares rose 7.6% after announcing a buyback plan. KDDI shares fell 3.3% after cutting fiscal year earnings forecasts.

Earnings this week:

• Wednesday: SAIC Motor