[MARKET ANALYSIS] Asia-Pac stocks mostly rallied after oil prices recently dropped amid hopes for a US-Iran deal

APAC Stocks: Mostly Positive

• Asia-Pac mostly rallied as the region took impetus from the gains on Wall St, with global risk sentiment underpinned following a slide in oil prices due to increased optimism regarding a resolution to the Middle East conflict, with US President Trump stating that they are in the final stages of talks with Iran. Furthermore, it was also reported that the Pakistani Army Chief may visit Iran today to announce the achievement of a final draft agreement, while the US side gave Iran a text through a Pakistani mediator after having received Iran's 14-point text three days ago.

ASX 200: +1.7%

• Climbed higher with the gains led by outperformance in the real estate, mining and materials industries, while the index also shrugged off the weak flash PMIs and disappointing jobs data.

Nikkei 225: +3.4%

• Surged higher amid the decline in energy prices and heavy buying in tech stocks with SoftBank shares up around 20% following the earnings beat from NVIDIA, while there was a slew of data from Japan which were ultimately mixed, but included stronger-than-expected trade figures.

KOSPI +7.2%

• Outperforms amid tech strength with SK Hynix surging by a double-digit percentage, while Samsung Electronics was boosted by an eleventh-hour tentative wage agreement with the labour union to avert an 18-day mass walkout.

Hang Seng & Shanghai Comp: Hang Seng -0.1% / Shanghai Comp +0.4%

• Chinese markets lag despite the increased liquidity effort by the PBoC, with the Hong Kong benchmark subdued amid weakness in energy stocks and automakers.

US Equity Futures: Mildly lower

• Briefly retreated after-hours as NVIDIA shares weakened post-earnings despite beating on the top and bottom lines, although the downside in futures is limited amid the rally across most Asia-Pac bourses.

European Equity Futures +0.1%

• Indicate a slightly positive cash market open with Euro Stoxx 50 futures up 0.1% after the cash market closed with gains of 2.1% on Wednesday.