Seoul stocks open sharply higher on possible Iran deal
Seoul stocks opened sharply higher Thursday as investors pinned hopes of a possible end to the Iran war after President Donald Trump said the U.S. has reached a "great settlement." The benchmark Korea Composite Stock Price Index (KOSPI) opened up 499.9 points, or 6.44 percent, at 8,263.85.
The KOSPI tracked overnight advances on Wall Street, where major stock indexes closed sharply higher.
On Thursday (local time), President Trump said he canceled the scheduled strikes and bombing against Iran, claiming a "settlement" has been reached and a deal will be signed, possibly in Europe, as soon as this weekend.
Iran has not confirmed it.
U.S. producer inflation, meanwhile, posted the largest annual gain in some three years in May as the Middle East crisis boosted the cost of energy products, raising speculation that the U.S. Federal Reserve may quicken its monetary tightening to tame inflation.
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