<div id="readability-page-1"><div><p>ASIAN shares traded near record highs on Monday (May 4) as stronger-than-expected corporate earnings from technology companies kept the sector buoyant, while oil fluctuated amid mixed signals from the Middle East.</p><p>MSCI’s Asian equities gauge climbed 1.5 per cent to near its all-time high set on Feb 27, which was just before the US-Israel war on Iran began. Benchmark indexes in South Korea and Taiwan both jumped more than 3 per cent to records in a revival of the artificial intelligence trade. Futures for the S&amp;P 500 and the Nasdaq 100 rose after the Wall Street gauges closed at new highs on Friday on earnings from megacap tech companies including Apple.</p><p>Markets opened on an optimistic note after President Donald Trump said the US will begin guiding ships not involved in the Iran conflict through the Strait of Hormuz from Monday. However, a senior Iranian official warned that Teheran would consider any US interference in the Strait a ceasefire breach, according to an AFP report. </p><p>Brent crude whipsawed – initially falling 2.4 per cent, then erasing those losses before trading little changed at about US$108 a barrel.</p><p>“The devil is always in the detail, but is a positive signal as it shows both parties are willing to find common ground,” said Rodrigo Catril, a strategist at National Australia Bank in Sydney. Whether the positive sentiment lasts “is hard to tell. We have been here before,” he said. </p><p>Elsewhere, the US dollar edged lower against most of its major peers. The yen was little changed at 157.01 per US dollar after Japan reportedly intervened in the market on Thursday. There is no cash trading of US Treasuries until New York opens due to holidays in Tokyo and London.</p><div><div><h3>Navigate Asia in<br/>a new global order</h3><p>Get the insights delivered to your inbox.</p></div></div><p>The latest headlines add to the month-long surge in equities as traders mostly set aside concerns about the economic fallout from the Middle East hostilities, with signs of corporate resilience driving US stocks to their best month since 2020. Efforts to turn a fragile ceasefire into lasting peace combined and signs of US economic strength sent the S&amp;P 500 to its fifth consecutive week of gains.</p><p>Trump described discussions with Teheran as “very positive” after it received Washington’s response to its latest proposal to end the war. Steps to guide neutral ships out through the Strait of Hormuz could pave the way for smoother energy flows from the Middle East after a near-full blockade for two months.</p><p>Iran’s proposal called for a complete end to the conflict within 30 days along with guarantees against renewed strikes, the semi-official Tasnim News Agency reported. The plan reiterated Teheran’s earlier demands, including that US forces withdraw from near Iran, a maritime blockade be lifted, sanctions removed and reparations paid, it said. On Sunday, Iran said it received the US response to its plan via Pakistan, and is reviewing it.</p><div><div><div><p>SEE ALSO</p><div><div><div><div><p><img height="2557" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/404d65ab765e4bd1c06276e2906341c99bc851a31b47c97a03e26c5756ec2c06/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="4546" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/404d65ab765e4bd1c06276e2906341c99bc851a31b47c97a03e26c5756ec2c06/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>Trump says US to help ships stranded in Strait of Hormuz as tanker hit by projectiles</span></h3><p></p></div></div><div><div><div><p><img height="3411" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/9693deacd3515727da8344d00caf1228fc1dc41651cb5f9764e0a698148c1bd3/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="5389" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/9693deacd3515727da8344d00caf1228fc1dc41651cb5f9764e0a698148c1bd3/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>Oil slips after Trump says US will help free ships stranded in Strait of Hormuz</span></h3><p></p></div></div><div><div><div><p><img height="2333" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/16a1114747b702ab7fe0f21d38c75b25a1840373d51c54cebd8057a8c9aa2a04/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="3500" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/16a1114747b702ab7fe0f21d38c75b25a1840373d51c54cebd8057a8c9aa2a04/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>Bitcoin tops US$80,000 for three-month high as Asian stocks rise</span></h3><p></p></div></div></div></div></div></div><p>“Trump fatigue is setting in more and more – I don’t think the market’s really taking it seriously,” said Haris Khurshid, chief investment officer at Karobaar Capital.</p><p>“Conflicting reports are leaving traders unclear on the role of the US Navy which is reported to be acting in a coordination process for countries, insurance companies and shipping organisations,” said Mark Cranfield, strategist for Bloomberg Markets Live. “This appears to be some way from physically protecting ships.”</p><p>The S&amp;P 500 ended April at highs with about 81 per cent of the benchmark’s companies having beat first-quarter earnings estimates, according to data compiled by Bloomberg. Emerging market equities notched a fresh record high towards the end of April while a gauge of Asian stocks have almost recouped their war-driven losses. </p><p>Risk-taking went beyond equities, with high-yield credit spreads near multi-year tights and retail traders piling into prediction markets and zero-day options. The rally has held through the war in Iran, oil above US$100 a barrel and a Federal Reserve that has signalled rates will stay higher for longer amid elevated energy costs.  </p><p>“The market is being very patient with this level of uncertainty because it is focused on the other side of the conflict, which may be too optimistic,” said Joe Gilbert, a portfolio manager at Integrity Asset Management. “The economic damage being done will be more materially felt in the next month.” BLOOMBERG</p><div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. <span>Sign up here to get Decoding Asia newsletter.</span> Delivered to your inbox. 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<p>Asian stocks approached record highs on May 4, buoyed by strong tech earnings, with MSCI’s Asian equities gauge rising 1.5%. South Korea and Taiwan's indexes surged over 3% amid renewed AI trade. The US dollar dipped against major currencies, while Brent crude fluctuated around $108 a barrel. Optimism grew after President Trump announced guidance for ships in the Strait of Hormuz, despite mixed signals from Iran. The S&P 500 also reached new highs, reflecting resilience in corporate earnings despite geopolitical tensions.</p>

Asian stocks near record high on tech corporate earnings as US dollar dips