Global Stocks Hit Records on AI Rally as Yen Surges and Oil Falls

Stocks climbed, oil prices fell, and the U.S. dollar weakened on Wednesday after President Donald Trump signaled “great progress” toward a potential agreement with Iran, while momentum in AI-driven trades accelerated, Gregor Stuart Hunter reported for Reuters.

South Korea’s KOSPI jumped 6.6% to break above the 7,000 level for the first time. (Photo: KRX - Korea Exchange)

Trump said he would briefly pause a U.S. operation escorting ships through the Strait of Hormuz, a key oil transit route. Brent crude fell 1.6% to $108.07 per barrel.

Global equities surged, with MSCI’s All-Country World Index rising 0.4% to a record high. Asia-Pacific markets led gains, with South Korea’s KOSPI jumping 6.6% to break above the 7,000 level for the first time.

In currency markets, the Japanese yen strengthened sharply, gaining as much as 1.8% to 155 per dollar amid speculation of intervention by authorities in Tokyo.

“There’s a bit of optimism around a U.S.-Iran deal,” said Thomas Mathews of Capital Economics, adding that thin holiday trading may have amplified the move.