World shares mostly higher after Wall Street hits record oil rises

     Hong Kong, Apr 16 (AP) World shares mostly gained while oil prices rose on Thursday as investors were closely watching prospects of a ceasefire extension in the Iran war and more talks between the US and Iran.
    In early European trading, Britain's FTSE 100 rose 0.5 per cent to 10,610.04. France's CAC 40 was also up 0.5 per cent to 8,316.76, while Germany's DAX climbed 0.5 per cent to 24,175.91.
    Asian shares ended mostly higher. Tokyo's Nikkei 225 closed 2.4 per cent higher at 59,518.34, reaching an all-time high and recovering from its earlier losses since the start of the Iran war. South Korea's Kospi climbed 2.2 per cent to 6,226.05.
    Hong Kong's Hang Seng rose 1.7 per cent to 26,394.26, while the Shanghai Composite index was up 0.7 per cent to 4,055.55.
     China on Thursday reported 5 per cent economic growth for the January-March quarter, an acceleration from the previous quarter. While economists say China has largely shrugged off the initial impacts of the Iran war, some are warning its massive export engine could be hit more significantly in the coming months on slower global economic growth.
    Taiwan's Taiex traded 1.1 per cent higher. Shares of chipmaker TSMC were up 0.2 per cent ahead of its results announcement Thursday, which showed a 58 per cent jump in profit, better than analysts had expected. Australia's S and P/ASX 200 lost 0.3 per cent.
    On Wednesday, regional officials told The Associated Press that the US and Iran had an “in-principle agreement” to extend a two-week ceasefire deal that is expiring next week and were making progress toward another round of talks.
    But US Treasury Secretary Scott Bessent also warned that Washington was preparing to apply secondary sanctions on those doing business with Iran – including potentially those from China that's buying Iranian oil – in order to step up economic pressure on the country.
    Oil gained on Thursday. Brent crude, the international standard, was up 1.4 per cent to USD 96.27 per barrel. Benchmark US crude, meanwhile, gained 1.2 per cent to USD 92.41 a barrel.
    Oil prices have surged since the Iran war began in late February. The Strait of Hormuz, a crucial waterway where roughly a fifth of the world's oil passes through normally, has remained largely closed. The US has imposed a sea blockade on Iranian ports this week to force Tehran to reopen the strait and to accept a deal.
    “The key upside risk for the market is that peace talks between the US and Iran break down,” ING Bank strategists Warren Patterson and Ewa Manthey wrote in a note Thursday. “This isn't an unrealistic scenario, given that US and Iranian demands remain fairly wide apart.”
    On Wednesday, Wall Street hit a record on optimism over progress on a longer term ceasefire of the Iran war. The benchmark S and P 500 rose 0.8 per cent to 7,022.95, eclipsing its prior all-time high set in January.
    The Nasdaq composite gained 1.6 per cent to 24,016.02, while the Dow Jones Industrial Average edged down 0.2 per cent to 48,463.72.
    Shares of Bank of America were 1.8 per cent higher after the bank announced better-than-expected quarterly results and its CEO Brian Moynihan saw signs of a “resilient American economy” including solid spending by consumers. Shares of Morgan Stanley gained 4.5 per cent also following better-than-expected quarterly results.
    San Francisco-based shoe brand Allbirds' share price ballooned 582 per cent to nearly USD 17, after saying it's shifting into artificial intelligence and would be changing its name to NewBird AI.
    In other dealings, the price of gold climbed 0.1 per cent on Thursday to USD 4,829.40 an ounce, while silver prices edged up less than 0.1 per cent to USD 79.65 per ounce.
    The US dollar rose to 159.12 Japanese yen from 159 yen. The euro was trading at USD 1.1774, down from USD 1.1799. (AP) PY
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(This story has not been edited by THE WEEK and is auto-generated from PTI)