Oil prices experienced a sharp decline today. International crude oil futures fell by over 2% in a straight-line drop following the market close on May 7.
Meanwhile, gold and silver prices saw short-term gains.
This movement follows positive developments emerging from the Middle East. According to Al Arabiya, citing informed sources, the United States and Iran have reached a consensus. The agreement involves a gradual opening of the Strait of Hormuz in exchange for an easing of maritime blockades. A breakthrough regarding ships trapped in the strait is expected within the coming hours.
Additionally, the Pakistani Foreign Ministry stated that while it is difficult to judge how close the parties are to signing an agreement, they remain optimistic about the outcome.
Shifting focus to Asian markets, which posted significant gains again. On May 7, Japan's Nikkei 225 index surged by over 3,000 points, briefly breaking through the 63,000 point level during the trading session. South Korea's KOSPI index also rose by more than 1%.
Japanese technology investment giant SoftBank Group saw its stock price soar by 18%.
The Japanese market reopened after a long holiday, with investors eager to catch up on the global AI-driven rally, which boosted Japanese tech stocks collectively. Analysts noted that Japanese markets were closed for the latter part of the Golden Week holiday while global risk assets rallied strongly. Therefore, today's movement effectively allowed the Nikkei 225 to digest three trading days' worth of activity at once. During the Tokyo market closure, the S&P 500 hit a new record high, and the Nasdaq also reached a new peak, led by semiconductor and AI-related stocks. Furthermore, easing geopolitical concerns boosted market sentiment. As signs of cooling emerged between the US and Iran, oil prices retreated.
In the A-share market, the Shanghai Composite Index strengthened throughout the day, while the Shenzhen Component Index and the ChiNext Index both gained over 1%. At the close, the Shanghai Composite was up 0.48%, the Shenzhen Component rose 1.18%, and the ChiNext Index advanced 1.45%.
A total of 3,520 stocks advanced across the two exchanges, with 127 hitting the upward limit. Meanwhile, 1,832 stocks declined.
Computing hardware stocks surged again. Companies like Juguang Technology, Hangzhou Cable Co., and Han's Laser hit the upward limit and reached new highs.
Semiconductor and chip stocks continued their strong performance. China Greatwall achieved three consecutive days of hitting the upward limit, while Huahong Company rose over 9% to a new high.
On the downside, the oil, gas, and coal sectors adjusted. China Coal Energy fell nearly 8%.
In other news, POP MART saw its shares rise over 6% during the session. On the afternoon of May 7, well-known investor Duan Yongping stated on a social platform that he had exchanged his shares in Shenhua for POP MART shares. This follows his initial position established in April, marking a further increase in his holdings of POP MART. He concurrently mentioned that Shenhua is an excellent company from which his investment had yielded strong returns, and he would consider returning to it given future opportunities.
