Asian Stocks Rise as Oil Prices Fall After Trump Comments

Asian stocks rallied on Thursday as oil prices slipped following US President Donald Trump's comments downplaying the prospect of a prolonged conflict with Iran. The yen remained in focus after its sudden strengthening.

The MSCI Asia Pacific equities gauge advanced 0.5% as Japan and South Korea's benchmarks rose. This came after the S&P 500 Index snapped a three-day decline, with the tech-heavy Nasdaq 100 rising 0.2%. Technology shares remained in focus following Broadcom Inc.'s prediction of a boom in artificial intelligence chip sales over the next two years.

The yen traded around 158.83 per dollar after strengthening to as much as 158.22 in New York trading. The currency's advance kept traders on alert for further intervention by authorities, with some speculating about Bank of Japan action to support the yen.

Oil prices declined as Brent slipped 0.6% to $95.10 a barrel after Trump said renewed attacks on Iran would likely be short-lived and reiterated his claim that the US controls the crucial Strait of Hormuz. Easing oil prices also helped bonds gain during the US session, pushing Treasury yields lower.

Friday's US jobs report is expected to provide clues on the US economy and policy outlook. Angelo Kourkafas at Edward Jones said 'stocks are finding some footing after a difficult start to September,' noting that underlying fundamentals remain constructive.