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(Sharecast News) - Asia-Pacific markets were mostly higher on Wednesday as investors monitored fresh US strikes on Iran and renewed diplomatic efforts to secure a ceasefire, while the conflict continued to weigh on the outlook for energy markets.
"Markets are trying to run two stories at once: AI relief and oil anxiety," said Patrick Munnelly, market strategy partner at TickMill.
"Semiconductor shares are extending their global rebound as forced selling eases and investors return to the AI complex, but Brent above $92 per barrel is dragging inflation risk back into the centre of the rates debate.
"Equity leadership is coming from chips; macro pressure is coming from crude.
"That makes today's tape stronger on the surface than it feels underneath."
Most bourses in the green
Japan's Nikkei 225 slipped 0.18% to 66,115.60, while the Topix rose 0.45% to 4,033.13.
J. Front Retailing fell 5.75%, Shiseido lost 5.38% and Takashimaya declined 4.91%.
Japanese exports jumped 19.3% year on year in June, the fastest increase since November 2022, beating expectations for an 18.6% rise and accelerating from 16.8% in May.
Shipments to Asia grew 22.7%, including a 46.4% surge to Taiwan, while exports to China rose 17.6% and shipments to the US increased 13%.
China's Shanghai Composite edged up 0.07% to 3,867.03.
Raisecom Technology gained 10.05%, while Guangdong Tianan New Material and Henan Dayou Energy each rose 10.04%.
South Korea's Kospi 100 advanced 0.62% to 8,453.22, led by SK Telecom, which jumped 10.58%.
HD Hyundai Marine Solution gained 8.79% and Doosan rose 8.19%.
"The MSCI Asia Pacific Index rose 1%, extending Tuesday's strongest rally in a month, while South Korea's Kospi surged 4% as leveraged selling pressure continued to fade," Munnelly added.
"Samsung and SK Hynix led the move, confirming that Korea remains the highest-beta expression of global AI sentiment.
"The rebound follows a more than 5% rally in the US semiconductor index on Tuesday, which pulled the group out of bear-market territory after last week's drawdown."
Australia's S&P/ASX 200 added 0.34% to 8,823.00, with IperionX up 8.67%, Paladin Energy gaining 6.66% and Regis Resources advancing 6.61%.
New Zealand's S&P/NZX 50 climbed 0.78% to 13,763.18.
Skycity Entertainment Group surged 13.68%, Pacific Edge rose 5.88% and Synlait Milk gained 5.26%.
Dollar mixed as oil prices rise
In currency markets, the dollar fell 0.08% on the yen to last trade at JPY 163.04, but rose 0.08% against the Aussie to AUD 1.4299 and gained 0.16% on the Kiwi to NZD 1.7192.
Brent crude futures were last up 3.81% on ICE at $94.48 per barrel, while the NYMEX quote for West Texas Intermediate rose 3.55% to $87.33.
Reporting by Josh White for Sharecast.com.