Japan, South Korea stocks hit record highs as Iran ceasefire extension lifts sentiment

Japan and South Korea stocks hit a record high Thursday, trailing gains in U.S. stocks overnight after President Donald Trump's extension of the Iran ceasefire helped to buoy investor sentiment, while upbeat earnings reports also lifted sentiment.

Trump extended a two-week U.S. ceasefire on Tuesday, saying it was warranted due to Tehran's "seriously fractured" government.

"Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal," Trump said in a Truth Social post.

The ceasefire would be extended until Tehran submitted a proposal or discussions were concluded, and the U.S. military would continue its blockade of Iranian ports, according to Trump.

However, the timeline remains uncertain. Iranian state media reported Wednesday that Tehran's negotiators wouldn't attend the talks with the U.S., calling them a "waste of time." A lack of commitment from Iran reportedly prompted Vice President JD Vance to pause his trip to join peace talks. Meanwhile, Iran's navy also said that it had seized two container ships in the Strait of Hormuz.

West Texas Intermediate futures rose 0.22% to $93.2 per barrel as of 8:34 p.m. ET. Brent crude added 0.39% to $102.25 per barrel.

Japan's Nikkei 225 reached an all-time intraday high of 60,013.98, supported by strong gains in tech stocks. Softbank Group Corp gained over 6% while Mitsubishi Industries gained 1.86%.

South Korea's Kospi also reached an all-time intraday high of 6,538.72, advancing 1.75%. The small-cap Kosdaq was 0.58% higher. The country's economy grew more than expected in the first three months of the year, recording the fastest growth since the third quarter of 2020.

The 1.7% growth in January to March from the previous quarter exceeded Reuters' estimates of 1.0% and rebounded from the 0.2% contraction in the prior quarter.

Samsung Electronics shares hit a new intraday record of 227,000. Investors were also monitoring labor developments, as the company's unions expected more than 30,000 workers to attend a rally in South Korea on Thursday, ahead of a planned strike next month.

Australia's S&P/ASX 200 traded choppy, gaining 0.32%.

Hong Kong Hang Seng index futures were at 26,169, compared with the index's last close of 26,163.24. The release of the city's March inflation data will be closely watched by investors.

S&P 500 futures slipped 0.1%, while the Nasdaq 100 futures were around the flatline. Futures tied to the Dow Jones Industrial Average fell by 173 points, or 0.4%.

During Wednesday's regular session, the S&P 500 added 1.05% to finish at 7,137.90, while the tech-heavy Nasdaq added 1.64% to settle at 24,657.57. The latter had hit a new all-time intraday high in the session.

Meanwhile, the Dow Jones Industrial Average advanced 340.65 points, or 0.69%, to end the day at 49,490.03.

— CNBC's Sean Conlon and Lisa Kailai Han contributed to this report.