On April 8, aviation stocks in the Hong Kong stock market led the gains. As of the time of writing, $CHINA EAST AIR (00670.HK)$ others gaining more than 11%, $AIR CHINA (00753.HK)$ 、 $CHINA SOUTH AIR (01055.HK)$ surged over 6%, $CATHAY PAC AIR (00293.HK)$ Up over 4%.
In terms of developments, Pakistani Prime Minister Anwaar-ul-Haq Kakar posted on the morning of April 8, stating that he had requested U.S. President Trump to extend the ‘final deadline’ by two weeks. He also asked Iran to keep the Strait of Hormuz open for two weeks. The ceasefire officially took effect at 8:00 a.m. Beijing time. Subsequently, Iran, the United States, and Israel all formally expressed agreement with Pakistan’s proposal. During the early trading session in the Asia-Pacific region on Wednesday, $Crude Oil Futures (MAY6) (CLmain.US)$ the decline widened to 19% at one point.
Notably, the U.S. Energy Information Administration (EIA), an agency under the Department of Energy, pointed out that even after the conflict ends, it will take months to fully restore oil shipments through the Strait of Hormuz. Until oil transportation is fully resumed and Middle Eastern oil producers return to normal output levels, oil prices will remain elevated. The agency forecasts that the global benchmark Brent crude spot price will average USD 96 per barrel this year, up from the previous estimate of USD 78.84, and expects retail gasoline and diesel prices to continue rising. Reportedly, due to soaring jet fuel costs, Delta Air Lines will increase checked baggage fees for domestic flights and some short-haul international routes.
Editor/KOKO
