Asian stocks rose sharply on Thursday, with South Korea’s KOSPI rebounding from steep losses as a mix of bargain buying and positive cues from Wall Street aided regional markets.
The U.S. services sector activity surged to more than a 3-1/2-year high in February as businesses rebuilt inventories in anticipation of strong demand, consistent with hopes for an acceleration in economic growth this quarter.
Oil prices rose on Thursday amid growing concern over the prolonged closure of the Strait of Hormuz, as the U.S.-Iran war chokes off vital Middle East oil and gas flows while production facilities limit output.
The Asean Manufacturing Purchasing Managers’ Index (PMI) hit a record high of 53.8 in February 2026, up from 52.8 in January 2026, driven by a record improvement in new orders, as well as a near-record increase in output, said S&P Global.
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The S&P Global final Japan Services Purchasing Managers' Index (PMI) edged up to 53.8 in February from 53.7 in January, marking the 11th consecutive month of expansion. The rate of expansion was the best recorded since May 2024.
China's manufacturing activity revealed mixed performances on Wednesday, with an official survey highlighting ongoing struggles for factory orders, while a private poll pointed to the sector's best business conditions in more than five years.