Mixed Asian Markets, Trump's 'Project Freedom' Boosts Market Optimism
Jakarta - Asian-Pacific stock markets were mixed but South Korea’s benchmark index reached a new all-time high at the opening of trading today, Wednesday, 6 May 2026. The success of the United States military in escorting ships through the Strait of Hormuz under Project Freedom served as a positive signal for the markets.
US military forces began guiding commercial vessels out of the Strait of Hormuz as part of the Project Freedom mandate since Monday, 4 May 2026. US Secretary of Defence Pete Hegseth stated that the waterway was safe, as evidenced by the military’s success in delivering two commercial vessels through the Strait of Hormuz.
“Two US commercial vessels, along with an American destroyer, have successfully passed through the strait safely,” Hegseth said, quoted from CNBC International on Wednesday, 6 May 2026.
However, President Donald Trump announced that the US efforts to escort ships out of the Strait of Hormuz have been temporarily halted. This move signals that diplomatic efforts to resolve the Middle East crisis are proceeding as planned.
“We have agreed that, although the Blockade will remain fully in place. Project Freedom will be temporarily halted for a short period to see if the Agreement can be finalised and signed,” Trump stated in a post on Truth Social.
The US escorting of commercial vessels pressured global oil prices. June West Texas Intermediate futures contracts fell 1.96% to $100.27 per barrel at 20:03 ET, while July Brent crude futures dropped 1.27% to $108.48 per barrel.
Meanwhile, South Korea’s Kospi index surged 4.50% to a new record high. This gain continued the index’s rise of more than 70% throughout 2026 as markets resumed trading after a holiday.
Leading stocks such as Samsung Electronics and SK Hynix reached record highs, rising more than 8% and 9% respectively in early trading. However, the Kosdaq index, comprising small-cap stocks, weakened by 0.15%.
Australia’s S&P/ASX 200 index jumped 0.58%. Hong Kong’s Hang Seng futures dipped slightly to 25,860 from the previous level around 25,898.61.
Japan’s stock market was closed for a holiday.