investingLive Asia-Pacific news wrap: Trump pauses Project Freedom. Oil drops, gold surges

Gold tops $4,650 as weaker dollar and Iran peace hopes lift precious metals NAB calls June RBA hike to 4.60% as Middle East inflation compounds domestic pressures ING sees AUD rebound ahead as RBA signals pause but stands ready to act China private survey Rating Dog Services PMI 52.6 in April (up from 52.1 in March) PBOC sets USD/ CNY reference rate for today at 6.8562 (vs. estimate at 6.8160) Australia to build A$10bn fuel reserve as Middle East crisis drives stockpile push CBA sees RBA on hold for rest of 2026 after third consecutive hike to 4.35% EU urges US to restore Turnberry trade terms ahead of deal's first anniversary AUD faces headwinds above 0.72 as RBA signals pause, TD warns New Zealand unemployment falls to 5.3% in Q1, beating forecasts ahead of war impact Oil down, 'risk' & gold higher as Trump pauses freedom operation for ships stuck in Hormuz Trump says that Project Freedom (movement of ships through Hormuz) will be paused New Zealand Q1 Unemployment rate 5.3% (vs. 5.4% expected and 5.4% prior ) Trump seeks to preserve Iran ceasefire as UAE says missile and drone attacks continue Westpac sees upside inflation risks after RBA lifts cash rate to 4.35% in 8-1 vote investingLive Americas FX news wrap 5 May: USD lower. Stocks higher. Yields lower. RBNZ says financial system resilient but Middle East conflict to slow recovery Oil - private survey inventory shows a much bigger headline crude oil draw than expected SMCI beats Q3 profit estimates but misses on revenue as margins recover sharply AMD beats Q1 earnings estimates with revenue of $10.25bn and strong Q2 outlook NASDAQ and S&P index close at record levels Summary: Trump officials signal shift away from Iran escalation, with Hegseth, Rubio and General Caine all striking a notably de-escalatory tone Trump pauses Project Freedom, the US effort to guide stranded vessels through the Strait of Hormuz, framed as a confidence-building measure ahead of a potential Iran deal Regional sources say Iran's deep distrust of the US has been a key obstacle to a deal; the pause is being read as an attempt to address that Oil falls, risk assets rally on peace deal hopes Asia-Pacific equities surge; KOSPI breaks 7,000 and triggers buy-side sidecar; Shanghai and Hang Seng follow higher US equity futures firm, Nasdaq outperforming after AMD's after-hours earnings beat Australian dollar hits a four-year high; NZD rises to a two-month high against the USD Gold approaches USD$4,650 China's RatingDog services PMI beats estimates, adding to the positive risk tone A notable shift in tone from Trump administration officials on Tuesday set the stage for a broad risk-on session across Asia-Pacific markets on Wednesday, as growing optimism around a potential US-Iran peace deal sent oil lower, lifted equities and pushed the Australian dollar to a four-year high. The mood music began with a coordinated softening in language from senior US officials. Defence Secretary Pete Hegseth said the ceasefire with Iran was holding, Secretary of State Marco Rubio declared Operation Epic Fury concluded and its objectives achieved, and General Dan Caine, chairman of the Joint Chiefs of Staff, characterised Iran's recent attacks in the Gulf as falling below the threshold that would restart major combat operations. The shift came despite Iranian missile and drone strikes on the UAE. Trump then reinforced the tone with a social media post confirming that Project Freedom, the US operation to guide stranded commercial vessels out of the Strait of Hormuz, had been paused while Washington works to finalise a deal with Tehran. Sources in the region interpreted the pause as a deliberate confidence-building measure aimed at Iran, whose deep distrust of the United States has been cited as a significant obstacle to reaching any agreement. Markets responded swiftly and decisively. Oil prices retreated as the geopolitical risk premium was priced out, while equities and risk currencies surged. South Korea's KOSPI broke t