Asian shares mostly slip as latest fighting undermines the US-Iran ceasefire.
Summary
Asian stock markets mostly fell on Tuesday as new fighting threatened the ceasefire between the U.S. and Iran. Rising oil prices affected U.S. companies with large fuel costs, while U.S. stock markets reached new record highs the day before.Key Facts
- Japan’s Nikkei 225 dropped 0.3%, and South Korea’s Kospi fell 0.2%, while Hong Kong’s Hang Seng and Shanghai Composite indexes rose.
- Australia’s S&P/ASX 200 slipped slightly by less than 0.1%.
- U.S. stock indexes hit record levels Monday, with the S&P 500 up 0.3% and the Nasdaq up 0.4%.
- Rising oil prices hurt airlines like United Airlines and Alaska Air Group, which saw their shares drop.
- Brent crude oil prices remained high, near $94 a barrel, well above pre-war levels near $70.
- The conflict threatens the reopening of the Strait of Hormuz, a key oil shipping route, which could impact global oil supply and inflation.
- The U.S. and Iran exchanged attacks recently, with the U.S. bombing Iranian radar after Iran shot down a U.S. drone.
- President Donald Trump said Israel and Hezbollah agreed to reduce fighting after his talks with leaders.
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