Asian stocks are mixed as yen jumps against the dollar, while oil prices slip
Summary
Asian stock markets showed mixed results as the Japanese yen rose against the U.S. dollar due to intervention by the U.S. and Japan. Oil prices dropped after President Donald Trump said U.S. forces would avoid attacks on Iran, signaling progress toward peace in the Middle East.Key Facts
- The U.S. and Japan acted to support the Japanese yen, which rose to its highest level since late last year.
- The dollar weakened to about 155.20 yen from near 164 yen last week.
- A weaker yen helps Japanese companies with overseas business but makes imports like oil more expensive.
- Japan’s Nikkei index fell by 1.9%, and South Korea’s Kospi index dropped 4.5%.
- South Korean tech stocks Samsung and SK Hynix had big gains on Friday but lost value on Monday.
- Hong Kong’s Hang Seng index rose 0.6%, while China’s Shanghai Composite index declined 0.5%.
- Oil prices fell by about 5% after President Trump indicated less risk of U.S. military action in the Middle East.
- U.S. stock markets ended July higher, with the S&P 500, Dow Jones, and Nasdaq all showing gains last Friday.
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