Asian shares are mixed after US stocks fall back while oil rebounds
Summary
Asian stock markets showed mixed results after US stock prices dropped slightly, while oil prices increased. Strong corporate profits have helped ease concerns about stock prices, even as oil costs remain high due to tensions over the Strait of Hormuz.Key Facts
- Tokyo’s Nikkei 225 fell by 0.3%, South Korea’s Kospi dropped 0.8%, and Taiwan’s Taiex declined 0.4%.
- China’s Shanghai Composite index rose by 0.8% after reporting a 24% growth in exports in July.
- Hong Kong’s Hang Seng increased by 0.2%, and Australia’s S&P/ASX 200 declined slightly by less than 0.1%.
- The US stock market saw small declines: S&P 500 fell 0.2%, Dow fell 0.9%, Nasdaq fell 0.1%.
- Brent crude oil prices rose nearly 4% on Thursday and were up 1.6% on Friday to $83.78 per barrel.
- US crude oil prices increased 1.2% to $78.22 per barrel.
- The Strait of Hormuz, a key route for 20% of the world’s oil and gas trade, remains closed or uncertain due to conflict negotiations involving Iran and Oman.
- About 85% of companies in the S&P 500 have reported strong earnings growth, the best since 2021, helping calm fears about overvalued stocks.
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