Shares are mostly higher in Asia, with Kospi up 4%, while oil prices gain
Summary
Asian stock markets mostly rose, with South Korea’s Kospi up 4%, while oil prices increased amid ongoing concerns about the war with Iran disrupting oil flow. U.S. stocks fell slightly after reaching recent highs, and inflation data awaited in the U.S. could influence Federal Reserve interest rate decisions.Key Facts
- Tokyo’s Nikkei 225 rose 0.6% to 67,334.94 points.
- South Korea’s Kospi increased 4% to 6,597.90, helped by gains in Samsung Electronics (7.7%) and SK Hynix (7.1%).
- Taiwan’s Taiex advanced 0.8%, while Shanghai’s index added 0.3%; Hong Kong’s Hang Seng fell 1.2%.
- Australia’s S&P/ASX 200 dropped 0.6% to 9,197.00.
- Brent crude oil price rose 0.9% to $89.67 per barrel; U.S. crude also gained 0.9% to $83.98.
- The war with Iran has disrupted oil shipping through the Strait of Hormuz, keeping oil supply uncertain.
- Iran denied President Trump’s statement about demanding compensation in negotiations to end the war.
- Concerns about attacks in the Bab el-Mandeb strait could further threaten regional shipping and fuel instability.
- U.S. inflation data expected to show a slight decrease to 3.4% in July, which may affect Federal Reserve interest rate decisions.
- U.S. stock indexes (S&P 500, Dow Jones, Nasdaq) fell modestly after recent record highs.
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