Asian Shares Pause for US Jobs, Oil Extends Gains on Mideast Risk
Investors awaited July U.S. payrolls, with economists expecting 80,000 jobs and a 4.2% unemployment rate, while Brent crude rose nearly 4% on Strait of Hormuz uncertainty.
- Shares in Asia were mixed on Friday following a modest retreat on Wall Street, while oil prices gained more than 1%. The Nikkei lost 0.3% while The Shanghai Composite gained 0.8%.
- Brent crude rose 1.6% as uncertainty persists regarding reopening the Strait of Hormuz, a vital waterway for global oil supplies. Progress toward resolution remained unclear, fueling inflation concerns.
- Earnings results were mixed as Warner Bros Discovery rose 1.7% and Molson Coors climbed 1.3% after encouraging reports. Honeywell Aerospace fell 23.2% while AppLovin slumped 19.7% following disappointing results.
- SpaceX shares rose 6.1% after more than 911 million shares held by early investors became eligible for sale Thursday. The stock trades around $115, below its $135 initial offering price.
- China reported exports grew about 24% in July on strong electronics demand, though hiring growth for Americans has eased. Markets remain weighed down by geopolitical tensions and concerns about a potential artificial intelligence investment bubble.
35 Articles
35 Articles
Asian bourses steady as investors weigh data
Asian stocks posted mixed trade at the end of the week, as tech shares in South Korea advanced even as investors weighed a cooling, AI-fuelled semiconductor rally, rising oil prices due to Middle East tensions, and upcoming US jobs data.
The exchanges operated without defined direction in Asia this Friday, after a moderate retreat on Wall Street, while oil prices rose more than 1%. The sale of papers from semiconductor manufacturers and other companies linked to the artificial intelligence boom seemed to slow down a bit, with the Nikkei 225 index of Tokyo, falling to 0.3%, to 65,500.10 points. Kospi, in South Korea, dropped to 0.8%, to 6,242.88 points, and Taiex, in Taiwan, yiel…
Asian equities trade mixed as investors weigh rising energy costs and
Asian stock markets traded mixed on Friday as geopolitical tensions involving Iran pushed crude oil prices toward $78 per barrel, raising fears that higher energy costs could stoke inflation and delay central bank rate cuts. Market sentiment was further
Associated Press News
Asian shares are mixed after US stocks fall back while oil rebounds
Shares are mixed in Asia while oil prices have gained more than 1%. China reported its exports grew at a slightly slower but still robust pace of about 24% in July on strong demand for electronics and other high-tech products.
Investors want to keep risks low in front of important data from the US labour market. The US and Japan regulations are weak, and the DAX is likely to make little progress at first.
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