Asia shares ease on tech pullback, oil stable as Iran talks stay in focus

Global stock markets experienced a mixed performance on Thursday (Aug 6), as investors weighed the latest corporate earnings results and awaited developments on a potential United States-Iran deal to reopen the Strait of Hormuz. Tech firms faced renewed pressure, dragging tech-heavy indices lower in Asia, while oil prices edged higher amid hopes of a deal.

London, Paris, and Frankfurt stock markets were all higher nearing midday, with alcoholic drinks maker Diageo leading the gains in London, surging 7 percent after unveiling a major cost-cutting plan. Siemens, an industrial giant, fell 5 percent in Frankfurt after its forecasts fell short of investor expectations. In Asia, tech-heavy indices saw a decline due to concerns over the profitability of artificial intelligence investments following disappointing earnings from US giants SanDisk and Western Digital.

Additionally, Elon Musk's SpaceX experienced a sharp drop in shares after its earnings results raised worries about its AI spending. Despite the tech sector's challenges, easing tensions in the Middle East and comments from Washington about a US-Iran deal helped keep oil prices stable and mitigate inflation and rate hike concerns.