Asian shares trade mixed as oil prices rise
Asian shares traded mixed on Monday as oil prices recovered from a recent drop, which helped U.S. stocks end their first winning week in three months. Japan’s Nikkei 225 stayed flat, the S&P/ASX 200 in Australia gained 0.3%, and South Korea’s Kospi fell 2.3%. Hong Kong’s Hang Seng rose 0.7%, while China’s Shanghai Composite dropped 1.7%.
U.S. crude oil rose 1% to $93.33 a barrel, while Brent crude, the global benchmark, increased 1.8% to $106.19 a barrel. Oil prices were volatile due to concerns about the ongoing conflict with Iran and access to the Strait of Hormuz. On Wall Street, the S&P 500 rose 0.5% after ending a three-day losing streak, while the Dow Jones Industrial Average added 478 points and the Nasdaq composite climbed 0.5%.
Inflation concerns weighed on markets, as rising bond yields raised concerns about potential economic risks. The 10-year Treasury yield briefly hit 5.22%, near its highest since 2007, but fell back to 5.15% as oil prices fell. This helped U.S. stocks recover. The S&P 500 closed at 7,743.41, the Dow Jones Industrial Average at 51,828.62, and the Nasdaq composite at 27,068.72. The U.S. dollar strengthened to 157.76 Japanese yen, while the euro remained steady at $1.1392.
Written by urgent.news from Winnipeg Free Press's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
