Asian shares weaker, oil up as investors weigh Saudi-Houthi escalation
Commodity investors are also monitoring supply constraints from a storm heading towards North American oil-producing regions.
Asian markets experienced a slight decline on Wednesday, with the MSCI's broadest index of Asia-Pacific shares excluding Japan falling 0.3%, while US stocks reached new highs. The S&P 500 hit a record high, and the tech-heavy Nasdaq also reached an all-time high. The Dow Jones Industrial Average also saw a rise. Oil prices increased as investors considered the potential impact of a storm approaching the Gulf of Mexico and tensions between Saudi Arabia and Yemen's Iran-backed Houthis.
US crude prices rose 1.05% to $90.38 a barrel, while Brent crude increased 1.06% to $101.65 per barrel. The surge in commodity prices was driven by supply concerns from the storm and the Houthi attacks on Saudi Arabia. Despite the global bond yield stabilization, French debt saw a pullback, leading to a decline in longer-term US yields.
The euro made a slight recovery and stabilized around $1.1250, while the Japanese yen weakened slightly against the dollar. Gold prices also rose to $4165.53 per ounce.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 4 other outlets
- Asian shares weaker, oil up as investors weigh Saudi-Houthi escalation freemalaysiatoday.com
- Asia shares weaker, oil up; investors weigh Saudi-Houthi escalation brecorder.com
- Asia shares weaker, oil up; investors weigh Saudi-Houthi escalation nst.com.my
- Asia shares weaker, oil up; investors weigh Saudi-Houthi escalation investing.com
