Global markets mixed as oil prices rebound on Middle East uncertainty
Global shares were mixed on Monday after US stocks ended their first winning week in three. European markets edged higher, while Asian benchmarks were uneven. Oil prices rose sharply as traders assessed uncertainty over Middle East supply and access to the Strait of Hormuz.
Global share markets traded unevenly on Monday after a rise in US stocks ended their first winning week in three. France’s CAC 40 rose 0.3% in early trading to 8,097.99, while Germany’s DAX gained 0.2% to 25,464.53. Britain’s FTSE 100 also added 0.3%, reaching 10,725.57.
US futures pointed lower. Dow futures were down 0.3% at 51,992, while futures for the S&P 500 fell 0.4% to 7,770.75. Asian markets were mixed.
Japan’s Nikkei 225 declined 0.7% to close at 65,877.62. South Korea’s Kospi fell 2.7%, and the Shanghai Composite lost 1.7%. Hong Kong’s Hang Seng gained 0.5%, while Australia’s S&P/ASX 200 rose 0.2%.
Oil prices moved higher. US crude gained 3.41% to $95.56 a barrel, while Brent crude, the international benchmark, rose 3.73% to $108.21. Prices remained volatile because of uncertainty over when war involving Iran would allow oil to flow freely from the Middle East, including through the Strait of Hormuz.
In currency trading, the US dollar weakened to 156.93 Japanese yen from 157.19 yen. The euro fell to $1.1377 from $1.1393. Investors were watching forthcoming inflation data for indications of whether central banks would maintain a hawkish stance.
Market participants were also monitoring technology shares, particularly AI companies, which have continued to report strong earnings despite public concern over the risks associated with the technology.
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