Today's Edition
HONG KONG (AFP)
Equities fell and oil prices rose Thursday as the United States and Iran appeared no closer to holding fresh peace talks and Tehran continued block the Strait of Hormuz.
Investors have spent most of the week upbeat that a breakthrough to end the seven-week conflict will be made soon, while healthy earnings and a resumption of the AI trade has also provided support.
Crude prices jumped as much as four percent in early Asian business. Oil prices remained elevated, with Brent holding above $100 following a surge Wednesday, though they pared Thursday's initial gains.
Equities fell, though, with Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Taipei, Mumbai, Bangkok, and Wellington all down. But Seoul rose to a new record thanks to a fresh rally in the tech sector that has been the backbone of a surge in the Kospi index this year.
London, Paris, and Frankfurt opened on the back foot.
“Whether it's conflict fatigue or confidence that the conflict between the US and Iran will be resolved soon, there is limited evidence that the rise in the oil price dampened bond and equity markets,” said National Australia Bank's Skye Masters.
“It is questionable whether financial markets are pricing correctly the reality that supply constraints will remain an issue for some time,” she wrote.
S&P 500 firms that have reported first-quarter earnings had beaten analyst estimates so far.
