Asian shares mostly gain and oil slips
AP News • • general
Key Points:
- Asian shares mostly rose following U.S. stock market records driven by strong corporate profits, with notable gains in South Korea's Kospi and Taiwan's Taiex, while China and Japan markets were closed for holidays.
- U.S. futures showed mixed results and oil prices declined slightly after President Trump announced "Project Freedom" to help ships exit the Strait of Hormuz amid tensions with Iran, which rejected the plan.
- The oil market remains volatile due to the ongoing Iran war, with many vessels stranded and production constrained by storage limits, impacting global supply and prices.
- On Wall Street, the S&P 500 hit an all-time high led by Apple’s strong earnings, with 84% of S&P 500 companies beating profit estimates so far, signaling robust corporate earnings despite geopolitical risks.
- Currency markets saw the dollar strengthen slightly against the yen, while the euro weakened against the dollar amid ongoing economic and geopolitical uncertainties.
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