Oil jumps 3% and Asian shares are mixed after Wall Street set records
AP News • • general
Key Points:
- Asian stock markets showed mixed performance Monday, with Tokyo's Nikkei 225 falling 0.5% and South Korea's Kospi rising 4.3%, driven by strong tech and AI-related stock gains despite ongoing Iran conflict concerns.
- Oil prices surged over 3%, with Brent crude reaching $104.89 per barrel, due to heightened tensions after U.S. President Trump rejected Iran's response to a U.S. peace proposal and the continued closure of the Strait of Hormuz.
- China’s Shanghai Composite index rose 1.1%, supported by strong factory gate price data and better-than-expected export figures, while other regional markets like Australia and India saw declines.
- The Iran conflict and oil supply issues are expected to be key topics during President Trump's upcoming meeting with Chinese leader Xi Jinping, with hopes that China might influence Iran towards a peace deal.
- Wall Street hit new record highs last Friday, buoyed by strong U.S. job market data, with the S&P 500 and Nasdaq both reaching all-time peaks despite geopolitical uncertainties.