Asian Markets Mixed Amid US Decline and Oil Price Rebound

Asian markets were mixed on Friday after a modest decline in US stocks. The Nikkei 225 in Tokyo lost 0.3% to 65,500.10, while the Kospi in South Korea dropped 0.8% to 6,242.88 and Taiwan's Taiex fell 0.4%. In contrast, China's Shanghai Composite index gained 0.8% to 3,931.54 due to a 24% growth in exports.

The Hang Seng in Hong Kong edged 0.2% higher to 25,582.34, while the S&P/ASX 200 in Australia slipped less than 0.1% to 9,265.20. The mixed performance of Asian markets follows a decline on Wall Street, where the S&P 500 fell 0.2%, the Dow industrials dropped 0.9%, and the Nasdaq composite fell 0.1%. US crude oil advanced 1.2% to $78.22 per barrel.

The price of Brent crude rose nearly 4% on Thursday as progress toward reopening the Strait of Hormuz remained unclear. Iran has said it is close to a deal with Oman, but the conflict has had many starts and stops over the past five months. The war and higher prices have added heat to inflation by raising the cost of gasoline.

Meanwhile, strong corporate profits have helped alleviate concerns on Wall Street about shares being overpriced. Roughly 85% of companies in the S&P 500 have reported their results, with overall earnings growth shaping up to be the strongest since 2021.