Asian Markets Mixed as Oil Prices Rebound Amid Ongoing Global Uncertainty

Asian stock markets were mixed on Friday after a modest retreat on Wall Street. The price of Brent crude oil slipped by 0.3% to $82.26 per barrel, while US benchmark crude edged lower by 0.1% to $77.19.

The Shanghai Composite index in China gained 1% to 3,940.04 after the country reported its exports grew at a slightly slower but still robust pace of about 24% in July on strong demand for electronics and other high-tech products.

However, markets are still weighed down by worries over the war in the Middle East and concerns about a possible bubble in investments in artificial intelligence. Strong overall corporate profits have helped allay some of these concerns, with roughly 85% of companies in the S&P 500 having reported their results and showing earnings growth for the period to be the strongest since 2021.

SpaceX shares rose by 6.1%, as more than 911 million shares held by early investors and employees became eligible for sale after a lockup period expired. The stock is currently trading around $115 per share, below its initial public offering price of $135.