Asian Markets Mixed as Oil Prices Steady and Wall Street Gains Continue
Asian markets showed mixed results on Tuesday, following gains on Wall Street. U.S. futures also advanced as the S&P 500 neared a record close. Japan’s Nikkei 225 rose 0.5% to 70,321.83, returning above 70,000 for the first time since early July. South Korea’s Kospi, however, dropped 1%, while Hong Kong’s Hang Seng climbed 0.8%. Technology stocks in Japan and South Korea saw volatility, with Advantest gaining 2% and SoftBank Group falling 2.5% after its CEO warned of risks related to technology.
Oil prices steadied as tensions in the Middle East persisted. Brent crude rose 0.4% to $100.71 per barrel, while U.S. crude added 0.3% to $89.73. Analysts noted that while oil flows are recovering, market nerves remain due to potential supply disruptions. Meanwhile, U.S. Treasury yields remained near multi-decade highs, with the 10-year yield climbing to around 5.32%. The U.S. dollar also strengthened slightly against the yen and euro.
On Monday, Wall Street saw gains across major indices, with the S&P 500 adding 0.7%, the Dow Jones Industrial Average climbing 0.2%, and the Nasdaq composite rising 1.1% to an all-time high. Technology giants like Nvidia and Broadcom led the gains. Despite challenges from surging oil prices and bond yields, strong company earnings expectations have supported recent rallies. Investors are now focused on the upcoming earnings season.