Asian markets mixed as Wall Street gains and oil prices stabilize

Asian markets showed mixed performance on Tuesday, following gains on Wall Street. Japan’s Nikkei 225 climbed 0.5% to 70,321.83, surpassing the 70,000 mark for the first time since early July. South Korea’s Kospi, however, dropped 1% to 6,936.60, with technology-related stocks experiencing volatility. In Hong Kong, the Hang Seng rose 0.8% to 24,228.47, while Australia’s S&P/ASX 200 advanced 0.6% to 8,735.20.

Oil prices stabilized amid ongoing uncertainty in the Middle East. Brent crude increased 0.4% to $100.71 per barrel, up from roughly $72 in late February, while U.S. benchmark crude rose 0.3% to $89.73 per barrel. Analysts noted that while oil flows from the Persian Gulf are recovering, tensions between the U.S. and Iran continue to keep prices elevated.

On Wall Street, the S&P 500 gained 0.7% on Monday, nearing its record high, while the Nasdaq composite rose 1.1% to an all-time closing high. Technology giants like Nvidia and Broadcom led the gains, each advancing 2.1%. However, rising oil prices and bond yields have posed challenges for the broader market, though strong earnings expectations have provided support.

The 10-year U.S. Treasury yield climbed to around 5.32%, near its highest level since 2002. The U.S. dollar strengthened slightly against the Japanese yen and the euro. Investors are seeking higher returns amid rising inflationary pressures and a record U.S. national debt surpassing $40 trillion.