Asian Stocks Trade Mixed as Oil Prices and US Bonds Weigh on Markets
Asian stocks traded mixed on Thursday as investors weighed the impact of recent oil price swings and US bond market fluctuations. The Nikkei 225 in Japan rose 0.8% to 65,513.99, while Australia's S&P/ASX 200 fell 0.7%. Hong Kong's Hang Seng lost 0.4%, and the Shanghai Composite dropped 1.2%.
The price of Brent crude oil remained above $103 a barrel, a level not seen since the Iran-US conflict began. This has sparked concerns that the war could limit oil exports from the Middle East. Meanwhile, negotiations between US and Iranian officials continue with mediators, but no concrete agreements have been reached yet.
The US bond market also caused concern after a strong report on the economy raised worries about inflation. The 10-year Treasury yield jumped to 5.10%, its highest level since 2007 before the global financial crisis. This move has underpinned stock prices and slowed economic growth by making borrowing more expensive.