Markets Edge Higher Amid Iran Uncertainty
Global markets edged higher on Thursday as investors remained focused on developments in Iran. The stalemate over the Strait of Hormuz weighed heavily on oil prices, which dipped below $90.
The softer-than-expected US economic data reinforced expectations that the Federal Reserve will keep interest rates unchanged next month, with traders scaling back their bets on a September rate hike to 65% from 50% previously. The dollar index rose to its strongest level in nearly two weeks, reaching 100.01.
Technology stocks received a boost from upbeat earnings from AI infrastructure firms, with the broader semiconductor index advancing about 2.5%. Japan's Nikkei gained 1.67%, driven by chip-related stocks and a robust earnings outlook. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.08%.