Asian Stocks and Oil Prices Rebound After Trump's Comments on Iran Conflict
Asian stocks and Wall Street indices saw gains on Thursday (Sep 3), as oil prices dropped following US President Donald Trump's comments that a prolonged conflict with Iran was unlikely. The yen also remained in focus after its sudden strengthening.
The MSCI Asia-Pacific equities gauge rose 0.5%, with Japan's Topix and South Korea's benchmarks gaining by the same margin. S&P 500 futures were little changed, while Hang Seng futures increased by 0.5%. Australia's S&P/ASX 200 remained steady.
Trump's comments on Iran helped ease oil prices, which slipped to US$95.10 a barrel for Brent crude. This came after the US military carried out a second round of strikes in three days against Iranian targets. Trump stated that the bombing campaign would likely be short-lived, saying 'I don't think too long.'
US companies added jobs at a more moderate pace in August, according to data released on Thursday. The New York Fed president, John Williams, commented that there was evidence inflation continued to ease as the impact of tariffs faded.