Oil Prices Steady as US-Iran Talks Stall, Japan GDP Misses Forecast
Oil prices remained stable on Monday as US-Iran talks stalled and shipping through the Strait of Hormuz continued at a trickle. Iran's Deputy Foreign Minister Kazem Gharibabadi said that the strait would remain closed until Washington accepts its defeat, while President Trump told Americans to expect higher gasoline prices.
Japan's economy expanded 0.3% quarter on quarter in Q2, below the forecast of 0.5%. The yen firmed against the dollar, rising to just under 159, as traders focused on pushed-back expectations for a Federal Reserve rate hike this year.
Singapore's non-oil domestic exports rose 24.2% year on year in July, just below the 25% forecast, marking a fourth consecutive month of growth above 20%. Asia-Pacific equities traded mixed following a quiet weekend for macro newsflow.