Stories
Asian Shares Mixed After Wall Street Gains and Oil Prices Steady
- •Asian shares traded mixed on Tuesday following positive momentum on Wall Street where major indexes approached record highs.
- •Japan's Nikkei 225 rose 0.5 percent while South Korea's Kospi lost 1 percent amid volatility in technology-related stocks.
- •Oil prices steadied as oil flows through the Strait of Hormuz and Saudi Arabia recovered, though Middle East tensions kept markets nervous.
- •US Treasury yields remained near multi-decade highs with the 10-year yield climbing to around 5.32 percent.
- •Investors are awaiting strong corporate earnings reports to support recent market rallies ahead of the upcoming earnings season.
Key Questions Answered
Asian shares were mixed on Tuesday, with Japan’s Nikkei 225 rising 0.5 per cent to 70,321.83 and Hong Kong’s Hang Seng climbing 0.8 per cent to 24,228.47, while South Korea’s Kospi lost 1 per cent to 6,936.60 and Taiwan’s Taiex edged down 0.1 per cent.
Oil prices steadied with Brent crude up 0.4 per cent to USD 100.71 per barrel and US benchmark crude adding 0.3 per cent to USD 89.73 per barrel. Upward pressures on oil prices have eased as larger volumes cross the Strait of Hormuz and Saudi Arabia's East-West pipeline flows recover.
The 10-year US Treasury yield climbed to around 5.32 per cent, moving up from 5.28 per cent on Friday after briefly crossing the 5.35 per cent mark to reach its highest level since 2002. Investors are demanding higher returns due to rising inflationary pressures driven by the energy shock from the Iran war and US national debt surpassing USD 40 trillion.
