Asian Markets Mixed, Europe Slips as Oil Prices Breach USD 100

Shares across Europe and Asia were mostly lower on Thursday as investors remained cautious following a retreat on Wall Street, with crude oil prices climbing above USD 100 a barrel amid heightened tensions between the US and Iran.

Brent crude rose 0.3 per cent to USD 101.52 a barrel in early trading after jumping 3.4 per cent on Wednesday. US benchmark crude gained 0.4 per cent to USD 96.42. The latest attacks have disrupted oil flows through the Strait of Hormuz, while US President Donald Trump said oil prices were unlikely to decline until after the US midterm elections.

In Europe, Germany’s DAX fell 0.2 per cent to 25,535.88, while France’s CAC 40 edged 0.2 per cent higher. Britain’s FTSE 100 declined 0.2 per cent to 10,651.40.

Asian markets were mixed. Japan’s Nikkei 225 gained 0.2 per cent, while South Korea’s Kospi fell 0.3 per cent. Hong Kong’s Hang Seng dropped 1.3 per cent, Shanghai Composite declined 0.4 per cent and Australia’s S&P/ASX 200 lost 1.2 per cent. Taiwan’s Taiex fell 0.5 per cent, while India’s Sensex was nearly unchanged.

On Wall Street, the S&P 500 fell 0.5 per cent on Wednesday, the Dow declined 0.8 per cent and the Nasdaq slipped 0.6 per cent. All three indexes are heading for weekly losses.

Energy stocks gained as higher oil prices supported the sector. Exxon Mobil rose 2.2 per cent and Chevron gained 1.9 per cent, while Amazon, Starbucks and Home Depot declined.

Rising fuel costs are adding to inflationary pressures, with US gasoline prices up about 32 per cent from a year ago. Investors are now awaiting the Producer Price Index on Thursday and Consumer Price Index on Friday for fresh clues on inflation and the Federal Reserve’s policy outlook.

Meta Platforms gained 6.6 per cent after launching its personal AI agent, Muse, while rising Treasury yields continued to weigh on equities.