Precise Investors Editorial Team
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.5%, while Brent crude was up 0.2% at $78.03 per barrel
Asian stocks mostly eased and oil prices regained strength early on Tuesday after the U.S. waived sanctions on Iran.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.5%. Brent crude was up 0.2% at $78.03 per barrel.
The Nikkei 225 was down 0.6%, retracing some losses after data showed Japan’s manufacturing sector sustained robust growth in June, with new orders surging to their fastest pace in more than four years.
South Korean shares fluctuated between gains and losses and were last 2% lower, while Taiwanese stocks opened 0.9% higher, setting a new high.
These are far from dull markets, said Chris Weston, head of research at Pepperstone Group Ltd in Melbourne. The former generals of the market appear to have lost momentum, and investors are rotating into other areas of the market that are more defensive, less AI-focused and offer more predictable cash flows.
In currency markets, the yen was flat against the dollar at 161.55 yen, again approaching its weakest levels in 40 years.
Elsewhere, the British pound was flat at $1.3247 after Prime Minister Keir Starmer said on Monday he would resign, paving the way for what is expected to be an orderly transfer of power to frontrunner Andy Burnham.
Stocks on U.S. stock market moved lower overnight, with the S&P 500 down 0.4%, and the Nasdaq Composite slid 1.3%, dragged by declines in megacap technology stocks including Alphabet and SpaceX.
Oil prices settled more than 3% lower as supply concerns eased after U.S. Vice President said progress had been made in talks with Iran and that the Strait of Hormuz was open.
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