Oil prices sink 4% while Asian shares gain as Chinese chipmaker CXMT soars in Shanghai trading debut
BANGKOK (AP) — Stocks in Asia mostly rose Monday as oil prices tumbled more than 4% after the U.S. Iranian He avoided fighting while discussing the possibility of resuming talks temporary ceasefire to agree.
Shares in Chinese memory chip manufacturer CXMT They rose nearly 470% when they began trading on Shanghai’s tech board. The company has become China’s most valuable listed company, with an estimated market value of 3.3 trillion yuan (about $490 billion).
The Pentagon did not respond to questions about the issue pause in attacks Following the conflicts that started when Iran opened fire on ships trying to pass through the Strait of Hormuz and escalated for about two weeks, attacks on Iran’s coastal areas and infrastructure continue.
However, the markets reacted comfortably to this. U.S. futures rose early Monday, with the price of a barrel of Brent crude, the international standard, down 4.6% to $87.46.
US benchmark crude oil fell 5.1% to $84.79 per barrel.
In Asian trade, Japan’s benchmark index Nikkei 225 increased by 0.2% to 64,771.02 points, while South Korea’s Kospi index increased by 0.3% to 6,708.87 points.
The Hong Kong Hang Seng index increased by 0.8 percent to 25,164.81 points, and the Shanghai Composite index increased by 0.4 percent to 3,827.96 points.
In Australia, the S&P/ASX 200 rose 1.3% to 8,883.00 points.
While Taiwan’s Taiex lost 0.3%, India’s Sensex gained 0.7%.
On Friday, the S&P 500 was barely budged, gaining less than 0.1% to 7,411.98. The index experienced its second consecutive week of losses, which has not occurred since March.
Dow Jones Industrial Average increased by 0.5 percent to 51,947.25 points, and Nasdaq composite index decreased by 0.6 percent to 24,975.82 points. Sharp losses in several major technology stocks pulled it lower.
Micron Technology fell 7% and Broadcom fell 2.7%. Both companies have large market caps and are big reasons for the decline of the tech-heavy Nasdaq.
Recent increases in energy prices and new tariffs announced by the administration of US President Donald Trump last week may cause higher inflation to occur in the coming period, which squeezes consumers. Federal Reserve’s interest rate policy.
The Fed will meet this week, but rising inflation has dashed hopes for a rate cut soon. Wall Street is open to a possible interest rate hike to suppress high prices.
Higher energy costs larger share of the household budgetThey turned to more basic needs such as gasoline. Nationally, a gallon of gasoline costs $4.11 per gallon, according to AAA. That figure is still lower than this spring, when conflict in Iran escalated, but is nearly a dollar higher than last year.
