Asian Stocks Weaken, Oil Breaks $120 Amid Iran Tensions and Fed Stance
Asia-Pacific stocks opened mostly lower on Thursday (April 30), following overnight gains on Wall Street, while oil prices extended gains amid US-Iran tensions. Market sentiment was dampened after reports that US President Donald Trump had called for preparations for a longer blockade of Iran and rejected Iran's proposal to reopen the vital Strait of Hormuz.
Oil prices rose after media reports suggested the US would maintain its blockade of Iranian ports until a deal was reached to address Tehran's nuclear program. Brent rose about 1.96% to around $120 per barrel, while WTI added about 0.2% to $107.09, keeping energy inflation concerns high.
In the region, Australia's S&P/ASX 200 fell 0.43%. Japan's index weakened after trading resumed after a holiday, with the Nikkei 225 down 0.91% and the Topix down 1.48%. South Korea saw mixed trading: the Kospi rose 0.36% while the Kosdaq fell 0.25%, reflecting investor discretion.
In Hong Kong, Hang Seng futures were at around 25,729, lower than Wednesday's close of 26,111.84, indicating a potential weaker opening. In the US, futures were mixed: S&P 500 futures rose 0.3%, Nasdaq 100 futures rose 0.5%, while Dow futures fell 128 points, or 0.2%.
Overnight on Wall Street, the Dow Jones Industrial Average fell 0.57% to 48,861.81, marking its fifth consecutive day of declines. The S&P 500 edged down 0.04% to 7,135.95, while the Nasdaq Composite edged up 0.04% to 24,673.24. With the Fed holding interest rates, the market now views inflation, energy, and geopolitical risks as key factors that could limit risk appetite in equities. (Asd)
Source: Newsmaker.id
