Asian Equities, Oil Prices Mixed on Middle East Developments
Asian Equities and Oil Prices Mixed as Investors Assess Middle East Developments
Asian equity markets and oil prices were mixed early Tuesday as investors parsed developments in the Middle East. Japan's Nikkei Stock Average declined 0.3% and Australia's S&P/ASX 200 benchmark index fell 0.7%, while South Korea's Kospi rose 3.3%.
"Key risks for today will be any reversal or complication in U.S.-Iran cease-fire talks," UOB's Global Economics & Markets Research team said in a report.
Crude oil futures were also mixed. Front-month West Texas Intermediate crude oil futures fell 5.2% to $91.55 per barrel, while front-month Brent crude oil futures rose 1.7% to $97.80 a barrel. Gold edged lower with spot gold down 0.2% at $4,559.43 an ounce.
"We think [the dollar's] downside will be constrained. The U.S. remains a relative growth outperformer, supported by the AI investment cycle," two strategists of OCBC Group Research said in a note.
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