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Asia Shares Decline as Worries About Rising Oil Prices Outweigh Boost From Strong Earnings
Brent crude rose to $91.08 a barrel as analysts said war risks and higher yields are worsening inflation pressure.
- On Tuesday, Asian shares declined as rising oil prices and inflation worries dampened markets, despite optimism from robust corporate earnings reports. Major indices in TOKYO, Hong Kong, and South Korea retreated as investors weighed energy risks.
- Uncertainty regarding the war in Iran and potential Persian Gulf supply disruptions fueled investor anxiety, as Brent crude rose 21 cents on Tuesday, extending recent gains.
- Japan's Nikkei dipped 1.6% to 68,098.54 while Australia's ASX edged up 0.2% to 9,088.60. South Korea's Kospi dropped 0.6%, Hong Kong's Hang Seng lost 0.6%, and the Shanghai Composite shed 0.5%.
- Rising oil prices pushed the 10-year Treasury yield to 4.72% from 4.68% late Friday, increasing pressure on the Federal Reserve and the Bank of Japan to raise interest rates to combat inflation.
- According to BofA Securities analysts Masashi Akutsu and Tetsuhiro Tokuyama, robust AI demand and strong earnings reports for the April-June quarter are helping to counter broader energy-related economic concerns.
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Santa Maria Times+2 Reposted by 2 other sources
Asian shares slip as worries about rising oil prices offset boost from strong earnings
Asian shares are mostly lower, as rising oil prices and worries about inflation weigh on investor sentiment. Tokyo's Nikkei 225 index led declines, falling 2.5%. Benchmarks rose slightly in Hong Kong and Shanghai. U.S. futures fell and Brent crude oil…
·Calhoun, United States
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Coverage Details
Total News Sources28
Leaning Left12Leaning Right2Center14Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 43%
C 50%
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