finance
Asia-Pacific Stocks Mixed After U.S.-Iran Ceasefire
Asia-Pacific markets opened mostly lower Friday amid renewed tensions after U.S. and Iranian forces exchanged fire in the Strait of Hormuz, though South Korean shares eked out a record close. Oil prices rose while U.S. stock futures edged down. President Donald Trump said the ceasefire remains in effect despite the incident.
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Asia-Pacific markets mostly traded lower Friday as concerns grew over renewed hostilities between Iran and the U.S. after the two sides traded fire in the Strait of Hormuz, with each side claiming the other initiated the attack. Oil prices rose on the news.
West Texas Intermediate futures for June climbed 0.41 percent to $95.2 per barrel while Brent crude futures for July gained 0.81 percent to $100.87 per barrel as of early Friday trading. South Korea's benchmark index reversed an earlier loss of 1.82 percent to finish at a fresh record high of 7,498 points, up 0.11 percent.
The small-cap Kosdaq added 0.71 percent to close at 1,207.72. Local currency weakened sharply against the U.S. dollar. Japan's Nikkei 225 slipped 0.19 percent to 62,713.65 amid profit-taking after setting a record high the previous day. Australia's S&P/ASX 200 fell 1.51 percent to 8,744.40 while mainland China's CSI 300 index declined 0.58 percent to 4,871.91.
Hong Kong's Hang Seng index was down 0.85 percent in late afternoon trading and India's Nifty 50 lost 0.67 percent. U.S. stock futures pointed to a slightly lower open. S&P 500 futures and Nasdaq 100 futures were down less than 0.1 percent while futures tied to the Dow Jones Industrial Average fell about 12 points.
The latest flare-up occurred as American forces escorted Navy destroyers through the Strait of Hormuz. U.S. Central Command said American forces intercepted unprovoked Iranian attacks that included small boats and drones. Both sides accused the other of starting the exchange of fire.
The incident raised immediate questions about a fragile ceasefire that had been in place to end a 10-week war in the Middle East. President Donald Trump insisted the ceasefire remains in effect. He described the strikes as "just a love tap" in comments to an ABC News reporter on Thursday.
