Asian shares mixed as markets take breather after recent wild ride
by Naharnet Newsdesk 26 June 2025, 11:41
Shares were mixed in Asia on Thursday after U.S. stocks stayed near their all-time highs as financial markets caught their breath following recent bouts of volatility.
The dollar weakened against the Japanese yen and euro and oil prices were steady.
Attention was shifting to upcoming releases of U.S. data on durable goods orders, employment and consumer spending and how they might affect monetary policy.
Tokyo's Nikkei 225 climbed 1.7% to 39,584.58 as attention shifted to a July 9 deadline for trade agreements to help stave off higher U.S. tariffs imposed by President Donald Trump.
Japan's lead trade negotiator, Ryosei Akazawa, was due to visit Washington for another round of talks, with 25% U.S. import duties on Japanese vehicles a main point of contention.
Chinese markets were mixed. The Hang Seng in Hong Kong fell 0.6% to 24,321.26, while the Shanghai Composite index slipped 0.2% to 3,448.45.
In South Korea, the Kospi dropped 0.9% to 3,079.56 as traders sold shares to lock in recent gains.
Australia's S&P/ASX 200 slipped 0.1% to 8,550.80.
Taiwan's Taiex gained 0.3% and the SET in Bangkok also gained 0.3%.
On Wednesday, the S&P 500 barely budged, closing at 6,092.16. That's just 0.8% below its all-time high set in February. The Dow Jones Industrial Average dipped 0.2% to 42,982.43, while the Nasdaq composite rose 0.3% to 19,973.55.
In the oil market, which has been the center of much of this week's action, crude prices have stabilized after plunging by roughly $10 per barrel earlier this week.
Benchmark U.S. crude rose 23 cents early Thursday to $65.15 per barrel, though it still remains below where it was before the fighting between Israel and Iran broke out nearly two weeks ago.
Brent crude, the international standard, advanced 29 cents to $66.72 per barrel.
A fragile ceasefire between the two countries appears to be holding, at least for the moment.
On the winning side of Wall Street, Bumble jumped 25.1% after the online dating platform said it would cut about 30% of its workforce, or 240 jobs, to save up to $40 million in annual costs.
QuantumScape rallied 30.9% after announcing a breakthrough in its process for making solid-state batteries. Solid state battery technology promises to improve electric vehicle range, decrease charging times and minimize the risk of battery fires, but they are costly to research and hard to make on a large scale, giving them a reputation for being a Holy Grail for battery engineers all over the world.
Companies involved in the cryptocurrency industry, meanwhile, rose as the price of bitcoin continued to steam ahead with investors willing to take on more risk. Coinbase Global, the crypto exchange, climbed 3.1% as bitcoin topped $107,000.
In the bond market, Treasury yields held relatively steady, and the yield on the 10-year Treasury eased to 4.28% from 4.30% late Tuesday.
Yields had dropped a day earlier after the chair of the Federal Reserve told Congress it is waiting for the right moment to resume cutting interest rates. By lowering rates, the Fed could give the economy a boost, but it could also fuel inflation.
Fed Chair Jerome Powell reiterated to a Senate committee Wednesday that he wants to wait and see how President Donald Trump's tariffs affect the economy and inflation before committing to its next move. He added it's possible that tariffs won't increase inflation by very much.
Trump has pushed for rate cuts to help reduce interest costs the federal government pays on its debt and he has sharply criticized Powell for not reducing borrowing costs, calling him a "numbskull" and a "fool," adding to speculation that he will move to replace the central bank's chair to seek more influence over the Fed.
That has helped pull the U.S. dollar lower.
Early Thursday, the dollar was trading at 144.79 Japanese yen, down from 145.26 yen. The euro rose to $1.1685 from $1.1661.
"Traders smelled what this was, an open audition for for who can promise the deepest cuts and the most pliant policy," Stephen Innes of SPI Asset Management said in a commentary.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Nahar Net
9 hours ago
- Nahar Net
Asian shares mixed as markets take breather after recent wild ride
by Naharnet Newsdesk 26 June 2025, 11:41 Shares were mixed in Asia on Thursday after U.S. stocks stayed near their all-time highs as financial markets caught their breath following recent bouts of volatility. The dollar weakened against the Japanese yen and euro and oil prices were steady. Attention was shifting to upcoming releases of U.S. data on durable goods orders, employment and consumer spending and how they might affect monetary policy. Tokyo's Nikkei 225 climbed 1.7% to 39,584.58 as attention shifted to a July 9 deadline for trade agreements to help stave off higher U.S. tariffs imposed by President Donald Trump. Japan's lead trade negotiator, Ryosei Akazawa, was due to visit Washington for another round of talks, with 25% U.S. import duties on Japanese vehicles a main point of contention. Chinese markets were mixed. The Hang Seng in Hong Kong fell 0.6% to 24,321.26, while the Shanghai Composite index slipped 0.2% to 3,448.45. In South Korea, the Kospi dropped 0.9% to 3,079.56 as traders sold shares to lock in recent gains. Australia's S&P/ASX 200 slipped 0.1% to 8,550.80. Taiwan's Taiex gained 0.3% and the SET in Bangkok also gained 0.3%. On Wednesday, the S&P 500 barely budged, closing at 6,092.16. That's just 0.8% below its all-time high set in February. The Dow Jones Industrial Average dipped 0.2% to 42,982.43, while the Nasdaq composite rose 0.3% to 19,973.55. In the oil market, which has been the center of much of this week's action, crude prices have stabilized after plunging by roughly $10 per barrel earlier this week. Benchmark U.S. crude rose 23 cents early Thursday to $65.15 per barrel, though it still remains below where it was before the fighting between Israel and Iran broke out nearly two weeks ago. Brent crude, the international standard, advanced 29 cents to $66.72 per barrel. A fragile ceasefire between the two countries appears to be holding, at least for the moment. On the winning side of Wall Street, Bumble jumped 25.1% after the online dating platform said it would cut about 30% of its workforce, or 240 jobs, to save up to $40 million in annual costs. QuantumScape rallied 30.9% after announcing a breakthrough in its process for making solid-state batteries. Solid state battery technology promises to improve electric vehicle range, decrease charging times and minimize the risk of battery fires, but they are costly to research and hard to make on a large scale, giving them a reputation for being a Holy Grail for battery engineers all over the world. Companies involved in the cryptocurrency industry, meanwhile, rose as the price of bitcoin continued to steam ahead with investors willing to take on more risk. Coinbase Global, the crypto exchange, climbed 3.1% as bitcoin topped $107,000. In the bond market, Treasury yields held relatively steady, and the yield on the 10-year Treasury eased to 4.28% from 4.30% late Tuesday. Yields had dropped a day earlier after the chair of the Federal Reserve told Congress it is waiting for the right moment to resume cutting interest rates. By lowering rates, the Fed could give the economy a boost, but it could also fuel inflation. Fed Chair Jerome Powell reiterated to a Senate committee Wednesday that he wants to wait and see how President Donald Trump's tariffs affect the economy and inflation before committing to its next move. He added it's possible that tariffs won't increase inflation by very much. Trump has pushed for rate cuts to help reduce interest costs the federal government pays on its debt and he has sharply criticized Powell for not reducing borrowing costs, calling him a "numbskull" and a "fool," adding to speculation that he will move to replace the central bank's chair to seek more influence over the Fed. That has helped pull the U.S. dollar lower. Early Thursday, the dollar was trading at 144.79 Japanese yen, down from 145.26 yen. The euro rose to $1.1685 from $1.1661. "Traders smelled what this was, an open audition for for who can promise the deepest cuts and the most pliant policy," Stephen Innes of SPI Asset Management said in a commentary.
MTV Lebanon
9 hours ago
- MTV Lebanon
Trump Says US and Iran to Talk Next Week, Mideast War Is ‘Over'
President Donald Trump said the US would hold a meeting with Iran next week but cast doubt on the need for a diplomatic agreement, citing the damage that American bombing had done to its key nuclear sites. 'We're going to talk to them next week,' Trump said Wednesday at a press conference during the NATO summit at The Hague. 'We may sign an agreement. I don't know, to me, I don't think it's necessary.' He reiterated that the US bombing of the Natanz, Isfahan and Fordow facilities had 'obliterated' them, again disputing an American intelligence assessment that said the strikes only set back Tehran's nuclear program by a matter of months. Trump this week has taken credit for brokering an end to the conflict between Israel and Iran, which had threatened to escalate into a wider regional war and upend energy markets. The president said Wednesday that the conflict was effectively 'over' after the US bombing mission — though he also warned: 'Can it start again? I guess someday it can. It could maybe start soon,' he said. As the missiles fell silent and oil markets plunged — wiping out most of the increase during 12 days of war — focus has switched to the next stage of nuclear diplomacy with Iran. The United Nations atomic watchdog said Tuesday that inspections in the country should resume 'as soon as possible' to determine what's happened to Iran's stocks of uranium enriched to 60% levels, not far short of the 90% required to build a bomb. The IAEA says it last verified those inventories a few days before Israel's June 13 attack, and their whereabouts is now unknown. Trump said the US bunker-buster strikes had eliminated some key risks by burying the country's materials under 'granite, concrete and steel.' 'We think everything nuclear is down there,' he said. 'They didn't take it out.' Iran's foreign ministry said Wednesday that its nuclear installations were 'badly damaged' by US airstrikes, the first such comments by Tehran. The ministry didn't give further details and said authorities were still reviewing the situation on the ground. Trump cited that assessment during his NATO press conference, as well as a statement by Israel's nuclear agency that said the Fordow site had been rendered inoperable and Tehran's ability to make a nuclear weapon set back by 'many years.' Earlier this month, Trump had said Iran was 'weeks away' from having an atomic weapon, though some experts and US intelligence estimates said it could take months or years for the nation to develop a weapon. Iran maintains that its nuclear program has purely civilian purposes, and that it's entitled to pursue that goal under international law. Israel's attacks on Iranian military and nuclear sites killed several top generals and atomic scientists. Iran countered by firing drones and ballistic missiles into Israel. Both sides have declared victory. Trump said both nations are 'tired, exhausted. They fought very, very hard and very viciously, very violently, and they were both satisfied to go home and get out.' The president didn't say at what level US-Iran talks would resume. Before the Israeli attack, his envoy Steve Witkoff had taken the lead in five rounds of talks with the Islamic Republic, seeking a nuclear deal that would effectively replace the 2015 agreement that Trump abandoned during his first term.
LBCI
21 hours ago
- LBCI
From chaos to calm: how markets rode out the Iran-Israel war
Report by Theresia Rahme, English Adaptation by Karine Keuchkerian The 12-day war between Iran and Israel rattled the global economy, but by the time it ended, markets had nearly returned to normal. So, what happened? On the first day of the war, oil prices surged, with a barrel reaching $78—the highest level since 2022. Had the conflict continued, some projections, including one from J.P. Morgan, estimated prices could have climbed to $130 per barrel. Throughout the war, prices remained volatile, fluctuating between $76 and $72 amid rapid developments and fears of escalation or potential strikes on key oil infrastructure. But once a ceasefire was reached, the news had a calming psychological effect on markets. Concerns eased over a possible closure of the Strait of Hormuz or attacks on oil facilities, reducing pressure on global markets. As a result, Brent crude fell sharply to $66 per barrel—a positive development that helped ease inflationary pressures and rising consumer prices. During the conflict, investors turned to gold as a safe haven, driving demand and pushing the price to $3,437 per ounce. But after U.S. President Donald Trump announced the ceasefire, prices retreated, with gold falling to around $3,323 per ounce. This shift reverberated through stock markets, triggering a rebound across Asian, Gulf, and U.S. exchanges. Confidence in cryptocurrencies also returned after many investors had turned to cash during the conflict. As stability resumed, Bitcoin rose to about $106,000 after dipping to $103,000.
