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CTV News
a day ago
- Business
- CTV News
Oil prices surge while global shares retreat after Israel's strike on Iran
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, June 13, 2025. (AP Photo/Ahn Young-joon) HONG KONG — Oil prices surged while global shares were lower Friday after Israel struck Iranian nuclear and military targets in an attack that raised the risk of all-out war between them. U.S. benchmark crude oil rose by US$4,14, or 6.1%, to $72.18 per barrel. Brent crude, the international standard, increased by $4.25 to $73.61 per barrel. The future for the S&P 500 fell 1.1% while that for the Dow Jones Industrial Average lost 1.2%. Germany's DAX dropped 1% to 23,529.75, and the CAC 40 in Paris gave up 0.7% to 7,712.66. British FTSE 100 skid 0.3% to 8,859.09. In Asia, Tokyo's Nikkei 225 fell 0.9% to 37,834.25 while the Kospi in Seoul edged 0.9% lower to 2,894.62. Hong Kong's Hang Seng retreated 0.6% to 23,892.56 and the Shanghai Composite Index lost 0.8% to 3,377.00. Australia's S&P/ASX 200 drifted 0.2% lower to 8,547.40. 'An Israeli attack on Iran poses a top ten of our global risk, but Asian markets are expected to recover quickly as they have relatively limited exposure to the conflict and growing ties to unaffected Saudi Arabia and the UAE,' said Xu Tiachen of The Economist Intelligence. On Thursday, U.S. stock indexes ticked higher following another encouraging update on inflation across the country. The S&P 500 rose 0.4% to 6,045.26. The Dow Jones Industrial Average added 0.2% to 42,967.62, and the Nasdaq composite gained 0.2% to 19,662.48. Oracle jumped 13.3% after reporting stronger profit and revenue for the latest quarter than analysts expected. That helped markets offset a 4.8% loss for Boeing after an Air India plane crashed Thursday, killing more than 240 people. It was the first crash of a Boeing 787 Dreamliner, and the cause wasn't immediately known. Stocks broadly got some help from easing Treasury yields in the bond market following the latest update on inflation. Thursday's update said inflation at the wholesale level wasn't as bad last month as economists expected, and it followed a report on Wednesday saying something similar about the inflation that U.S. consumers are feeling. Wall Street took it as a signal that the Federal Reserve will have more leeway to cut interest rates later this year in order to give the economy a boost. The U.S. Federal Reserve has been hesitant to lower interest rates, and it's been on hold this year after cutting at the end of last year, because it's waiting to see how much President Donald Trump's tariffs will hurt the economy and raise inflation. While lower rates can goose the economy by encouraging businesses and households to borrow, they can also accelerate inflation. The yield on the 10-year Treasury fell to 4.35% from 4.41% late Wednesday and from roughly 4.80% early this year. Besides the inflation data, a separate report on jobless claims also helped to weigh on Treasury yields. It said slightly more U.S. workers applied for unemployment benefits last week than economists expected, and the total number remained at the highest level in eight months. That could be an indication of a rise in layoffs. The Fed's next meeting on interest rates is scheduled for next week, but the nearly unanimous expectation on Wall Street is that it will stand pat again. Traders are betting it's likely to begin cutting in September, according to data from CME Group. Trump's on-and-off tariffs have raised worries about higher inflation and a possible recession, which had sent the S&P 500 roughly 20% below its record a couple months ago. But stocks have since rallied nearly all the way back on hopes that Trump will lower his tariffs after reaching trade deals with other countries. Many of Trump's tariffs are on hold at the moment to give time for negotiations, but Trump added to the uncertainty late Wednesday when he suggested the United States could send letters to other countries at some point 'saying this is the deal. You can take it or you can leave it.' In currency trading early Friday, the U.S. dollar gained to 143.72 Japanese yen from 143.46 yen. The euro edged lower, to $1.1537 from $1.1590. Jiang Junzhe, The Associated Press
Asahi Shimbun
27-05-2025
- Business
- Asahi Shimbun
Asian shares mostly lower, trading in a narrow range with U.S. markets closed for Memorial Day
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, May 27, 2025. (AP Photo) Shares were mostly lower in Asia on Tuesday, trading in a narrow range after U.S. markets were closed Monday for the Memorial Day holiday. U.S. futures were and oil prices slipped. Data on consumer confidence and housing prices were due out later on Tuesday. In Tokyo, the Nikkei 225 lost 0.2% to 37,451.60 after the governor of the central bank said he anticipated raising interest rates in coming months due to inflationary pressures. Bank of Japan Gov. Kazuo Ueda said in a speech that Japan was facing pressure from rising food prices, with rice prices doubling in the past year. Inflation in Japan is now higher than in the U.S. or Europe and above the BOJ's target level. But the central bank also has to take into account trade policies, he said without directly mentioning U.S. President Donald Trump's tariff hikes, that complicate its goal of raising its very low benchmark interest rate of 0.5%. 'We are now closer to the target than at any time during the last three decades, though we are not quite there. Our recent path has been affected in a unique way by supply shocks,' Ueda said. Hong Kong's Hang Seng gained 0.3% to 23,359.94, while the Shanghai Composite index was little changed, at 3,346.48. In South Korea, the Kospi lost 0.4% to 2,632.93. Australia's S&P/ASX 200 held steady at 8,359.20 and Taiwan's Taiex lost 0.6%. In other dealings early Tuesday, U.S. benchmark crude oil lost 23 cents to $61.30 per barrel. Brent crude, the international standard, fell 20 cents to $63.92 per barrel. The U.S. dollar fell to 142.23 Japanese yen from 142.85 yen. The euro rose to $1.1403 from $1.1388. The future for the S&P 500 was up 0.9% and that for the Dow Jones Industrial Average advanced 0.8%. On Monday, European shares closed higher and U.S. futures surged after U.S. President Donald Trump said he would delay a threatened 50% tariff on goods from the European Union to July 9. Germany's DAX added 1.5% to 23,977.83 and the CAC 40 in Paris rose 1% to 7,810.49. Markets were closed in Britain for a holiday. The impact on markets from U.S. President Donald Trump's decision to delay a threatened 50% tariff on imports from the European Union was relatively muted as investors are growing inured to such policy changes, Stephen Innes of SPI Asset Management said in a commentary. 'Investors know this act by heart,' Innes wrote. 'The volatility is still there, but like a horror franchise on its fifth sequel, the jump scares are losing their bite. Panic-selling into a Trump pirouette doesn't pay like it used to — markets have seen this dance before.' The European Union's chief trade negotiator said Monday he had 'good calls' with Trump administration officials and that the EU was 'fully committed' to reaching a trade deal by the July 9 deadline. Just last week, Trump had said on social media that trade talks with the European Union 'were going nowhere' and that 'straight 50%' tariffs could go into effect on June 1. On Friday, U.S. stocks fell as traders weighed whether Trump's latest threats were just negotiating tactics. The S&P 500 lost 0.7% to end its worst week in the last seven. The Dow dropped 0.6% and the Nasdaq composite sank 1%.
CTV News
22-05-2025
- Business
- CTV News
Global shares slip as investors register their worries about U.S. debt
A currency trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, May 22, 2025. (AP Photo/Ahn Young-joon) TOKYO — Global shares fell Thursday as investors reacted to growing worries over surging U.S. debt. France's CAC 40 slipped 0.8 per cent to 7,849.87, while Germany's DAX declined 0.7 per cent to 23,962.00. Britain's FTSE 100 fell 0.7 per cent to 8,728.84. The future for the Dow Jones Industrial Average inched 0.1 per cent lower while that for the S&P 500 gained nearly 0.2 per cent. In Asian trading, Japan's benchmark Nikkei 225 shed 0.8 per cent to finish at 36,985.87. Hong Kong's Hang Seng lost 1.2 per cent to 23,544.31, while the Shanghai Composite edged down 0.2 per cent to 3,380.19. Australia's S&P/ASX 200 slipped 0.5 per cent to 8,348.70. South Korea's Kospi dropped 1.2 per cent to 2,593.67. Shares skidded Wednesday on Wall Street after the U.S. government released the results for its latest auction of 20-year bonds. Such bonds help to pay government bills and the auction had to offer a yield of more than 5% to attract enough buyers. The S&P 500 fell 1.6 per cent for a second straight drop after breaking a six-day winning streak. The Dow lost 1.9 per cent, while the Nasdaq composite sank 1.4 per cent. Rising yields for U.S. Treasury bonds are a canary in the coal mine, Stephen Innes of SPI Asset Management said in a commentary. 'The U.S. still has the biggest markets, the deepest liquidity, and the dollar's inertia working in its favor. But even inertia can't outrun compound interest and structural deficits forever,' he wrote. The declining U.S. dollar also weighed on Asian regional markets, according to some analysts, because some Asian nations have significant holdings in dollars. It also affects Asian exporters, such as Japanese automakers and electronics companies, by reducing the value of their overseas earnings when they are converted into yen. In currency trading, the U.S. dollar fell to 143.04 Japanese yen from 143.68 yen. It had been trading at 150 yen levels a year ago. The euro stood unchanged at US$1.1330. Investors remain worried over U.S. President Donald Trump's actions, including tariff policies that directly affect Asian companies and decisions on major legislation such as a funding bill now in Congress. 'U.S. equities slumped in a 'Sell America' move as things turned ugly on Trump's 'big, beautiful tax bill.' ' said Tan Jing Yi, analyst at Mizuho Bank in Singapore. U.S. stocks had recently recovered most of their steep losses from earlier in the year after Trump delayed or rolled back many of his stiff tariffs. Investors are hopeful that Trump will lower his tariffs more permanently after reaching trade deals with other countries. In energy trading, benchmark U.S. crude lost 55 cents to $61.02 a barrel. Brent crude, the international standard, fell 61 cents to $64.30 a barrel. Yuri Kageyama, The Associated Press
Asahi Shimbun
22-05-2025
- Business
- Asahi Shimbun
Asian shares slip as worries about U.S. debt send Wall St tumbling
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, May 22, 2025. (AP Photo) Asian shares fell Thursday after Wall Street slumped under pressure from the Treasury bond market and worries about surging U.S. debt. U.S. futures were little changed, while Japan's benchmark Nikkei 225 shed 1.0% in afternoon trading to 36,944.55. Hong Kong's Hang Seng lost 0.9% to 23,615.21, while the Shanghai Composite edged down 0.1% to 3,383.10. Australia's S&P/ASX 200 slipped 0.5% to 8,342.80. South Korea's Kospi dropped 1.1% to 2,595.69. Rising yields for U.S. Treasury bonds are a canary in the coal mine, Stephen Innes of SPI Asset Management said in a commentary. 'The U.S. still has the biggest markets, the deepest liquidity, and the dollar's inertia working in its favor. But even inertia can't outrun compound interest and structural deficits forever,' he wrote. The declining U.S. dollar also weighed on regional markets, according to some analysts, because some Asian nations have significant holdings in dollars. A weak dollar also hurts Asian exporters, such as Japanese automakers and electronics companies, by reducing the value of their overseas earnings when they are converted into yen. In currency trading, the U.S. dollar fell to 143.27 Japanese yen from 143.68 yen. It had been trading at 150 yen levels a year ago. The euro cost $1.1335, up from $1.1330. Investors remain worried over President Donald Trump's actions, including tariff policies that directly affect Asian companies and decisions on major legislation such as a funding bill now in Congress. 'U.S. equities slumped in a 'Sell America' move as things turned ugly on Trump's 'big, beautiful tax bill.' ' said Tan Jing Yi, analyst at Mizuho Bank in Singapore. On Wednesday, shares tumbled on Wall Street after the U.S. government released the results for its latest auction of 20-year bonds. The government regularly sells such bonds, which is how it borrows money to pay its bills. In this auction, the U.S. government had to pay a yield as high as 5.047% to attract enough buyers to lend it a total of $16 billion over 20 years. That helped push up yields for all kinds of other Treasurys, including the more widely followed 10-year Treasury. Its yield climbed to 4.59% from 4.48% late Tuesday and from just 4.01% early last month. That's a notable move in the bond market. The S&P 500 fell 1.6% for a second straight drop after breaking a six-day winning streak, closing at 5,844.61. The Dow Jones Industrial Average lost 1.9% to 41,860.44, while the Nasdaq composite sank 1.4% to 18,872.64. Stocks had been drifting only modestly lower early in the day, after Target and other retailers gave mixed forecasts for upcoming profits amid uncertainty caused by President Donald Trump's trade war. Treasury yields have been on the rise in part because of concerns that the tax cuts currently under consideration in Washington could pile trillions of more dollars onto the U.S. government's debt. Bond yields have been on the rise recently for developed economies around the world as governments borrow more to pay their bills while central banks like the Federal Reserve have cut back on their own holdings of government bonds. When the U.S. government has to pay more interest to borrow money, that can push interest rates higher for U.S. households and businesses too, including for mortgages, auto loans and credit cards. That in turn can slow the economy. Higher yields can also make investors less inclined to pay high prices for stocks and other kinds of investments. A growing number of companies have recently said tariffs and uncertainty about the economy are making it difficult to guess what the upcoming year will bring. Others, including Walmart, have said they'll have to raise prices to offset Trump's tariffs. U.S. stocks had recently recovered most of their steep losses from earlier in the year after Trump delayed or rolled back many of his stiff tariffs. Investors are hopeful that Trump will lower his tariffs more permanently after reaching trade deals with other countries. In energy trading, benchmark U.S. crude added 11 cents to $61.68 a barrel. Brent crude, the international standard, rose 5 cents to $64.96 a barrel.
Japan Today
21-05-2025
- Business
- Japan Today
Asian shares climb and oil prices gain after a report Israel may attack Iran's nuclear facilities
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, May 21, 2025. (AP Photo/Ahn Young-joon) By ELAINE KURTENBACH Shares rose in Asia on Wednesday while oil prices jumped more than 1% following a report that Israel may be planning an attack on Iranian nuclear facilities. U.S. futures were lower. A CNN report cited unnamed intelligence officials saying Israel may be preparing for an attack on Iranian nuclear facilities. Oil prices tend to rise with conflicts that might disrupt oil supplies, and they jumped early Wednesday but lost some of those gains by midday. U.S. benchmark crude oil gained 79 cents to $62.82 per barrel while Brent crude, the international standard, rose 77 cents to $66.15 per barrel. In talks on the nuclear issue, Iranian officials have warned they could pursue a nuclear weapon with their stockpile of uranium enriched to near weapons-grade levels. U.S. President Donald Trump has repeatedly threatened to unleash airstrikes targeting Iran's program if a deal isn't reached. In share trading, Tokyo's benchmark Nikkei 225 fell 0.6% to 37,313.62. Gains have been limited by the continued worries over higher tariffs Trump has imposed on many U.S. trading partners since taking office. Earlier this week, Japanese officials said they were insisting all of his higher tariffs on imports from Japan be removed as part of talks with Washington. Japan's exports have slowed due to the tariffs, the government reported Wednesday. Exports to the U.S., Japan's largest single trading partner, fell almost 2% year-on-year in April and the annual rate of growth in its global exports slowed to 2% from 4% in March, preliminary customs data showed. In a step that further weakened Prime Minister Shigeru Ishiba's faltering administration, the agriculture minister, Taku Eto, resigned after an outcry over comments he made about not having to buy rice, but getting it for free, at a time when shortfalls in supply have pushed prices of the staple grain sharply higher. In Hong Kong, the Hang Seng picked up 0.4% to 23,785.58, while the Shanghai Composite index edged 0.2% higher to 3,387.00. Australia's S&P/ASX 200 surged 0.5% to 8,386.00, while the Kospi in South Korea climbed 0.9%, to 2,625.80. Taiwan's Taiex advanced 1.3% and India's Sensex gained 0.7%. The future for the S&P 500 was down 0.5% early Wednesday, while that for the Dow Jones Industrial Average lost 0.4%. On Tuesday, the S&P 500 lost 0.4% for its first drop in seven days. The Dow fell 0.3% and the Nasdaq composite fell 0.4%. Treasury yields and the value of the U.S. dollar held relatively stable following a brief jolt Monday morning after Moody's Ratings said the U.S. government no longer deserves a top-tier credit rating because of worries about its spiraling debt. U.S. government debt could be set to get even bigger with Washington debating more cuts to taxes. Stocks of companies in the travel industry led the way lower on doubts about how much U.S. households will be able to spend on summer vacations. Airbnb dropped 3.3%, Norwegian Cruise Line fell 3.9% and United Airlines lost 2.9%. Viking Holdings fell 5% even though the company, which offers river cruises and other trips, reported stronger results than analysts expected for the latest quarter. Home Depot slipped 0.6% after reporting a profit for the start of the year that came up just short of analysts' expectations, though its revenue topped forecasts. The home-improvement retailer also said it's sticking with its forecasts for profit and sales growth over the full year. That's counter to a growing number of companies, which have recently said tariffs and uncertainty about the economy are making it difficult to guess what the upcoming year will bring. Trump has delayed or rolled many of the stiff tariffs he has imposed as he tries to compel companies to move manufacturing to the United States. Investors are hopeful that Trump will eventually lower his tariffs after reaching trade deals with other countries, but that's not a certainty. On the winning side of Wall Street was D-Wave Quantum, which jumped 25.9% after releasing its latest quantum computing system. The company says it can solve complex problems beyond the reach of classical computers. Target and Home Depot rival Lowe's will report their latest results on Wednesday. In the bond market, the yield on the 10-year Treasury edged up to 4.47% from 4.46% late Monday. The two-year yield, which more closely tracks expectations for action by the Federal Reserve, edged down to 3.96% from 3.97%. In currency dealings, the U.S. dollar fell to 143.63 Japanese yen from 144.51 yen. The euro rose to $1.1344 from $1.1284. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
