Asian shares trade mixed as oil volatility follows S&P 500’s winning week

  • Asian shares traded mixed Monday as oil prices rebounded after last week’s decline.
  • Brent crude rose 1.8% to $106.19 a barrel in Asian trading.
  • The S&P 500 gained 0.5%, ending its first winning week in three.

Asian shares traded mixed Monday after a pullback in oil prices helped U.S. stocks post their first winning week in three. Japan’s Nikkei 225 slipped less than 0.1% to 66,333.53, while Australia’s S&P/ASX 200 gained 0.3% to 8,688.60. South Korea’s Kospi fell 2.3% to 6,916.30, Hong Kong’s Hang Seng rose 0.7% to 24,684.09 and the Shanghai Composite declined 1.7% to 3,820.82. U.S. crude rose 1% to $93.33 a barrel and Brent crude, the international benchmark, increased 1.8% to $106.19 after briefly dropping to the $97 range last week. Oil remains volatile amid uncertainty over when the war with Iran will permit flows from the Middle East, including through the Strait of Hormuz (key oil-shipping chokepoint), to resume freely. The S&P 500 rose 0.5% to 7,743.41, the Dow Jones Industrial Average gained 478.64 points, or 0.9%, to 51,828.62, and the Nasdaq composite advanced 0.5%, or 129.34 points, to 27,068.72. Rising U.S. inflation expectations pushed the 10-year Treasury yield (government bond interest rate) briefly to 5.22% Friday, near its highest level since 2007, before it eased to 5.15% as oil prices declined. The dollar rose to 157.76 Japanese yen, while the euro was little changed at $1.1392.

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