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Asian shares sink as traders look ahead to US jobs knowledge

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Asian inventory markets have sunk after Wall Road rose to a excessive as traders watch for U.S. jobs knowledge for an replace on how coronavirus flareups are affecting the most important international economic system

August 6, 2021, 3:37 AM

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BEIJING — Asian inventory markets sank Friday after Wall Road rose to a excessive as traders waited for U.S. jobs knowledge for an replace on how coronavirus flareups are affecting the most important international economic system.

Shanghai, Hong Kong and South Korea retreated. Tokyo was up lower than 0.1%.

Wall Road’s benchmark S&P 500 index gained after traders had been inspired Thursday by a decline in U.S. unemployment claims. They had been looking forward to Friday’s month-to-month employment report for a sign of how new illness flareups and renewed anti-disease curbs could be affecting hiring and wages.

“The roles report would be the key spotlight to finish the week” amid conflicting market indicators that “put extra uncertainty” on whether or not hiring expectations could be met, stated Yeap Jun Rong of IG in a report.

The Shanghai Composite Index misplaced 0.6% to three,444.19 whereas the Dangle Seng in Hong Kong shed 0.4% to 26,093.53. Chinese language shares have been harm by a spate of anti-monopoly and knowledge safety campaigns launched by Beijing towards tech firms.

The Nikkei 225 in Tokyo added lower than 0.1% to 27,744.24 after Japanese labor money earnings edged decrease in June for the primary time in 4 months.

The Kospi in Seoul misplaced 0.3% to three,265.92 and the ASX-S&P 200 in Sydney was little-changed at 7,510.90. New Zealand declined whereas Singapore and Indonesia superior.

On Wall Road, the S&P 500 rose 0.6% to 4,429.10. The Dow Jones Industrial Common gained 0.8% to 35,064.25. The Nasdaq climbed 0.8% to 14,895.12.

Tech, retailing and client shares rose. Banks gained as bond yields rose, giving them room to cost extra for loans. Well being care and supplies shares fell.

On Thursday, the Labor Division reported final week’s unemployment claims fell by 14,000, including to hopes for restoration within the labor market. That adopted a weak report from payroll processor ADP on Wednesday displaying the non-public sector added jobs at a slower tempo than anticipated in July.

In power markets, benchmark U.S. crude rose Eight cents to $69.17 per barrel in digital buying and selling on the New York Mercantile Change. The contract added 94 cents on Thursday to $69.09. Brent crude, the value foundation for worldwide oils, gained Eight cents to $71.37 per barrel in London. It superior 91 cents the earlier session to $71.29.

The greenback rose to 109.86 yen from Thursday’s 109.76 yen. The euro fell to $1.1824 from $1.1836.

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Stocks mostly rise but Japan skids on stark economic data

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Global stocks mostly rose on Monday

By

ELAINE KURTENBACH AP Business Writer

February 17, 2020, 4:57 PM

4 min read

BANGKOK —
Global stocks mostly rose Monday, with Shanghai’s benchmark jumping over 2% after the central bank rolled out support for the economy amid a virus outbreak that has infected over 71,000 people globally. Japan’s market slumped, however, on weak economic growth figures.

Britain’s FTSE 100 gained 0.3% to close at 7,433.25, while France’s CAC 40 gained 0.3% to 6085.95. Germany’s DAX added 0.3% as well to end the day at 13,783.89. Wall Street remained closed for Presidents’ Day. Futures for the S&P 500 and the Dow Jones Industrial Average edged 0.2% higher in electronic trading.

The Shanghai Composite index jumped 2.3% to 2,983.62 after the central bank and government announced a slew of measures to support the economy as the country battles an outbreak of a new virus that has killed 1,774 people.

The People’s Bank of China cut its one-year medium-term lending rate to 3.15% from 3.25%. It also injected some 300 billion yuan ($43 billion) into the markets through short-term purchases of securities and other injections of cash.

Such moves will likely be followed by more, said Julian Evans-Pritchard of Capital Economics, given that many of the companies worst affected by the virus outbreak are smaller ones that lack access to loans from major state-run banks.

The government has also announced plans for tax cuts and other measures to help companies struggling with shut-downs of cities and plunging consumer spending and travel.

“We think the People’s Bank of China will need to expand its re-lending quotas and relax constraints on shadow banking in order to direct more credit to struggling (small- and medium-sized companies),” Evans-Pritchard said in a commentary.

The Nikkei 225 index in Tokyo skidded 0.7%, to 23,523.24 after the government reported the economy contracted 6.3% in annual terms in the last quarter.

Analysts said the contraction in the Japanese economy, the world’s third-largest, reflected the impact of typhoons, trade tensions and crimped consumer spending after the sales tax rose to 10% from 8% as of Oct. 1. The seasonally adjusted economic data was announced as Prime Minister Shinzo Abe faces pressure over spreading cases of the new viral illness COVID-19 and markets around the region see a mounting toll from its impact on travel and tourism as authorities strive to contain it.

“Consumer spending, which slumped following the tax hike in the fourth quarter of 2019, will now struggle to do anything except contract further in the first quarter as the impact of Covid-19 weighs on consumer sentiment, weighing in particular on the consumer services sector,” analysts at ING bank wrote in a report to investors.

“Some further government spending may help to curb any further contraction in GDP beyond (the first quarter of 2020). But that will not stop what started off as a technical downturn from evolving into a full-blown recession,” they said.

Elsewhere in the region, Sydney’s S&P ASX/200 edged 1% lower to 7,125.10. South Korea’s Kospi fell 0.1% to 2,242.17, while the Hang Seng in Hong Kong climbed 0.5% to 27,959.60. India’s Sensex shed 0.4% to 41,082.82.

Benchmark U.S. crude oil picked up 7 cents to $52.12 per barrel in electronic trading on the New York Mercantile Exchange. It closed 1.2% higher on Friday, notching its first weekly gain in six weeks. Brent crude oil, the international standard, rose 2 cents to $57.34 a barrel.

The slide in oil prices has weighed on energy stocks. The sector is the biggest loser in the S&P 500, down 10.2% so far this year.

More than three quarters of S&P 500 companies have reported earnings and the results so far show solid growth. Companies are expected to report overall profit growth of just under 1% when all the reports are in, according to estimates from FactSet.

In currency markets, the dollar rose to 109.91 Japanese yen from 109.77 yen on Friday. The euro edged down to $1.0836 from $1.0839.

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Asian shares fall as Iran, China-US commerce tensions loom

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Shares acquired a downbeat begin to the week as buyers stored a cautious eye on tensions with Iran and on alerts from China and the U.S. on prospects for a decision of their tariffs struggle.

The Shanghai Composite index skidded 1.3% to 2,967.01 in early buying and selling Monday whereas Hong Kong’s Hold Seng fell 0.8% to 26,235.77 after yet one more weekend of violent protests.

Fosun Tourism Group, the largest shareholder in Thomas Cook dinner, fell 3.8% in Hong Kong after the 178-year-old British tour firm filed for chapter. Bookings for greater than 600,000 international vacationers had been canceled Monday consequently. Shanghai-based Fosun Worldwide dropped 1%.

Britain’s Civil Aviation Authority stated Thomas Cook dinner’s 4 airways could be grounded and its 21,000 staff in 16 nations, together with 9,000 within the UK, will lose their jobs.

In South Korea, the Kospi edged 0.1% decrease to 2,088.85, whereas the S&P ASX 200 in Sydney superior 0.3% to six,752.40. Shares fell in Taiwan and in Southeast Asia.

India’s Sensex continued a rally that started Friday with an announcement of contemporary tax incentives for companies. It climbed 2.5% to 38,967.32. Tokyo’s markets had been closed for a vacation.

Wall Avenue ended final week with losses, snapping a 3-week profitable streak for the S&P 500 after studies emerged that Chinese language officers canceled a deliberate journey to farms in Montana and Nebraska.

That sparked concern that commerce talks resulting from resume subsequent month is likely to be in bother after U.S. and Chinese language envoys met final week for preliminary discussions to put the groundwork for later, extra formal negotiations.

President Donald Trump’s remarks to reporters Friday that he desires a whole take care of China and will not settle for one which solely addresses some variations between the 2 nations added to the unease.

Nonetheless, officers stated the talks would go forward subsequent month, considerably assuaging that concern.

The S&P 500 fell 0.5% to 2,992.07 and the Dow Jones Industrial Common dropped 0.6%, to 26,935.07.

The Nasdaq misplaced 0.8% to eight,117.67, weighed down by declining expertise sector shares. The Russell 2000 index of smaller firm shares slid 0.1% to 1,559.76.

Oil costs rose after Trump, arriving in New York for the assembly of the United Nations Common Meeting, stated he meant to hunt assist for a coalition to confront Iran after the U.S. blamed it for final week’s strike on a Saudi Arabian oil facility.

Iran’s president on Sunday urged Western powers to depart the safety of the Persian Gulf to regional nations led by Tehran. He criticized a brand new U.S.-led coalition patrolling the area’s waterways as nationwide parades showcased the Islamic Republic’s army arsenal.

Hassan Rouhani additionally promised to suggest a regional peace plan at this week’s UN conferences.

The U.S. alleges Iran carried out the Sept. 14 assault on Saudi Aramco’s largest oil processor, which brought about oil costs to spike by the largest proportion for the reason that 1991 Gulf Struggle. Whereas Yemen’s Iranian-allied Houthi rebels claimed the assault, Saudi Arabia says it was “unquestionably sponsored by Iran.”

For its half, Iran denies being accountable and has warned any retaliatory assault focusing on it’ll end in an “all-out struggle.”

With all that percolating, U.S. crude oil added 61 cents to $58.70 a barrel in digital buying and selling on the New York Mercantile Trade. On Friday, it misplaced 10 cents to $58.09 a barrel.

Brent crude, the worldwide normal, picked up 65 cents to $63.85 per barrel.

In forex buying and selling, the greenback was at 107.71 Japanese yen, up from 107.55 yen on Friday. The euro strengthened to $1.1024 from $1.1020.

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Inventory markets edge up forward of ECB stimulus determination

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World inventory markets rose cautiously Thursday as traders awaited the European Central Financial institution’s determination on how a lot stimulus it’s going to present the financial system.

Sentiment additionally was brightened by hopes that China and the U.S. are transferring to ease commerce tensions.

Germany’s DAX edged 0.2% larger to 12,378 and the FTSE 100 in London was up lower than 0.1% to 7,339. The CAC 40 in Paris was flat at 5,615. Wall Road appeared set for small positive factors, with the Dow futures up 0.2% and people for the S&P up 0.1%.

Analysts say the ECB is prone to lower a key rate of interest additional under zero on Thursday and will take different steps, together with restarting a bond-buying program to pump newly created cash into the financial system.

In Asia, traders additionally drew encouragement from China’s determination to exempt some U.S. merchandise from a current spherical of tariffs.

Tokyo’s Nikkei 225 index gained 0.8% to 21,759.61 whereas the Shanghai Composite index additionally added 0.8% to three,031.24. Australia’s S&P ASX 200 climbed 0.3%, to six,654.90. Hong Kong’s Hold Seng index slipped 0.3% to finish at 27,087.63.

An escalation within the commerce battle roiled monetary markets this summer season as traders fretted that larger tariffs and a slowing world financial system might tip the U.S. right into a recession. The financial uncertainty has additionally change into a drag on corporations.

A few of these commerce issues appeared to ease Wednesday after China stated it’s going to exempt American industrial grease and another imports from tariff will increase, although it saved in place penalties on soybeans and different main U.S. exports forward of negotiations subsequent month.

As a gesture of “goodwill,” President Donald Trump stated on Twitter that the USA agreed to a two-week delay in a deliberate enhance in tariffs on some Chinese language imports.

The strikes might point out that each side are settling in for an prolonged battle whilst they put together for talks in Washington geared toward ending the dispute that threatens world financial progress.

Nonetheless, the uncertainties seem prone to persist.

“Simply because the presidential tweet on tariffs this morning has injected extra momentum into shares and more than likely emerging-market belongings, what one hand offers, the opposite can take away. We’re just one social media posting away from a completely unpredictable President turning sentiment on its head,” Jeffrey Halley of Oanda stated in a commentary.

Buyers proceed to anticipate the Federal Reserve will lower rates of interest at its assembly subsequent week in one other bid by the central financial institution to assist preserve U.S. financial progress. The Fed raised its benchmark rate of interest in July by 1 / 4 level. That was its first hike in a decade.

ENERGY: Benchmark crude oil misplaced 45 cents to $55.30 per barrel in digital buying and selling on the New York Mercantile Change. It fell $1.65 to settle at $55.75 a barrel on Wednesday. Brent crude oil, the worldwide normal, gave up 70 cents to $60.11 per barrel. It dropped $1.57 to shut at $60.81 a barrel in a single day.

CURRENCIES: The greenback rose to 107.87 Japanese yen from 107.82 yen on Wednesday. The euro strengthened to $1.1023 from $1.1010.

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Asian shares mostly higher after rise on Wall Street

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Asian shares were mostly higher Wednesday, cheered by a rise on Wall Street amid some signs of easing tensions between the U.S. and China on trade issues.

Japan’s benchmark Nikkei 225 rose 0.8% to 21,570.81 in afternoon trading. Australia’s S&P/ASX 200 inched up 0.1% to 6,621.10. South Korea’s Kospi added 0.6% to 2,043.96. Hong Kong’s Hang Seng gained 1.7% to 27,147.07, while the Shanghai Composite slid 0.1% to 3,017.53.

On Wall Street, investors continued to flock to smaller-company stocks they see as being better shielded from the fallout of the costly trade war between the U.S. and China than large multinationals.

The S&P 500 index inched up 0.96 points, or less than 0.1%, to 2,979.39. The Dow Jones Industrial Average rose 73.92 points, or 0.3%, to 26,909.43. The average was briefly down 118 points. The Nasdaq, which is heavily weighted with technology stocks, slid 3.28 points, or less than 0.1%, to 8,084.16. The Russell 2000 index of smaller-company stocks led the gainers, adding 18.76 points, or 1.2%, to 1,542.99.

The U.S. market has been gaining ground for two weeks as investors remain confident in the strength of the economy, despite the lingering trade war between the U.S. and China.

The feud between the world’s two largest economies has been injecting doses of volatility into the market as both sides escalate and then pull back. Recent plans for trade talks to resume in October raised some hope on Wall Street for a resolution.

“The U.S.-China tug of war will continue, but there is growing sense that U.S.-China sentiment may be shifting to a state of trade war neutrality,” said Stephen Innes, Asia-Pacific market strategist at AxiTrader.

Meanwhile, investors continue to watch the steady flow of economic data for a clearer picture of the U.S. economy’s health. Recent reports have been a mixed bag, including a Labor Department report Tuesday that showed both a slip in job openings as well as a slight increase in hiring in July.

The Labor Department will report the latest consumer price index figures on Thursday and the Commerce Department will report August retail sales data on Friday. Economists continue to expect the Federal Reserve to cut interest rates at its meeting next week to help maintain U.S. economic growth.

ENERGY:

Benchmark crude oil rose 52 cents to $57.92. It fell 45 cents to $57.40 a barrel on Tuesday. Brent crude oil, the international standard, gained 54 cents to $62.92 a barrel.

CURRENCIES:

The dollar rose to 107.78 Japanese yen from 107.39 yen on Tuesday. The euro edged up to $1.1052 from $1.1035.

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World shares blended following broad rally for US shares

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World shares have been blended Friday as traders purchased again shares following good points on Wall Avenue, though worries a couple of commerce dispute between the U.S. and China remained.

France’s CAC 40 slipped 0.3% to five,370.04 in early buying and selling, whereas Germany’s DAX misplaced 0.4% to 11,796.38. Britain’s FTSE 100 dipped 0.3% to 7,261.26.

U.S. shares have been set to float decrease with Dow futures down 0.4% at 26,262. S&P 500 futures have been down 0.5% at 2,926.50.

Japan’s benchmark Nikkei 225 added 0.4% to complete at 20,684.82. Australia’s S&P/ASX 200 gained 0.3% to six,584.40. South Korea’s Kospi added 0.9% to 1,937.75. Hong Kong’s Cling Seng slipped 0.5% to 25,996.64 whereas the Shanghai Composite edged down 0.7% to 2,774.75.

Information on Japan’s financial system for the April-June quarter higher than anticipated and added to the optimism. The Cupboard Workplace reported Japan’s gross home product, or the full worth of a nation’s items and providers, grew at a seasonally adjusted annualized charge of 1.8% throughout the three months resulted in June, in comparison with the earlier quarter.

Expertise corporations powered shares broadly greater on Wall Avenue on Thursday, driving the S&P 500 to its finest day in additional than two months and erasing its losses for the week.

The rally, which pushed the Dow Jones Industrial Common up by greater than 370 factors, adopted an early rise in bonds yields after a weekly authorities report on unemployment claims got here in higher than economists had anticipated.

The absence of latest worrisome turns within the U.S.-China commerce tussle might have additionally helped hold traders in a shopping for temper.

President Donald Trump spooked the markets final week when he threatened to impose 10% tariffs on all Chinese language imports that have not already been hit with tariffs of 25%.

Beijing lowered the buying and selling band for its yuan once more Friday however the foreign money was buying and selling above the low level hit earlier within the week.

The Chinese language central financial institution rattled monetary markets when it allowed the yuan to fall to an 11-year low towards the U.S. greenback on Monday in what economists mentioned was a “warning shot” to Washington within the midst of a tariff warfare.

On Friday, the Folks’s Financial institution of China set the start line for buying and selling at 7.0136 to the greenback, down from 7.0039 on Thursday. The yuan was buying and selling at 7.0474 at noon, above Wednesday’s low of seven.0662. Investor nervousness has eased following central financial institution statements promising sharp declines won’t proceed and the alternate charge might be saved secure.

“Share markets are susceptible to additional short-term volatility and weak spot on the again of the escalating U.S.-China commerce warfare, Center East tensions and blended financial knowledge,” mentioned Shane Oliver, chief economist at AMP Capital.

ENERGY

Benchmark crude misplaced 1 cent to $52.53 a barrel. It rose $1.45 to $52.54 a barrel Thursday. Brent crude oil, the worldwide normal, inched down 1 cent to $57.37 a barrel.

CURRENCIES:

The greenback fell barely to 105.93 Japanese yen from 105.97 Thursday. The euro was little modified however inched all the way down to $1.1194 from $1.1197.

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Shares rise as buyers brace for extra commerce struggle turbulence

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Inventory costs rose Thursday as buyers braced for the subsequent improvement within the U.S.-Chinese language commerce struggle, which has triggered volatility in world markets this week, and after Beijing reported an increase in exports, easing some issues about its financial slowdown.

Markets in Europe superior after indexes in Shanghai, Tokyo and Hong Kong closed increased, recovering a few of their losses after three days of hysteria over the commerce dispute and Chinese language yuan’s decline.

Traders have been additionally rattled Wednesday by a wave of rate of interest cuts by central banks in India, Thailand and New Zealand. These added to charge cuts since Might in Australia, South Korea and the Philippines and mirror concern that U.S.-Chinese language commerce pressure will dent international financial progress.

“Commerce anxiousness stays excessive,” Alfonso Esparza of Oanda mentioned in a report.

London’s FTSE 100 was up 0.1% at 7,207 and Germany’s DAX gained 0.7% to 11,730. France’s CAC 40 rose 1.1% to five,324.

On Wall Avenue, the longer term for the benchmark Normal & Poor’s 500 index was up 0.2%. That for the Dow Jones Industrial Common rose 0.1%.

In Asia, the Shanghai Composite Index rose 0.9% to 2,794.55 and Tokyo’s Nikkei 225 was 0.4% increased at 20,593.35. Hong Kong’s Grasp Seng added 0.5% to 26,120.77 and South Korea’s Kospi superior 0.6% to 1,920.61.

Australia’s S&P-ASX 200 was 0.7% increased at 6,568.10 and India’s Sensex rose 1.2% to 37,146.63. Markets in Taiwan, New Zealand and Southeast Asia additionally superior.

China reported Thursday that its complete exports rose 3.3% over a yr earlier, rebounding from June’s 1.3% contraction. Imports shrank 5.6%, an enchancment over the earlier month’s 7.3% decline. The figures have been largely higher than anticipated.

On Wednesday, the S&P 500 recovered from a 2% drop through the day to shut with a 0.1% acquire, restoring some confidence amongst buyers, although sentiment stays fragile.

Final week, U.S. President Donald Trump rattled markets when he promised to impose 10% tariffs on Sept. 1 on all Chinese language imports that have not already been hit with tariffs of 25%. China struck again on Monday, permitting its yuan to weaken in opposition to the greenback. The weaker forex negates among the results of the U.S. tariffs however creates the chance that international locations might begin to competitively weaken their currencies, destabilizing markets and the financial system.

The yuan fell additional Tuesday and Wednesday, however buyers have been inspired by Chinese language central financial institution guarantees the decline would not proceed and the trade charge can be stored secure.

On Thursday, the yuan strengthened barely to 7.0460 to the greenback from 7.0597 late Wednesday. Nevertheless it stayed under the politically delicate stage of seven to the U.S. forex that it broke via on Monday.

ENERGY: Benchmark U.S. crude rose 98 cents to $52.07 per barrel in digital buying and selling on the New York Mercantile Trade. The contract plunged $2.54 on Wednesday to shut at $51.09. Brent crude, used to cost worldwide oils, rose 67 cents per barrel in London to $56.90. It dropped $2.71 the earlier session to $56.23.

CURRENCIES: The greenback declined to 105.97 yen from Wednesday’s 106.26 yen. The euro edged right down to $1.1197 from $1.1200.

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Asian inventory tumble for third day after China lets yuan sink

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Asian inventory markets fell for a 3rd day Monday after China allowed its yuan to sink to an 11-year low following President Donald Trump’s newest tariff risk.

Tokyo’s most important index fell 2.1% and Hong Kong’s benchmark misplaced 2.9%. Shanghai, South Korea and Australia additionally retreated.

China’s central financial institution allowed the yuan’s alternate price to sink under the politically delicate stage of seven to the U.S. greenback. That stage has no financial significance however would possibly gasoline commerce stress with Washington, which complains a weak foreign money swells Chinese language exports and hurts overseas opponents.

The Folks’s Financial institution of China blamed the decline on “commerce protectionism,” a reference to Trump’s tariff hikes in a combat over Beijing’s commerce surplus and know-how insurance policies.

“Markets will brace for commerce tensions to boil,” mentioned Vishnua Varathan of Mizuho Financial institution in a report.

Tokyo’s Nikkei 225 fell to 20,641.25 and Hong Kong’s Grasp Seng fell to 26,140.47. Seoul’s Kospi was 2.5% decrease at 1,948.97.

The Shanghai Composite Index dropped 0.9% to 2,842.91 and Sydney’s S&P-ASX 200 retreated 1.8% to six,646.20. India’s Sensex misplaced 1.7% to 36,491.55. New Zealand, Taiwan and Southeast Asian markets declined.

Merchants had been watching Hong Kong, one of many largest international buying and selling facilities. Airline flights and visitors had been disrupted by protesters’ requires a basic strike over complaints a couple of proposed extradition regulation and different grievances.

On Wall Avenue, the benchmark Normal & Poor’s 500 index misplaced 0.7% on Friday to 26,485.01. The Dow Jones Industrial Common dropped 0.4% to 26,485.01. The Nasdaq composite misplaced 1.3% to eight,004.07.

Regardless of the weekly loss, the foremost indexes are all up solidly this yr, led by the Nasdaq’s 20.6% acquire. The S&P 500 is up practically 17%.

Commerce stress and uncertainty over the outlook for American rates of interest have blotted out a better-than-expected outcomes season. Earnings for S&P 500 corporations are on tempo for a drop of 1% from a yr in the past, higher than the three% that analysts had anticipated.

U.S. employment information launched Friday had been consistent with expectations however Trump’s risk Thursday of latest tariff hikes on Chinese language items “renders backward-looking information consolation irrelevant,” mentioned Varathan of Mizuho Financial institution.

ENERGY: Benchmark U.S. crude misplaced 60 cents to $55.05 per barrel in digital buying and selling on the New York Mercantile Alternate. The contract gained $1.71 on Thursday to shut at $56.66. Brent crude, used to cost worldwide oils, shed 72 cents to $61.17 in London. It gained $1.39 the earlier session to $61.89.

CURRENCY: The greenback dropped to 105.93 yen from Friday’s 106.59 yen. The euro gained to $1.1129 from $1.1109.

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Stocks subdued as oil rises again on Mideast tensions

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Global stock markets were subdued Monday while the price of oil climbed as tensions in the Persian Gulf escalated after Iran‘s seizure of a British oil tanker on Friday.

The price of oil rose 1.3% as the British government is due to chair an emergency meeting to discuss possible responses to the tanker’s seizure and other recent conflicts with Iran in the Strait of Hormuz. The meeting of security ministers and officials will discuss how to secure shipping in the sensitive region, which is vital to the world’s oil supply.

Friday’s seizure came as tensions between the U.S. and Iran have increased since President Donald Trump’s decision last year to pull the U.S. from Iran’s nuclear accord with world powers and reinstate sweeping sanctions on Iran.

The benchmark U.S. crude oil contract added 73 cents to $56.36 a barrel in electronic trading on the New York Mercantile Exchange. Brent, the international standard, rose 96 cents to $63.43 per barrel.

In Europe, France’s CAC 40 edged 0.2% higher to 5,562, while Germany’s DAX also gained 0.2% to 12,284. Britain’s FTSE 100 gained 0.4% to 7,537.

U.S. shares were also set to open higher, with Dow futures adding 0.2% to 27,188 and S&P 500 futures picking up 0.3% to 2,985.

In Asia, prices of many of the 25 tech companies listed on the Shanghai Stock Exchange’s new STAR Market more than doubled in their debut, with one company, Anji Microelectronics Technology (Shanghai) Co., Ltd., logging a 400% advance.

Regulators have approved 25 companies in information technology and other fields for the STAR Market. The market, modeled on the U.S.-based NASDAQ, reflects the ruling Communist Party’s desire to channel private capital into its development plans. It gives small Chinese investors a chance to buy into tech industries that until now have turned to Wall Street to sell shares.

Elsewhere in Asia the mood was more subdued.

Japan’s Nikkei 225 slipped 0.2% to finish at 21,416.79. Australia’s S&P/ASX 200 fell 0.1% to 6,691.20. South Korea’s Kospi edged less than 0.1% lower to 2,093.34. Hong Kong’s Hang Seng dipped 1.4% to 28,371.26, while the Shanghai Composite index shed 1.3% to 2,886.97.

News that the Chinese government has decided to allow full foreign ownership of securities, fund management and futures companies next year, one year earlier than previously planned, did not help lift shares in Shanghai.

A weekend Cabinet announcement also promised to increase the limit on foreign ownership of insurance companies from 25% and to open pension and asset management to foreign competitors. It gave no timetable or other details.

Washington and other trading partners complain Beijing is dragging its feet on promises to open its financial industries after it joined the World Trade Organization in 2001.

Business groups have welcomed industry-opening steps promised over the past 18 months but say foreign competitors need to see licensing and other restrictions before they can know whether operations might be profitable.

On Friday, U.S. stocks retreated further from their records to cap the weakest week for the S&P 500 since May.

Momentum for U.S. stocks has slowed since early June, when they began soaring on expectations that the Federal Reserve will cut interest rates for the first time in a decade to ensure the U.S. economy doesn’t succumb to weaknesses abroad. The Fed’s next meeting is scheduled for the end of this month. The European Central Bank will meet Thursday and some analysts say it could cut interest rates.

“Investors could remain singularly focused on the Federal Reserve, and the European Central Bank policy decision and communications as global equity markets continue to have their ups and down based on the perceived degree of accommodative central bank policy,” Stephen Innes of Vanguard Markets said in a commentary.

In currencies, the dollar rose to 107.93 Japanese yen from 107.74 yen on Friday. The euro weakened to $1.1218 from $1.1221.

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Ott reported from Washington. Joe McDonald in Beijing also contributed to this report.

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With US closed, global markets tread water ahead of payrolls

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Global stock markets traded in narrow ranges on Thursday, a day after major U.S. indexes hit record highs in a pre-Independence Day rally amid ongoing hopes over an easing of trade tensions between the U.S. and China.

With Wall Street trading closed for the July 4 holiday, investors will be looking ahead to the U.S. government’s closely watched monthly jobs report on Friday. The markets expect a solid 165,000 increase in non-farm payrolls. The outcome will likely be a factor in the Federal Reserve’s meeting this month. The central bank has already said it is prepared to cut rates to shore up the U.S. economy if trade disputes crimp growth.

“The tranquility is unlikely to last, with tomorrow’s non-farm payroll almost bound to inject volatility back into the markets,” said Fiona Cincotta, senior market analyst at City Index.

In Europe, Germany’s DAX closed up 0.1% at 12,629.90, while the CAC 40 in France was roughly flat at 5,620.73. Britain’s FTSE 100 closed down 0.1% at 7,603.58.

Earlier in Asia, Japan’s Nikkei 225 index added 0.3% to 21,702.45 and South Korea’s Kospi rebounded, gaining 0.5% to 2,108.73. The S&P ASX 200 in Australia rose 0.6% to 6,718.00. The Shanghai Composite index gave up earlier gains, slipping 0.3% to 3,005.25. In Hong Kong, the Hang Seng shed 0.2% lower to 28,795.77. India’s Sensex added 0.2% to 39,901.45.

Whatever materializes on the jobs front, the main driver for markets over the coming weeks will be what happens on the trade front. Last weekend’s agreement by U.S. President Donald Trump and China’s Xi Jinping to refrain from new tariffs pending a new round of negotiations has relieved some pressure on markets. But the trade war has not been resolved and still remains the biggest cloud hanging over the global economic outlook.

White House economic adviser Larry Kudlow told reporters in Washington that he expected to announce a new round of negotiations soon. “They’re on the phone,” he said. “There’s lots of communication.”

“We’re not done yet, but we’re hopeful,” he said.

In energy markets, benchmark U.S. crude oil lost 35 cents to $56.99 per barrel in electronic trading on the New York Mercantile Exchange while Brent crude, the international standard, gave up 24 cents to $63.58 per barrel.

And in currency trading, the euro was steady at $1.1282 while the dollar was flat at 107.80 yen.

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