Asian shares, US futures retreat and oil prices surge after US strike on Iranian rocket launchers
Summary
Asian stock markets mostly fell and U.S. stock futures dropped on Monday as investors expected the U.S. Federal Reserve to raise interest rates soon. Oil prices rose sharply after U.S. forces launched a strike on Iranian rocket launchers near the Strait of Hormuz, raising concerns about tensions in the Middle East.Key Facts
- Asian shares were mostly lower, with Japan’s Nikkei down 0.4% and South Korea’s Kospi down 0.5%.
- U.S. stock futures for major indexes like the S&P 500 and Dow Jones fell about 0.3%.
- Brent crude oil price increased by 2.9% to $90.61 per barrel after the U.S. military action.
- U.S. benchmark crude oil rose 2.7% to $85.66 per barrel.
- The U.S. Federal Reserve’s chair indicated that interest rate hikes may continue to reduce inflation.
- An official survey showed Chinese factory activity was still shrinking for the second month in a row but showed slight improvements.
- Shares in e-commerce company Shein are set to begin trading in Hong Kong, making it the city’s biggest stock market debut this year.
- Economic concerns and geopolitical risks are influencing investor behavior across global markets.
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