Asian shares were mixed on Monday, with Tokyo's Nikkei 225 index hitting a fresh record, while oil prices gained more than $1 as talks to end the war with Iran encountered further obstacles. The White House scrapped plans to send envoys to Pakistan for additional negotiations, with U.S. President Donald Trump citing a lack of progress.
Market Movements in Asia
In Tokyo, the Nikkei 225 surged 1.4% to 60,564.18, touching new intraday highs. South Korea's Kospi jumped 2.1% to 6,617.94. Hong Kong's Hang Seng index edged 0.1% lower to 25,951.86, while the Shanghai Composite index was up 0.2% at 4,089.04. Australia's S&P/ASX 200 slipped 0.3% to 8,759.40. Taiwan's Taiex rallied 2.6%, driven by a revival in tech shares amid the artificial intelligence boom.
U.S. Market Highlights
On Friday, the S&P 500 climbed 0.8% to close at 7,165.08, surpassing its prior all-time high set on Wednesday. The Dow Jones Industrial Average dipped 0.2% to 49,230.71, while the Nasdaq composite rallied 1.6% to a record 24,836.60, thanks to strong gains in the tech sector.
Investor Sentiment and Oil Markets
A survey by the University of Michigan revealed that consumer sentiment soured in April across political parties, income levels, age groups, and education levels, though it improved slightly after the ceasefire in the war with Iran was announced earlier in the month. The S&P 500 has surged nearly 13% in under a month, with hopes that the U.S. and Iran can avoid a worst-case scenario for the global economy. However, a tenuous ceasefire remains, and tensions are keeping oil tankers from passing through the Strait of Hormuz to deliver crude from the Persian Gulf to customers worldwide.
On Monday, the price of Brent crude for July delivery rose $1.44 to $100.57 per barrel, while U.S. benchmark crude added $1.28 to $95.65.
Corporate News
In Wall Street trading on Friday, Intel shares soared 23.6%, their best day since 1987, after reporting stronger-than-expected first-quarter results. CEO Lip-Bu Tan stated that the next wave of artificial intelligence technology is increasing demand for Intel's chips and products, and the company's profit forecast for the spring topped analysts' estimates.
Currency Markets
The dollar fell to 159.34 Japanese yen from 159.59, while the euro climbed to $1.1723 from $1.1701.
This week brings key interest rate decisions from the Federal Reserve, the European Central Bank, the Bank of Japan, and the Bank of England, which are likely to influence market direction.
