Stock market today: Asian shares are mixed after Middle East tensions weigh on Wall St
Asian shares are mixed after worsening tensions in the Middle East sent shares lower on Wall Street
TOKYO — Asian shares were mixed Friday after worsening tensions in the Middle East sent shares lower on Wall Street, while boosting crude prices.
Japan's benchmark Nikkei 225 edged up 0.3% in morning trading to 38,668.36. Australia's S&P/ASX 200 slipped 0.7% to 8,145.70. South Korea's Kospi added 0.6% to 2,577.51. Hong Kong's Hang Seng jumped 1.6% to 22,473.56. Trading was closed in Shanghai.
In currency trading, the U.S. dollar edged down to 146.52 Japanese yen from 146.83 yen. The euro stood unchanged at $1.1034.
Prime Minister Shigeru Ishiba, who took office on Tuesday, was due to give a policy speech on Friday that could indicate his government's stance on issues such as interest rates and spending.
The Bank of Japan has begun very gradually raising its benchmark rate from near zero. It now stands at around 0.25%. Expectations of rising rates had pushed the yen higher after the Liberal Democrats elected Ishiba to head the ruling party and thus serve as prime minister. But the yen has fallen back against the dollar in the past two days after officials sent clear signals that they did not favor further rate hikes at this time.
A cheaper yen could work as a plus for Japan's giant exporters like Nintendo and Toyota by boosting the value of its overseas earnings. But it raises the cost of imports of oil and other vital commodities, pushing prices higher and pinching household spending.
Stocks sank Wednesday on Wall Street as oil prices kept rising as the world waits to see how Israel will respond to Iran’s missile attack on Tuesday.
The S&P 500 fell 0.2% to 5,699.94 and the Dow Jones Industrial Average fell 0.4% to
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