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Global Shares Mostly Higher Tuesday 06/16 04:42
Global shares mostly advanced and Japan's benchmark Nikkei 225 briefly
topped 70,000 for the first time Tuesday before trimming early gains after the
Bank of Japan raised its key interest rate to 1%.
TOKYO (AP) -- Global shares mostly advanced and Japan's benchmark Nikkei 225
briefly topped 70,000 for the first time Tuesday before trimming early gains
after the Bank of Japan raised its key interest rate to 1%.
The quarter percentage point hike took the benchmark rate to its highest
level in three decades.
France's CAC 40 jumped 0.7% in early trading to 8,446.06, while the German
DAX added 0.8% to 25,102.01. Britain's FTSE 100 surged 0.6% to 10,492.11.
The future for the S&P 500 was nearly unchanged while that for the Dow Jones
Industrial Average edged 0.1% higher.
Japan's Nikkei 225 rose 0.1% to finish at 69,404.50, while South Korea's
Kospi moved further into record territory, gaining 2.1% to 8,726.60.
In Hong Kong, the Hang Seng slipped 1.4% to 24,493.95, while the Shanghai
Composite fell 0.1% to 4,091.89.
Australia's S&P/ASX 200 was little changed, rising less than 0.1% to
8,917.70.
Taiwan's Taiex surged 0.9%, while India's Sensex picked up 0.7%.
On Monday, stock markets rallied worldwide and oil prices eased after the
United States and Iran reached a tentative deal to get the global flow of crude
going again. The S&P 500 rose 1.7% and the Dow climbed 0.9% to a record. The
Nasdaq composite jumped 3.1%.
Brent crude fell 4.8% on expectations that the U.S.-Iran agreement might
reopen the Strait of Hormuz, where much of Asia gets its oil supply. But some
analysts have urged caution, noting many issues remain uncertain. Negotiations
with Iran are expected to continue over the next 60 days. Even after Hormuz
reopens on Friday as expected, it will likely take months for the energy
industry to get back to full speed.
Oil prices have declined recently on hopes for an extension of the ceasefire
in the war, falling from the $100 plus levels they were at a few weeks ago.
Before the war, oil was trading at about $70 a barrel.
Early Tuesday, benchmark U.S. crude was down $2.03 at $78.72 a barrel. Brent
crude, the international standard, declined $1.82 to $81.35 a barrel.
In currency trading, the U.S. dollar inched down to 160.32 Japanese yen from
160.33 yen. The euro cost $1.1604, up from $1.1594.
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