Major stock markets traded mixed in sparse summer trading Friday, with oil prices edging higher and the dollar slipping as investors assess the outlooks for U.S. interest rates and the war in the Middle East.
Data this week showing cooler inflation in the U.S. has bolstered expectations that the Federal Reserve will not rush to raise borrowing costs, potentially crimping growth. But with the U.S.-Iran conflict showing little sign that it could soon end, worries about stubborn inflation dominated attention across markets.
Vice President JD Vance said Thursday that the country’s top priority in the Iran war was to bring down gasoline prices for American consumers.
Energy prices on markets have in recent weeks swung between big gains and losses as resurgent strikes in the Middle East give way to hopes of a peace deal, and vice versa.
The country’s Kospi index had tanked about 40% between hitting its June high and an intra-day trough on Aug. 6, but has since rebounded more than 20%.
Friday also saw gains for Tokyo, where tech giants Kioxia, Advantest and Sony rallied along with the technology investment titan SoftBank.
Singapore, Jakarta, Bangkok, Manila and Wellington were also up, while Hong Kong, Sydney, Taipei and Mumbai slipped and Shanghai ended little changed.
In European midday deals, London dipped while Paris and Frankfurt rose, following gains on Wall Street on Thursday that saw the S&P 500 again hit a record high.
