Oil prices increased on Wednesday as Middle East peace negotiations faced challenges, while stock markets generally rose, driven by robust demand for technology, particularly artificial intelligence.
Despite President Trump’s statements indicating that the U.S. and Iran are making progress toward ending their ongoing conflict and reopening the Strait of Hormuz, crude oil investors remain cautious and wait for concrete developments.
Concerns regarding a peace agreement contributed to a more than 1% rise in oil prices, with both primary contracts up approximately 5% for the week.
In the stock market, shares continued their upward trend, significantly supported by the technology sector. Tokyo’s stock index rose over 2%, fueled by an 11% increase in chipmaker Tokyo Electron, along with gains for Advantest.
Taipei’s market also saw similar growth, bolstered by a strong performance from Taiwan Semiconductor Manufacturing Company.
Markets in Shanghai, Sydney, Singapore, and Manila reported gains, while Hong Kong, Wellington, and Jakarta experienced declines. Seoul’s market was closed due to a holiday.
These developments occurred after the S&P 500 and Nasdaq indices reached new records in Wall Street trading, where chipmaker Marvell Technology experienced a significant 32% increase following comments from Nvidia CEO Jensen Huang, who labeled it as a potential future trillion-dollar company.
A report showing that U.S. job openings rose to their highest level in 23 months further boosted sentiment among equity traders. This data precedes employment figures due out on Friday, which may influence the Federal Reserve’s decision regarding the benchmark interest rate and potential adjustments to counter inflation.
Source: www.cbsnews.com via Google News.
