BANGKOK — World shares were mixed Friday after a modest retreat on Wall Street, while the price of Brent crude gained more than 1 per cent.
In early European trading, Germany’s DAX rose 0.4 per cent to 26,253.77, while the CAC 40 in Paris edged 0.2 per cent higher to 8,715.47.
Britain’s FTSE 100 was up 0.1 per cent at 10,879.57.
The future for the S&P 500 rose 0.1 per cent while that for the Dow Jones Industrial Average slipped 0.1 per cent.
Selling of computer chipmakers and other stocks linked to the boom in artificial intelligence appeared to taper off a bit as Tokyo’s Nikkei 225 lost 0.1 per cent to 65,606.71.
The Kospi in South Korea dropped 0.6 per cent to 6,258.77 and Taiwan’s Taiex fell 0.4 per cent.
The Shanghai Composite index gained 1 per cent to 3,940.04 after China reported its exports grew at a slightly slower but still robust pace of about 24 per cent in July on strong demand for electronics and other high-tech products. China’s huge trade surplus narrowed last month and imports also slowed.
Hong Kong’s Hang Seng picked up 0.5 per cent to 25,668.03.
In Australia, the S&P/ASX 200 slipped less than 0.1 per cent, to 9,263.60.
On Thursday, stocks declined on Wall Street as oil prices rose and more company earnings reports rolled in.
The S&P 500 fell 0.2 per cent and the Dow industrials fell 0.9 per cent. The Nasdaq composite fell 0.1 per cent.
The price of Brent crude rose nearly 4 per cent on Thursday as progress toward reopening the Strait of Hormuz, vital to securing stable oil supplies, remained unclear.
Iran has said it is close to a deal with Oman for reopening the strait. U.S. President Donald Trump has also previously said a deal is close, but the conflict has had many starts and stops over the past five months.
Reopening the strait may require a compromise since the Trump administration has ruled out Iran charging fees to ships. But Iran has insisted on some measure of control, saying the strait will not go back to being an international waterway.
As of early Friday, a barrel of Brent, the international standard, was up 1 per cent at US$83.33. U.S. benchmark crude oil advanced 0.7 per cent to $77.79 per barrel.
A fifth of the world’s traded oil and natural gas once passed through the Strait of Hormuz. Oil prices have surged as high as $113 due to the war and higher prices have added more heat to inflation by raising the price of gasoline and raising costs for shipping.
While markets are still weighed down by worries over the war and over a possible bubble in investments in artificial intelligence, strong overall corporate profits have helped allay concerns on Wall Street about shares being overpriced.
Roughly 85 per cent of companies in the S&P 500 have reported their results and overall earnings growth for the period is shaping up to be the strongest since 2021.
Outside of earnings, SpaceX rose 6.1 per cent. More than 911 million SpaceX shares held by early investors and employees became eligible for sale Thursday as a lockup period for the stock expired. That is more than double the shares that were initially offered to the public for sale during the initial public offering for Elon Musk’s company.
SpaceX jumped as high as $225 a share following its market debut in June, but has since slumped below its initial $135 offering price. The stock is currently trading around $115.
The latest monthly jobs report, for July, will be released Friday.
U.S. employment remains strong, but growth in hiring has been easing. A weekly report on Thursday showed the number of Americans applying for unemployment benefits rose last week, though layoffs remain in the historically healthy range of the past few years. Employers pulled back on hiring in June, adding only 57,000 jobs.
In other dealings early Friday, the dollar rose to 158.46 Japanese yen from 158.42 yen. The euro fell to $1.1520 from $1.1524.
Elaine Kurtenbach, The Associated Press
