TOKYO (AP) — Global shares mostly rose Wednesday as investors kept an eye on talks over reopening the Strait of Hormuz, which remains largely closed because of the war in Iran.
The global interest in artificial intelligence supported buying of tech shares, but markets have generally moved in a narrow range ahead of Nvidia’s release of its earnings report later in the day. The chipmaking giant’s results could have a big impact on confidence in the sustainability of the boom in AI investments.
Falling crude prices also brightened investor sentiment in oil-importing nations like Japan, which imports virtually all its oil.
France's CAC 40 gained 0.5% in early trading to 8,478.57, while the German DAX was little changed at 26,257.35. Britain's FTSE 100 inched up less than 0.1% to 10,881.69. The future for the S&P 500 was nearly unchanged, while that for the Dow Jones Industrial Average edged 0.1% higher.
In Asia, Japan's benchmark Nikkei 225 rose 0.6% to 66,262.16 and South Korea's Kospi jumped nearly 1.0% to 6,808.21.
In Hong Kong, the Hang Seng gained 0.6% to 25,652.97, while the Shanghai Composite picked up 0.6% to 3,912.52.
Australia’s S&P/ASX 200 dipped 0.4% to 9,127.80.
Brent crude oil, the international standard, lost 2.8% to $84.81 a barrel. Benchmark U.S. crude dropped 3.1% to $79.80 a barrel.
Brent’s price zigzagged between $72 and $102 last month as hopes rose and fell that the United States and Iran could reach a deal and further de-escalate the war. But tensions between the United States and Iran appeared to ratchet higher after the Trump administration announced new sanctions this week aimed at inflicting more pain on Iran’s economy.
Top diplomats of Iran and Oman met on Tuesday to discuss a phased approach to managing ship traffic through the Strait of Hormuz. The talks followed an attack off Oman's coast that disabled an oil tanker, underscoring dangers for shipping companies attempting to use the waterway while it’s under Iranian control.
A delegation from Pakistan also held talks with Iran’s president on reviving negotiations to end the Iran-U.S. conflict, the Pakistani military said. Pakistan's Interior Minister Mohsin Naqvi said a meeting with Iranian President Masoud Pezeshkian had been “very positive and productive.”
In currency trading, the U.S. dollar slipped to 158.96 Japanese yen from 159.20 yen. The euro cost $1.1678, up from $1.1675.
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Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama
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