TOKYO (AP) 鈥� Global shares mostly rose Monday and oil prices sank more than $4 after U.S. President Donald Trump said with Iran are progressing.
France’s CAC 40 edged up 1.1% to 8,203.32, while the German DAX rose 1.0% to 25,148.39. Britain’s FTSE 100 added 0.2% to 10,466.26. Trading will be closed in the U.S. for the Memorial Day holiday.
In Asia, Japan’s benchmark Nikkei 225 surged 2.9% to finish at 65,158.19. Australia’s S&P/ASX 200 added 0.4% to 8,692.00. The Shanghai Composite gained nearly 1% to 4,152.57. Trading was closed in South Korea and Hong Kong for holidays marking Buddha’s birthday.
Trump said negotiations with Iran were 鈥減roceeding in an orderly and constructive manner.鈥� Meanwhile, regional officials told The Associated Press on Sunday that the United States with Iran , reopen the and see Iran give up its stockpile of ,
Reopening the Strait of Hormuz will help decide the direction of oil prices. Its closure due to the war has prevented oil tankers from exiting the Persian Gulf and delivering crude to customers worldwide. Japan, for instance, imports almost all its oil, most of it through the strait.
鈥淢arkets are rapidly transitioning from pricing geopolitical fear toward pricing a potential peace dividend as Hormuz reopening expectations pressure oil and the dollar lower,鈥� analyst Stephen Innes said in a commentary.
On Friday, the S&P 500 added 0.4% and the Dow industrials climbed 0.6%. The Nasdaq composite gained 0.2%.
Benchmark U.S. crude oil declined $4.77, or more than 4%, to $91.83 a barrel. Brent crude, the international standard, sank $4.86 to $98.68 a barrel.
In currency trading, the U.S. dollar declined to 158.95 Japanese yen from 159.16 yen. The euro cost $1.1644, up from $1.1605.
Recent earnings reports from U.S. companies that topped analysts鈥� expectations are helping markets, though concerns over have risen as the war has dragged on.
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Yuri Kageyama is on Threads:
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