Asian shares mixed and oil holds steady ahead of July 4 U.S. holiday

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BANGKOK (AP) — Shares were mixed successful Asia connected Monday portion U.S. futures fell up of the July 4 vacation successful the U.S.

Benchmarks roseate successful Tokyo, Shanghai and Sydney but fell successful Hong Kong and Seoul. Oil prices were dependable aft surging connected Friday.

Last week was the 4th losing week successful the past 5 for Wall Street arsenic investors fret implicit precocious ostentation and the anticipation that higher involvement rates could bring connected a recession.

The astir optimistic scenario, a “Goldilocks outcome,” would bring a slowdown important capable to chill ostentation moving astatine its highest level successful 4 decades but not truthful beardown arsenic to effect successful a “hard landing,” Mizuho Bank said successful a commentary.

“This is simply a gangly bid that is acold from guaranteed astatine this point,” it said, noting that markets volition beryllium looking to comments successful minutes from the past Federal Reserve argumentation meeting, expected Wednesday.

Economic information implicit the past fewer weeks has shown that ostentation remains blistery and the system is slowing. The second has raised hopes connected Wall Street that the Fed volition yet easiness disconnected its propulsion to rise rates, which person been weighing connected stocks, particularly pricier sectors similar technology.

Analysts don’t expect overmuch of a rally for stocks until determination are coagulated signs that ostentation is cooling, and the latest information has yet to amusement that. Friday brought a study that Inflation successful countries utilizing the euro had acceptable different eye-watering record, pushed higher by a immense summation successful vigor costs fueled partially by Russia’s warfare successful Ukraine.

Annual ostentation successful the eurozone’s 19 countries deed 8.6% successful June, surging past the 8.1% recorded successful May, according to the latest numbers published Friday by the European Union statistic agency, Eurostat. Inflation is astatine its highest level since recordkeeping for the euro began successful 1997.

Tokyo’s Nikkei 225 NIK, +0.80% roseate 0.6% to 26,106.29 connected Monday, portion the Shanghai Composite scale SHCOMP, +0.39% edged 0.2% higher, to 3,395.01. Australia’s S&P/ASX 200 XJO, +1.08% climbed 1.1% to 6,618.10.

Hong Kong’s Hang Seng scale HSI, -0.21% mislaid 0.3% to 21,781.84 and the Kospi 180721, -0.74% successful Seoul declined 0.8% to 2,286.83. Shares edged little successful Bangkok and fell successful India and Taiwan.

On Friday, the S&P 500 SPX, +1.06% roseate 1.1%, recovering from aboriginal losses to adjacent astatine 3,825.33. The summation snapped a four-day losing streak for the benchmark index, which inactive posted its 4th losing week successful the past five.

The Dow Jones Industrial Average DJIA, +1.05% roseate 1% to 31,097.26, portion the tech-heavy Nasdaq COMP, +0.90% gained 0.9% to 11,127.85.

The S&P 500 closed retired its worst 4th since the onset of the pandemic successful aboriginal 2020. Its show successful the archetypal fractional of 2022 was the worst since the archetypal six months of 1970. It has been successful a carnivore marketplace since past month, meaning an extended diminution of 20% oregon much from its astir caller peak.

The output connected the 10-year Treasury TMUBMUSD10Y, 2.894%, which helps acceptable owe rates, was dependable astatine 2.89% aft falling Friday from Thursday’s 2.97%.

Financial markets successful the U.S. volition beryllium closed connected Monday for Independence Day.

Wall Street remains acrophobic astir the hazard of a recession arsenic economical maturation slows and the Federal Reserve aggressively hikes involvement rates. The Fed is raising rates to purposefully dilatory economical maturation to assistance chill inflation, but could perchance spell excessively acold and bring connected a recession.

The latest economical update connected Friday for the manufacturing assemblage showed a slowdown successful maturation that was sharper successful June than economists expected. That followed a worrisome study showing user assurance slipped to its lowest level successful 16 months. Also, the U.S. system shrank astatine an yearly complaint of 1.6% successful the archetypal quarter, partially owed to anemic user spending.

High state prices person been large origin successful pushing prices higher and squeezing pocketbooks.

On Monday, benchmark U.S. crude lipid CL.1, +0.35% roseate 17 cents to 108.61 per tube successful physics trading connected the New York Mercantile Exchange. It jumped $2.67 to $108.43 per tube connected Friday.

Brent crude BRN00, +0.42%, the pricing ground for planetary trading, roseate 2 cents to $111.65 per barrel.

The U.S. dollar inched up to 135.31 Japanese yen USDJPY, +0.07% from 135.27 yen. The euro EURUSD, +0.09% roseate to $1.0432 from $1.0429.

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