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World Shares Fall as Ceasefire Falters 05/08 04:52
World shares retreated and oil prices fell back Friday as the fragile
ceasefire with Iran was strained by missile and drone attacks that prompted
U.S. retaliatory strikes on Iranian military facilities.
HONG KONG (AP) -- World shares retreated and oil prices fell back Friday as
the fragile ceasefire with Iran was strained by missile and drone attacks that
prompted U.S. retaliatory strikes on Iranian military facilities.
U.S. futures rose despite the latest flare up in the conflict. The future
for the S&P 500 gained 0.5%, while that for the Dow Jones Industrial Average
was up 0.3%.
Investors are closely watching the war situation as negotiations between the
U.S. and Iran to end the war make limited progress. Tehran said Thursday that
it was still examining the latest proposals from the U.S. for ending the war.
In early European trading, Britain's FTSE 100 fell 0.7% to 10,206.38.
Germany's DAX shed 1% to 24,417.08, while France's CAC 40 dropped 0.8% to
8,134.92.
Tokyo's Nikkei 225 fell 0.2% to 62,713.65 after closing the day before at an
all-time high. Energy and technology giant SoftBank Group lost 4.6% after
soaring 18% on Thursday.
Elsewhere in Asia, South Korea's Kospi edged 0.1% higher to 7,498.00, a
record closing high, as gains for some tech shares offset wider losses.
Hong Kong's Hang Seng dropped 0.9% to 26,393.71 and the Shanghai Composite
index was unchanged at 4,179.95.
Australia's S&P/ASX 200 lost 1.5% to 8,744.40. Taiwan's Taiex fell 0.8%,
while India's Sensex declined 0.5%.
Oil prices traded lower Friday after rising earlier in the day. Brent crude,
the international standard, dipped 0.2% to $99.84 per barrel. Brent crude was
roughly $70 a barrel before the Iran war began in late February.
Benchmark U.S. crude fell 0.5% to $94.34 a barrel.
The U.S. Central Command said Thursday that it intercepted "unprovoked"
Iranian attacks on Navy ships in the Strait of Hormuz, although no vessels were
struck. But U.S. President Donald Trump told reporters the ceasefire with Iran
was still intact.
The United Arab Emirates, a U.S. ally, said early Friday that its air
defenses were "actively engaging" with a missile and drone attack.
Oil and fuel prices are expected to remain elevated for as long as the
Strait of Hormuz, a key waterway for oil and gas transit, remains largely
closed and a U.S. sea blockade on Iranian ports continues.
On Thursday, U.S. stocks pulled back from records. The benchmark S&P 500
fell 0.4% and the Dow industrials slipped 0.6%. The technology-heavy Nasdaq
composite dropped 0.1% to 25,806.20.
Shares of Whirlpool sank 11.9% following weaker-than-expected results, and
Shack Shack tumbled 28.3% likewise. McDonald's fell 0.1% after recording latest
quarterly revenue that was better than what analysts had expected.
The U.S. dollar fell to 156.65 Japanese yen from 156.93 yen. The euro was
trading at $1.1772, up from $1.1726.
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