Stocks drop and oil rises as Hormuz hopes fade
Summary
Asian stocks mostly fell and oil prices rose as hopes for a reopening of the Strait of Hormuz faded and traders braced for another Federal Reserve rate hike. Shein slumped in Hong Kong after reporting disappointing earnings following its recent listing.
Key Points
- Asian equities mostly declined while crude prices extended gains as tensions around the Strait of Hormuz remained unresolved.
- Traders expect the Federal Reserve to raise interest rates again, with upcoming US inflation and jobs data shaping market expectations.
- Donald Trump denied reports that he offered Iran sanctions relief and frozen funds, while Iranian officials signaled continued discussions through intermediaries.
- Shein fell sharply in Hong Kong after posting disappointing earnings, its first report since a high-profile US$1.7 billion IPO.
