Asia stocks slip as Iran tensions persist.
Asian stock markets fell on Thursday, reversing early gains in volatile trading as persistent U.S.-Iran tensions kept investors cautious despite strong technology earnings.
Regional markets opened higher, tracking overnight gains on Wall Street, where the S&P 500 and Nasdaq closed at fresh record highs after President Donald Trump extended a ceasefire with Iran.
However, optimism faded amid risks to global oil supply following recent incidents in the Strait of Hormuz.
U.S. stock index futures slipped during Asian hours.
Japan’s Nikkei 225 traded 1.1% lower at 58,952.1 points after hitting a record high of 60,198.0 points earlier in the day.
South Korea’s KOSPI edged down 0.5% to 6,384.29 points, after hitting a peak of 6,557.76 points, supported by strength in technology stocks.
Chipmakers had supported moves after SK Hynix Inc (KS:000660) reported blockbuster earnings. The Nvidia (NASDAQ:NVDA) supplier posted a more than five-fold jump in first-quarter operating profit.
Gold prices fall as uncertainty over Iran talks.
Gold prices fell in Asian trade on Thursday, extending recent losses and briefly breaking below a recent trading range as uncertainty over the Iran war and U.S. interest rates supported the dollar and curbed demand for bullion.
Spot gold fell 0.6% to $4,712.50 an ounce, while gold futures fell 0.5% to $4,728.69/oz by 02:30 ET (06:30 GMT). Spot prices briefly fell as low as $4,694.23/oz, breaking below a $4,700-$4,900/oz trading range seen over the past two weeks.
The yellow metal struggled to make headway as markets remained largely uncertain over the status of more U.S.-Iran talks, after President Donald Trump indefinitely extended a ceasefire.
Tehran and Washington signaled little openness to fresh negotiations after planned talks largely fell through this week. Iran said the U.S. must lift a blockade against the country before any negotiations can take place, while Washington demanded a full reopening of the Strait of Hormuz.
Bitcoin price today steady above $78k.
Bitcoin held steady above $78,000 on Thursday, as investors weighed persistent geopolitical tensions in the Strait of Hormuz despite an extension of a U.S.-Iran ceasefire.
The world’s largest cryptocurrency last traded 0.2% higher at $78,166.2 by 02:46 ET (06:46 GMT).
Prices had climbed above $79,000 on Wednesday, marking their strongest level since early February.
US-Iran tensions continue despite ceasefire; oil rises
Trump on Tuesday extended a ceasefire with Iran, stepping back from plans for renewed military strikes, although uncertainty remained as Tehran has not formally accepted the extension and has criticized the ongoing U.S. naval blockade of its trade routes.
Iran’s Revolutionary Guard seized two container ships in the Strait of Hormuz on Wednesday, tightening its grip on the key energy chokepoint. Iranian forces also fired on three vessels in the area.
The ongoing standoff has kept global energy markets on edge, with oil prices holding above $100 per barrel.
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