Tokyo: European shares advanced Monday after a retreat in Asian markets and US futures climbed ahead of Wall Street’s reopening following the Independence Day holiday.
Oil prices slipped after OPEC+ announced Sunday that seven of its members plan to expand oil production by a combined total of 188,000 barrels per day in August. It was the fifth straight month that OPEC+ members have agreed to raise output.
The countries increasing their output are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
Uncertainty over supplies persists as talks with Iran aimed at fully reopening the Strait of Hormuz appear to be on hold during funeral ceremonies for Ayatollah Ali Khamenei, which will continue for several days.
Brent crude, the international standard, lost 40 cents to $71.72 a barrel. US benchmark crude fell 29 cents to $68.40 a barrel.
In early European share trading, France’s CAC 40 rose 0.3% to 8,529.96, while the DAX in Germany edged 0.1% higher to 25,805.02. Britain’s FTSE 100 was unchanged at 10,678.07.
The future for the S&P 500 gained 0.5%, while that for the Dow Jones Industrial Average was up 0.1%.
In Asian trading, Japan’s Nikkei 225 was virtually unchanged at 69,737.69. Tech giant SoftBank Group Corp. declined 3.1%, while computer chipmaker Tokyo Electron shed 1.2%.
South Korea’s Kospi dipped 0.5% to 8,051.33.
In Hong Kong, the Hang Seng gained 1.1% to 23,616.32. The Shanghai Composite index inched down less than 0.1% to 4,041.24.
Australia’s S&P/ASX 200 fell 0.2% to 8,831.00.
In currency trading, the US dollar rose to 162.29 Japanese yen from 161.32 yen, resuming its climb despite rumors that authorities might intervene to stem the yen’s decline. A year ago, the dollar was trading at 140 yen levels.
The euro cost $1.1419, down from $1.1437.
Markets in the US were closed Friday, July 3, for the Independence Day holiday. This year, July 4th fell on a Saturday.
PTI
