Asian Stocks Set to Advance on Hormuz Deal Hopes: Markets Wrap

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessAsian Stocks Set to Advance on Hormuz Deal Hopes: Markets WrapAsian stocks were set to track Wall Street higher as optimism over a possible interim deal between Washington and Tehran eased concerns about energy supplies and lifted US stocks to fresh records.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.q{a]tcc}vfk86lq97n9xujt9_media_dl_1.png ICE(Bloomberg) — Asian stocks were set to track Wall Street higher as optimism over a possible interim deal between Washington and Tehran eased concerns about energy supplies and lifted US stocks to fresh records.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountEquity-index futures for Australia, Japan and South Korea all pointed to gains after the S&P 500 climbed to an all-time high Tuesday. While the Nasdaq 100 surged 3.3%, contracts for the benchmark edged lower in early Asian trading after SpaceX reported higher-than-expected spending on its artificial intelligence business, while Advanced Micro Devices Inc.’s outlook failed to excite investors.US crude extended losses in early trading as prospects for an interim agreement centered on reopening the Strait of Hormuz appeared to gain momentum, after global benchmark Brent slid below $80 on Tuesday. Qatar said a proposal had been drafted, while US and Iranian officials expressed optimism that a deal could be reached.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInvestors will be watching whether progress toward reopening the key shipping route extends the recent slide in oil prices, easing inflation pressures and reinforcing the rally in global equities. Lower energy costs may also strengthen the case for the Federal Reserve to keep interest rates on hold.“Markets are reacting to the possibility that a reopening of the Strait of Hormuz could help normalize global oil supplies and reduce near-term energy price pressures,” said Tony Miano at Wells Fargo Investment Institute. “Lower oil prices can ease inflation concerns.”The latest US earnings also remained supportive of sentiment, with Caterpillar Inc. jumping after strong growth driven by data-center spending. McDonald’s Corp. advanced after Chief Executive Officer Chris Kempczinski hailed an “opportunity to raise the bar in the US and accelerate performance in our largest market,” even as growth slowed for a second straight quarter.Meanwhile, Treasuries rose on Tuesday as signs of progress toward a diplomatic resolution of the Iran war sent oil prices lower, curbing expectations for more than one Fed interest-rate hike in the coming year.Yields fell across maturities by four to six basis points, with the yield on the two-year note reaching the lowest level since July 20 and the benchmark 10-year yield at 4.61%. A Bloomberg gauge of the dollar edged lower.Treasury yields have tracked oil prices to varying degrees since the US attacked Iran in late February, helping push up inflation and bolstering the case for tighter US monetary policy.On the economic front, US job openings eased in June but hiring picked up slightly, indicating relatively steady demand for workers heading into the summer.That stability gives the Fed room to stay focused on inflation, although Friday’s jobs report could quickly change the conversation, according to Bret Kenwell at eToro.“A red-hot print could strengthen the case for a September rate hike, particularly with inflation still elevated,” he said. “However, a disappointing report combined with last week’s weaker-than-expected gross domestic product growth could give the Fed more cover to remain on hold.”This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Palantir Technologies Inc. soared after the company boosted full-year revenue and income forecasts, describing commercial demand for its data analytics tools as “otherworldly.”Wayfair Inc. surged after the home furnishings retailer said sales in the US grew at their fastest clip since 2021, helped by a growing number of brick-and-mortar stores and demand for its higher-end brands.Jefferies Financial Group Inc. has been told that some of the invoices underpinning its financing to an iron ore trader called Sapphire Minmetals Corp. are not genuine, according to people familiar with the matter.Chipotle Mexican Grill Inc. removed jalapeños from multiple stores in Minnesota after learning the peppers may be linked to a salmonella outbreak in the state that’s sickened 110 people.Some of the main moves in markets:Hang Seng futures rose 0.3% as of 7:01 a.m. Tokyo timeS&P/ASX 200 futures rose 0.5%Nikkei 225 futures rose 2.5%The Bloomberg Dollar Spot Index was little changedThe euro was little changed at $1.1530The Japanese yen was little changed at 157.79 per dollarThe offshore yuan was little changed at 6.7482 per dollarThe Australian dollar was little changed at $0.7043Bitcoin fell 0.2% to $64,191.96Ether fell 0.2% to $1,871.9Spot gold was little changedWest Texas Intermediate crude fell 0.6% to $75.33 a barrelThis story was produced with the assistance of Bloomberg Automation.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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