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Global Shares Mostly Gain Tuesday 06/02 04:50
Global shares mostly rose Tuesday, after U.S. President Donald Trump said
Israel and Hezbollah had agreed to dial back fighting.
TOKYO (AP) -- Global shares mostly rose Tuesday, after U.S. President Donald
Trump said Israel and Hezbollah had agreed to dial back fighting.
France's CAC 40 jumped nearly 1.0% in early trading to 8,223.71, while the
German DAX gained 1.1% to 25,275.57. Britain's FTSE 100 added 0.3% to 10,372.39.
U.S. shares were set to drift lower with Dow futures down 0.3% at 51,004.00.
S&P 500 futures dipped 0.1% to 7,605.75.
In Asia, Japan's benchmark Nikkei 225 slipped 0.3% to finish at 66,734.24.
South Korea's Kospi inched up 0.2% to 8,801.49.
The Hang Seng gained 2.5% to 26,038.32, while the Shanghai Composite rose
0.4% to 4,075.10.
Australia's S&P/ASX 200 shed less than 0.1% to 8,724.40.
In energy trading, benchmark U.S. crude lost $1.25 to $90.91 a barrel. Brent
crude, the international standard, slipped $1.49 to $93.49 a barrel. The levels
are still well above the roughly $70 level they were at before the war.
Much hinges on whether the United States and Iran will reach an agreement to
reopen the Strait of Hormuz, allowing deliveries of oil to resume from the
Persian Gulf and easing the upward pressure on inflation.
Japan imports almost all its oil, although the effects on prices of gas and
other products have been relatively contained by the release of the nation's
reserves so far.
"Crude shortages have already forced refiners across Asia and Europe to
aggressively reduce runs," said analyst Stephen Innes. "The result is that the
squeeze is no longer confined to crude inventories. It is spreading into the
fuels that actually power economies: gasoline, diesel, jet fuel, LPG, and
naphtha."
On Monday, the United States said it bombed Iranian radar and drone sites
after Tehran downed an American drone. Iran said it targeted U.S. soldiers in
Kuwait with missiles that the U.S. said it shot down.
Trump said the Israel and Hezbollah comments came after he spoke with
Israeli Prime Minister Benjamin Netanyahu and communicated with the
Lebanon-militant group through mediators.
In currency trading, the U.S. dollar rose to 159.73 Japanese yen from 159.66
yen. The euro cost $1.1648, up from $1.1631.
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