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Europe Shares Gain, Asia Retreats 04/28 04:46
European shares opened with gains after a retreat Tuesday in Asia. Oil
prices climbed after diplomatic efforts to end the Iran war once again appeared
to stall.
TOKYO (AP) -- European shares opened with gains after a retreat Tuesday in
Asia. Oil prices climbed after diplomatic efforts to end the Iran war once
again appeared to stall.
France's CAC 40 gained 0.1% to 8,153.65, while the German DAX edged up 0.1%
to 24,125.57. Britain's FTSE 100 added 0.2% to 10,345.03.
The future for the S&P 500 slipped 0.1% while that for the Dow Jones
Industrial Average gained 0.2%.
Despite a tenuous ceasefire, the Strait of Hormuz remains effectively
closed. Much of Asia, including resource-poor Japan, relies on that route for
its oil shipments.
Japan's benchmark Nikkei 225 fell 1.0% to finish at 59,917.46 after the
central bank opted to keep its key interest rate unchanged at 0.75%.
The Bank of Japan said that while the economy was still growing moderately
it was expected to slow as the war pushes for crude oil and other products
higher. The vote by its monetary policy board at 6-3 was not unanimous.
Pressures have been growing for Japan to gradually raise interest rates after
keeping them near or below zero for years to combat deflation.
"There are various risks to the outlook," it said in a statement. "For the
time being it is necessary to pay particular attention to the impact of the
future course of the situation in the Middle East."
Elsewhere in Asia, South Korea's Kospi edged up 0.4% to 6,641.02.
Hong Kong's Hang Seng dipped nearly 1.0% to 25,679.78, while the Shanghai
Composite shed 0.2% to 4,078.64.
Australia's S&P/ASX 200 lost 0.6% to 8,710.70.
The price for a barrel of Brent crude to be delivered in June climbed $2.47
to $110.70. Brent to be delivered in July, which is where more of the trading
is happening in the oil market, rose $2.19 to $103.88 per barrel.
Brent prices were at about $70 per barrel before the war and have briefly
shot to nearly $120. Benchmark U.S. crude added $2.18 to $98.55 a barrel.
On Monday, the S&P 500 inched up 0.1% to another all-time high and the Dow
industrials dipped 0.1%. The Nasdaq composite index rose 0.2%.
The U.S. Federal Reserve, European Central Bank, and Bank of England will
also be announcing interest-rate decisions this week.
In currency trading Tuesday, the U.S. dollar inched up to 159.53 Japanese
yen from 159.42 yen. The euro cost $1.1701, down from $1.1720.
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