Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Jefferies Names 6 Top India Stock Picks Across Key Sectors 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
South Korea GDP Surges on Chip and AI Boom 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
Gold Prices Rise as Yen Rally Weakens Dollar 
Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
UK House Prices Fall for First Time Since 2023 
Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
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Asian stock markets traded in a choppy, directionless pattern on Friday as surging crude oil prices tied to escalating Middle East tensions rattled investor confidence across the region. The uncertainty followed a weak session on Wall Street, where major indices closed lower amid renewed fears that energy-driven inflation could delay Federal Reserve interest rate cuts. However, U.S. futures nudged higher during Asian trading hours, offering some relief.
Crude oil remained the central market mover after prices briefly spiked to nearly $119 per barrel on Thursday, fueled by concerns over potential supply disruptions near the Strait of Hormuz. Israeli Prime Minister Benjamin Netanyahu confirmed Israel was supporting U.S. efforts to help reopen the strategic waterway. Prices retreated from those highs but the earlier surge continued to unsettle markets, particularly in Asia where many economies are heavily dependent on oil imports.
Among regional benchmarks, South Korea's KOSPI outperformed with a 0.5% gain, buoyed by strength in the technology sector, and was on track for a weekly advance of more than 5%. Meanwhile, Singapore's Straits Times Index slipped 0.3%, and Australia's S&P/ASX 200 edged 0.2% lower. Japanese markets were closed for a public holiday, while futures linked to India's Nifty 50 rose 0.5%.
In China, the People's Bank of China held its loan prime rates steady for the tenth consecutive month, keeping the one-year rate at 3.00% and the five-year mortgage-linked rate at 3.50%, consistent with analyst expectations. Despite the predictable policy decision, Chinese equities declined, with the Shanghai Composite falling 0.3% and Hong Kong's Hang Seng dropping 0.7%. Alibaba shares led losses in Hong Kong, tumbling 5% after the e-commerce giant reported a profit decline attributed to heavy investment spending and sluggish online retail performance.
Global investor sentiment remained cautious following the Federal Reserve's latest signals that persistent oil price inflation could push back the timeline for monetary easing, prompting markets to scale back near-term rate cut expectations.
