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Asian stocks traded mostly flat on Monday as investors monitored rising oil prices and persistent geopolitical tensions surrounding the Iran war and the Strait of Hormuz.
Prospects for peace talks remain limited, while oil tanker traffic through the crucial Strait of Hormuz is still disrupted. Iran on Saturday urged the United States to accept defeat, while U.S. President Donald Trump called on Americans to tolerate higher gasoline prices as the conflict continues.
Tensions also remained high in Lebanon, where Israeli strikes in the south killed at least 11 people on Saturday, according to Lebanon’s health ministry.
Brent crude held near $88.50 per barrel after gaining 6% last week. U.S. crude slipped 0.3% to $82.12 after advancing 5.4% over the same period. AMP chief economist Shane Oliver expects oil prices to remain between $70 and $100 per barrel, although prolonged disruptions to Middle Eastern supply could push prices higher as reserves decline.
MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed, while Japan’s Nikkei gained 0.4%. Australian shares fell 0.3%, while South Korean markets were closed for a public holiday.
Investors are also awaiting China’s July economic data. Industrial production growth is forecast to slow to 4.8% from 5.3%, while retail sales are expected to increase 1.5%.
European and U.S. stock futures edged higher. EUROSTOXX 50 futures gained 0.2%, S&P 500 futures rose 0.1%, and Nasdaq futures advanced 0.2%.
Sentiment has been supported by softer U.S. economic data, which has reduced expectations for tighter Federal Reserve policy. July retail sales declined for the first time in nine months, while consumer sentiment weakened more than anticipated.
In bond markets, the two-year U.S. Treasury yield fell to 4.156%, while the 10-year yield eased to 4.684%.
The U.S. dollar also weakened, with the euro rising to around $1.1578 and the dollar slipping against the yen to 159.15. Gold remained steady near $4,381 an ounce after gaining 0.8% last week.
