Asian stocks drop, oil climbs on Iran tensions

Anand Krishnamoorthy & Abhishek Vishnoi / Bloomberg05-08

Asian stocks pulled back from a record high and crude oil rose as escalating tensions in the Middle East revived concerns over energy supplies, testing the durability of the recent equity rally.(May 8...

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More than two shares fell for every one that rose. Even so, the gauge is set for a fifth week of gains, the longest winning streak since January. \nBrent crude rebounded from three days of losses to climb about 1% to put it around US$101 per barrel amid fears a prolonged closure of the Strait of Hormuz would disrupt oil and gas supplies. Despite Friday’s jump, the commodity has fallen over 6% this week.\nSome resilience emerged in markets, with US stock-index futures erasing early losses to gain 0.2%. Earlier, American forces responded to Iranian attacks on naval destroyers as they sailed in the Strait of Hormuz on Thursday.\nPresident Donald Trump threatened to hit Iran “more violently” in the future if the Islamic Republic didn’t sign a deal fast. Trump described the action a “love tap” in a telephone interview with ABC News, and said that the ceasefire with Iran was still “in effect”.\nWhile Asian stocks dropped from their highs on Friday, they are still heading for one of their best weeks this year. Even with bouts of volatility, investors remained focused on US de-escalation efforts, betting that easing tensions could keep energy prices in check and support the broader risk backdrop.\n“Equities are looking through the war while oil continues to hold its war premium,” said Hebe Chen, a senior market analyst at Vantage Global Prime in Sydney. That’s “a disconnect that tells you markets have quietly concluded the worst-case scenario is fading and turned to a new page, even if the ink is not yet dry”.\nElsewhere, the dollar, which had retreated to pre-war levels amid optimism the US-Israel conflict with Iran was nearing an end, edged higher for a second day.\nBonds remained under pressure, with the 10-year Treasury yield holding at 4.39% as elevated oil prices stoked inflation concerns. Gold edged up to about US$4,710 an ounce.\nIn a bid to ease the crisis, the US president had announced “Project Freedom”, an initiative to help ships transit the strait, before abruptly suspending it. Saudi Arabia and Kuwait have lifted restrictions on the US military’s ability to use regional bases, the Wall Street Journal reported Thursday, indicating that could allow the Trump administration to restart the effort to ease traffic through the strait.\nWashington is waiting on Tehran to respond to its proposal to reopen the strait, with tensions still high in both the Persian Gulf and in Lebanon. An Iranian official said the nation wouldn’t allow a reopening with “an unrealistic plan”, the Wall Street Journal reported, citing Press TV.\n“Investors are now assuming some resolution in the next month or so in terms of the Iran war or Strait of Hormuz,” said Jun Bei Liu, co-founder of hedge fund Ten Cap Investment Management. “Near term, there might be volatility, news headlines like today, but the market will move to buy the dip unless a new flare-up becomes severe.”\nElsewhere, Trump’s 10% global tariffs were declared unlawful by a federal trade court in a fresh blow to the administration’s economic agenda in the latest setback for the president’s effort to levy tariffs without input from Congress.\nWhile the decline in stocks indicated the Asian trading week would end on a downbeat note, the previous four sessions saw regional equities repeatedly climb to records.\nThe Kospi is the world’s best-performing gauge in 2026 as traders bet the country’s corporations will boost earnings as the key suppliers to the artificial intelligence buildout. Goldman Sachs Group Inc increased its target for South Korea’s benchmark stock index again in less than three weeks, saying the market is underestimating the durability of semiconductor memory earnings.\n“Across equity markets, the pace of gains has indeed been quite rapid with limited drivers, so when negative news emerges, markets are vulnerable to profit taking,” said Yugo Tsuboi, chief strategist at Daiwa Securities Co. “I don’t believe the optimism about reaching an agreement that built up over the past week will completely disappear after this.”\nCorporate highlights:\n\nCloudflare Inc plans to cut more than 1,100 jobs globally as it accelerates its shift to an agentic AI-first operating model.\nArm Holdings plc sank as a slowdown in the smartphone industry took a toll on the chip firm’s royalty revenue, overshadowing growth in the AI data-centre market.\nPeloton Interactive Inc raised its outlook for the full year, suggesting that a turnaround fuelled by new commercial offerings and upgraded equipment is on track.\nPlanet Fitness Inc cut its full-year revenue outlook, citing weaker-than-expected member sign-ups during the typically busy New Year period.\n\nSome of the main moves in markets:\nStocks\n\nS&P 500 futures rose 0.2% as of 11.52am Tokyo time\nNikkei 225 futures (OSE) fell 1.3%\nJapan’s Topix fell 1%\nAustralia’s S&P/ASX 200 fell 1.6%\nHong Kong’s Hang Seng fell 1.2%\nThe Shanghai Composite fell 0.3%\nEuro Stoxx 50 futures fell 0.8%\n\nCurrencies\n\nThe Bloomberg Dollar Spot Index was little changed\nThe euro was little changed at US$1.1728\nThe Japanese yen was little changed at 156.92 per dollar\nThe offshore yuan was little changed at 6.8039 per dollar\n\nCryptocurrencies\n\nBitcoin fell 0.4% to US$79,552.9\nEther fell 0.4% to US$2,279.8\n\nBonds\n\nThe yield on 10-year Treasuries was little changed at 4.39%\nJapan’s 10-year yield was unchanged at 2.475%\nAustralia’s 10-year yield advanced six basis points to 4.98%\n\nCommodities\n\nWest Texas Intermediate crude rose 0.6% to US$95.41 a barrel\nSpot gold rose 0.6% to US$4,714.50 an ounce\n\nUploaded by Chng Shear Lane","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2633845073","isCrawlerRequest":true}