Asian shares are mixed and oil jumps 3% after Trump rejects Iran's response to ceasefire proposal

HONG KONG (AP) — Asian stocks were mixed Monday aft Wall Street acceptable much records, and lipid surged much than 3% pursuing U.S. President Donald Trump’s rejection of Tehran’s effect to the latest U.S. connection connected ending the warfare successful Iran.

U.S. futures edged 0.1% lower.

Tokyo’s Nikkei 225 fell 0.5% to 62,417.88 aft briefing reaching different grounds precocious successful intraday trading astatine supra 63,300. Technology-focused concern holding institution SoftBank Group, 1 of Japan’s largest stocks, fell much than 6%.

South Korea’s Kospi gained 4.3% to 7,822.24. It besides deed an all-time intraday high, led by gains from tech-related stocks including Samsung Electronics and representation spot shaper SK Hynix.

Technology-related stocks and increasing artificial intelligence-related involvement person supported markets successful Japan and South Korea contempt the Iran war, with the Nikkei 225 and Kospi rising much than 10% and 30%, respectively, implicit the past month.

Hong Kong’s Hang Seng edged up little than 0.1% to 26,401.76. The Shanghai Composite scale climbed 1.1% to 4,225.02, pursuing authoritative information Monday that showed China’s mill gross prices roseate 2.8% successful April from a twelvemonth ago, the highest since 2022, arsenic good arsenic better-than-expected export figures released implicit the weekend.

Australia’s S&P/ASX 200 mislaid 0.5%. Taiwan’s Taiex traded 0.5% higher, and India's Sensex fell 1.3%.

Oil prices jumped aboriginal Monday implicit Iran warfare uncertainties, aft Trump wrote successful a societal media station that Iran’s effect connected Sunday to the U.S.’s latest connection was “TOTALLY UNACCEPTABLE!”

Brent crude, the planetary standard, gained 3.6% to $104.89 per barrel. It was astir $70 per tube earlier the warfare began successful precocious February. Benchmark U.S. crude was 3.9% higher astatine $99.15 a barrel.

With the Strait of Hormuz, a important waterway for planetary lipid and state transport, inactive mostly closed and arsenic the U.S. is continuing its oversea blockade of Iranian ports, analysts judge lipid prices are apt to stay higher for longer.

The Iran warfare was besides acceptable to beryllium portion of the treatment docket erstwhile Trump meets with Chinese person Xi Jinping aboriginal this week. China has adjacent economical links with Iran and the U.S. has been pressing Beijing to leverage its power to assistance reopen the Strait of Hormuz.

“There remains a glimmer of anticipation that talks betwixt Trump and Chinese President Xi aboriginal this week could output affirmative results connected Iran,” ING commodities analysts Warren Patterson and Ewa Manthey wrote successful a enactment connected Monday.

“The anticipation is that China tin usage its power implicit Iran to propulsion it person towards a bid deal,” they said. “Clearly, this is easier said than done.” The lipid marketplace is inactive precise overmuch “heavily headline-driven,” the brace added.

On Friday, Wall Street roseate to caller records with the benchmark S&P 500 adding 0.8% to 7,398.93 and reaching its latest all-time high, fueled by marketplace optimism aft a coagulated study connected the U.S. occupation marketplace which was amended than what analysts had expected contempt Iran warfare shocks.

The Dow Jones Industrial Average edged up little than 0.1% to 49,609.16, portion the technology-heavy Nasdaq composite climbed 1.7% to its ain grounds astatine 26,247.08.

In different dealings, the U.S. dollar climbed to 157.06 Japanese yen from 156.61 yen. The euro was trading astatine $1.1769, down from $1.1780.

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AP Business Writers Stan Choe and Matt Ott contributed to this report.

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