- Spoon scratching: Kenya's DIY DJ
- Lyon's Matavesi calls for change after 'crazy' World Cup salary strike threat
- Israel bombards Beirut after deadliest West Bank strike in decades
- North Korea's Kim threatens to use nukes if attacked
- Taiwan cleans up after Typhoon Krathon batters south
- Bayern look to rebound at bogey side Frankfurt
- Finally beaten Madrid aiming for Villarreal rebound in La Liga
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Bagnaia leads Martin in first Japan MotoGP practice
- Bolivia's Morales investigated for rape of a minor: minister
- Former Wallaby O'Connor signs for Canterbury Crusaders
- Ipswich Town's Luongo enticed back to Socceroos under new coach Popovic
- Three US police convicted in connection with beating death of Black man
- Iran's Khamenei to give rare Friday sermon after attack on Israel
- EU court set for key Diarra ruling which could shake up transfer market
- Taliban's battle with IS opens door to foreign cooperation
- More than AI misinformation, US voters worry about lying politicians
- EU states set to greenlight extra tariffs on EVs from China
- Could abortion hold the keys to the White House for Kamala Harris?
- Anti-Trump Republican Cheney rallies with Harris in key battleground
- Hera spacecraft to probe asteroid deflected by defence test
- AI bubble or 'revolution'? OpenAI's big payday fuels debate
- One job by day, another by night as US voters make ends meet
- Guatemala choses new Supreme Court judges in questioned process
- Man Utd's Ten Hag faces make-or-break trip to Aston Villa
- US dockworkers to head back to work after tentative deal
- Top Mexican court to examine contested judicial reforms
- Cuban music legend Omara Portuondo retires aged 93
- Southeast US reels as storm Helene death toll passes 210
- Melania Trump defends abortion, challenging husband's campaign
- Country singer Garth Brooks accused of rape in new lawsuit
- Arc de Triomphe retains allure as the race where legends are made
- Garth Brooks accused of rape in new lawsuit
- Harris rallies with anti-Trump Republican in swing state battle
- Judge me at the end of the season, says under-fire Man Utd boss Ten Hag
- Source close to Hezbollah says Israel launches 11 consecutive strikes on south Beirut
- Civil society groups demand action against 'sexist' AI disinformation
- After Helene's destruction, North Carolina starts to rebuild
- Maguire spares Man Utd's blushes in Europe as Chelsea, Tottenham win
- Southeast US reels as storm Helene death toll hits 200
- Maguire saves Man Utd from more pain in Porto
- Dockers end three-day strike at Montreal port
- Canadian auto parts magnate faces more sexual assault charges
- What next for OpenAI after $157 billion bonanza?
- England's Skinns sets course record with 60 at PGA event
- Spurs creep past Ferencvaros in the Europa League
- Unbeaten NFL Vikings face Jets in London as Chiefs meet Saints
- FIFA defers decision on call to suspend Israel
- US seizes internet domains allegedly used by Russian hackers
- Bangladesh, Pakistan win Women's T20 World Cup openers
SCS | -1.98% | 12.62 | $ | |
RBGPF | 100% | 58.93 | $ | |
CMSD | -0.16% | 24.89 | $ | |
NGG | -2.7% | 66.97 | $ | |
AZN | -2.12% | 77.93 | $ | |
CMSC | -0.16% | 24.74 | $ | |
GSK | -2.81% | 38.37 | $ | |
RIO | -1.42% | 69.83 | $ | |
RYCEF | 1.15% | 6.98 | $ | |
BTI | -2.45% | 35.11 | $ | |
BCC | -0.9% | 138.29 | $ | |
RELX | -1.46% | 46.61 | $ | |
VOD | -0.52% | 9.69 | $ | |
BCE | -1.77% | 33.84 | $ | |
JRI | -0.6% | 13.3 | $ | |
BP | 0.28% | 32.46 | $ |
Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
Oil prices stabilised Friday after soaring on fears about the Middle East crisis as investors await Israel's response to Iran's missile attack, while shares in Hong Kong resumed their rally on a mixed day for equity markets.
Speculation about Israel's response to the scores of missiles fired at it on Tuesday has stoked concern that the region could erupt into a wider conflict that incorporates Iran.
Crude has risen around 10 percent since that launch owing to fears of a hit to supplies, while China's recent drive to reignite its vast economy has the potential to cause a surge in demand.
Both main contracts rocketed around five percent Thursday when US President Joe Biden said he was "discussing" possible Israeli strikes on Iranian oil sites in retaliation for Tehran's missile barrage on Israel.
They later settled back and were slightly higher in early Asian trade.
As Israel continues to carry out air and ground attacks in Lebanon targeting Hezbollah, Iran, which arms and funds the militant group, said it would step up its response in the event of a retaliation.
Supreme leader Ayatollah Ali Khamenei is expected to elaborate on Iran's thinking in a sermon at the main weekly Muslim prayers in Tehran on Friday, his first in nearly five years.
Still, IG market analyst Tony Sycamore said it was unlikely Iran's oil would be targeted owing to the fact it could rekindle inflation just as global central banks fight to bring it down.
"Instead, Israel is more likely to target critical weapons factories and military installations, similar to actions taken in April," he wrote.
"In the aftermath, there is hope for a return to the shadow conflict that has been ongoing between Israel and Iran's regional proxies since the 7 October Hamas attack."
He added that if the crisis did escalate into a direct confrontation, "there's a risk that Iranian oil (four percent of global supply) could be cut off by embargos or military actions".
"The potential loss of Iranian supply might be offset by the return of Libyan oil and increased Saudi production, as voluntary supply cuts are set to expire on 1 December," he said.
On equity markets, Hong Kong was back on the front foot after retreating for the first time Thursday since China last week unveiled a raft of economy-boosting measures that has seen investors flooding back to the market.
The stimulus -- mainly targeting the property sector -- has seen stocks in the city and mainland China enjoy a blistering run of more than 20 percent on hopes that Beijing can finally reignite growth.
There were also gains in Tokyo at the end of a rollercoaster week dictated by a volatile yen after the election of Shigeru Ishiba as prime minister.
The yen initially surged to less than 142 per dollar on the news owing to Ishiba's previous support for Bank of Japan interest rate hikes, but it sank later in the week to more than 147 after he said the country was not yet ready for a third increase this year.
It was around 146.50 on Friday.
Singapore, Seoul and Manila rose, though Sydney, Wellington, Taipei and Jakarta edged down.
Investors are now awaiting the release of key US jobs data later in the day, which they hope could provide an idea about the Federal Reserve's thinking on whether or not to cut rates again this month, and if so by how much.
- Key figures around 0230 GMT -
West Texas Intermediate: UP 0.1 percent at $73.75 per barrel
Brent North Sea Crude: UP 0.1 percent at $77.68 per barrel
Tokyo - Nikkei 225: UP 0.5 percent at 38,732.41 (break)
Hong Kong - Hang Seng Index: UP 1.1 percent at 22,366.24
Shanghai - Composite: Closed for a holiday
Pound/dollar: UP at $1.3133 from $1.3124 on Thursday
Euro/dollar: UP at $1.1032 from $1.1029
Euro/pound: DOWN at 84.00 pence from 84.03 pence
Dollar/yen: DOWN at 146.50 from 146.92 yen
New York - Dow: DOWN 0.4 percent at 42,011.59 (close)
London - FTSE 100: DOWN 0.1 percent at 8,282.52 (close)
O.Krause--BTB