International markets update:
Geopolitical concerns in the Middle East are escalating, driving oil prices up amidst supply disruption worries. Meanwhile, Asian markets present a mixed picture, with some celebrating a bull run while others contend with economic data misses.
- Oil prices surged higher due to renewed worries over supply disruptions following deadly attacks on vessels in the Gulf of Oman and the Red Sea, compounded by a worsening spill near Oman.
- Tensions between the U.S. and Iran escalated over control of the Strait of Hormuz, with Iran asserting its conditions must be met for the strait to reopen. Saudi Arabia is rerouting oil exports to avoid Red Sea attacks.
- Japan’s producer price growth in July eased to 7.2% year-on-year, missing analysts’ expectations, primarily driven by higher electricity costs.
- South Korea’s benchmark Kospi entered a technical bull market, fueled by a global revival in AI trade and supported by strength in the country’s heavyweight memory chipmakers.
- Chinese chip firm Yangtze Memory Technologies rapidly gained market share, surpassing U.S. rival Micron and Japan’s Kioxia in a critical chip sector.
- Lettuce prices experienced a record-setting plunge in July, tumbling 16.4%, as a multi-state cyclospora outbreak caused consumers to shun the leafy green.
Stock Market News summarised for the Wall Street Investors Club community.