Tuesday, 8 May 2018

Asian stocks climb; Dollar steadies, oil retreats

Asian stocks inched higher on Tuesday as traders braced for an announcement from Washington on the nuclear accord with Iran. The dollar retreated from its strongest level this year and crude pared gains above $70 a barrel.

Japan’s equities advanced with stocks in Australia, Hong Kong and South Korea. Chinese shares were little changed as were S&P 500 Index futures. Oil, which reached its highest since November 2014 amid speculation that the U.S. would pull out of the Iran nuclear accord, fell back ahead of President Donald Trump’s scheduled decision on Tuesday. Yields on 10-year Treasuries hovered around 2.95%.

Investors are weighing the potential impact on markets of the U.S. exiting the Iran nuclear deal as well as its effect on relations with key allies, including Germany, France and the U.K., who oppose the withdrawal. Geopolitical jitters – along with the start of the summer driving season and positive jobs data -- had helped push oil above $70 a barrel.

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