Asia-Pacific markets were mixed on Wednesday as investors analyzed warmer-than-expected April inflation amid concerns over higher oil prices and ongoing conflict in the Middle East.
President Donald Trump on Monday said the month-long truce between the US and Iran was “incredibly tenuous” and “on massive life support” after rejecting an “unacceptable” counter-proposal from Tehran to end the conflict.
Defense Secretary Pete Hegseth said Trump does not need congressional approval to restart attacks on Iran. The comments come after the administration passed the 60-day limit required by the federal War Powers Act to obtain authorization for military force.
Meanwhile, investors will also focus on events surrounding the upcoming meeting between Trump and Chinese President Xi Jinping, where trade is expected to be discussed, SEEbiz reports.
Losses on oil futures prices have been extended. West Texas Intermediate crude futures for June were down 1.18% at $100.97 a barrel at 11:46 p.m. ET. Brent crude futures for July fell 1.16% to $106.52 per barrel.
South Korea’s Kospi reversed losses in early trade, gaining 1.75%, while the small-cap Kosdaq fell 0.46%.
Japan’s Nikkei 225 added 0.66%, while the Topix rose 1.36%. Australia’s ASX fell 0.40%.
China’s CSI 300 was unchanged, while Hong Kong’s Hang Seng index was higher by 0.24%.
India’s Nifty 50 added 0.25%.
