Morning in the markets: Seoul Stock Exchange jumps, oil prices in focus
Globes presents a first update on the state of markets around the world. This morning: Samsung stock pushes the Seoul Stock Exchange up by over 1%, trading is closed in Tokyo due to a holiday. Oil prices are trading stably after jumping by about 5% last night, against the backdrop of tensions around the Strait of Hormuz. Also: why do analysts believe the S&P 500 still has room to rise?
Trading review: current reports, trends, indices, stock prices, bonds, foreign exchange, commodities, and analyst recommendations. The trading day in global markets opened with uncertainty surrounding the Strait of Hormuz and the jump recorded last night in global oil prices. President Trump said overnight that the US Navy had cleared the Strait of Hormuz of mines and now holds "100%" control over the maritime passage, with the issue of compensation becoming the new focus of tension between Washington and Tehran. In a conversation with reporters at the White House, Trump said the US Navy now has full control over the maritime passage. "It is open now," he said, adding that the US is "the only one currently holding control over the Strait of Hormuz."
Asia
Trading in Asia is taking place this morning with a mixed trend. The Hong Kong Stock Exchange is down by about 0.6%, the Shanghai Stock Exchange is trading stably, and the Seoul Stock Exchange is climbing by about 1.4%, led by chip giant Samsung, which is climbing by about 5%. In Japan, there is no trading today due to a holiday.
Commodities and Currency Markets
Oil prices are trading stably this morning, after jumping by about 5% yesterday, in the face of growing doubts on Wall Street regarding the achievement of an agreement between the US and Iran to expand tanker traffic in the Strait of Hormuz. The price of a barrel of American oil (WTI) closed at $82.13, and a barrel of Brent crude was set at $87.72. The jump was recorded after President Donald Trump clarified that the US is conducting "only half-negotiations" with Tehran and that he would rely on the naval blockade to exert pressure, while Iranian Foreign Ministry spokesman Esmaeil Baghaei clarified on the other hand that "as long as the American naval blockade continues, the necessary conditions for opening the strait are not met."
Wall Street
Trading in futures on Wall Street is taking place this morning with slight gains. Dow Jones futures are trading stably, S&P 500 futures are advancing by about 0.1%, and Nasdaq futures are adding about 0.3% to their value. Yesterday on Wall Street, the leading indices closed in negative territory, as pressure in the technology and chip sector alongside an unusual jump in energy prices weighed on the leading indices. The S&P 500 index fell by 0.1%, the Nasdaq index led the declines with a retreat of 0.3%, and the Dow Jones index shed 0.1%.
Tel Aviv
Dual-listed stocks are expected to return from Wall Street with a total slight negative arbitrage gap of about 0.3%. Tower and Elbit Systems will weaken by about 4% and 2%, respectively; Camtek and Ormat will climb by about 2.6%, while Palo Alto and Teva will advance by about 1.6%. Yesterday, after an optimistic opening, trading gradually shifted to declines that intensified towards the close. The TA-35 index closed with a decline of only 0.3%, but the main declines were felt in the TA-90 index, which fell by 1.7%.
