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Asian Shares Slip, Oil Surges After US Strike Near Strait of Hormuz
Asian shares were mostly lower and US futures declined Monday as investors weighed the prospect of Federal Reserve rate hikes. Oil prices surged about 3% after US forces struck Iranian rocket launchers near the Strait of Hormuz, the first US military action in the region in a month.
By Tertius News AI Desk2 distinct · 3 mastheads · 3 articlesVersion 2Coverage Published
Markets React to Fed Rate Expectations and Middle East Tensions
Asian shares were mostly lower and S. futures declined Monday as investors parsed the implications of a Friday speech by Federal Reserve Chairman Kevin Warsh that reinforced expectations the central bank may raise interest rates soon. European markets were mixed in early trading, with Germany's DAX losing 0.9% and France's CAC 40 edging 0.1% lower, while British markets were closed for a bank holiday.
The futures for the S&P 500 and the Dow Jones Industrial Average slipped 0.3% in Monday trading, according to the Associated Press. On Friday, the S&P 500 had fallen 0.2%, the Dow dipped less than 0.1%, and the Nasdaq composite fell 0.5%.
Oil Prices Jump After US Strike
Oil prices surged more than 3% after S. forces struck Iranian rocket launchers on the Strait of Hormuz, marking their first military action in the area in a month. The Trump administration, just days earlier, had shifted its focus to economic pressure, and a return to open conflict would be dangerous for the region, according to a report from The Atlanta Journal-Constitution.
Brent crude, the international standard, was up 2.9% at $90.61 per barrel early Monday, while S. benchmark crude oil jumped 2.7% to $85.66 per barrel, as reported by the Associated Press.
"The Middle East had finally gone quiet enough for oil traders to start sanding some of the war premium out of crude. Then Sunday arrived, with a reminder that quiet in the Strait of Hormuz is not the same as peace," Stephen Innes of SPI Asset Management said in a commentary carried by multiple outlets.
Fed Chairman's Hawkish Stance Weighs on Sentiment
Markets in Asia fell following Warsh's speech at the annual economic symposium in Jackson Hole, Wyoming. Warsh emphasized wanting to give financial markets fewer clues about the Fed's rate plans and reiterated that "short-term interest rates are the predominant tool" for the central bank, as reported by HuffPost. President Donald Trump, who appointed Warsh, has emphasized that he wants lower interest rates, HuffPost noted.
The yield on the two-year Treasury, which closely tracks expectations about Fed moves, jumped to 4.35% from 4.22% just before Warsh's speech, according to the Associated Press. Longer-term yields also rose following some initial zigzags, though not by as much as shorter-term yields; the 10-year Treasury yield climbed to 4.72% from 4.67% late Thursday.
Worries had grown that Warsh's tough talk about getting inflation down to the Fed's 2% target may be just that, the Associated Press reported.
Regional Market Performance
In Tokyo, the Nikkei 225 lost 0.1% to 66,311.93, while the Kospi in South Korea reversed earlier losses, gaining 0.5% to 6,820.02, according to the Associated Press. Hong Kong's Hang Seng lost 0.1% to 25,566.99, and the Shanghai Composite gained 0.9% to 3,986.30.
Elsewhere, Australia's S&P/ASX 200 lost 0.2% to 9,076.00, Taiwan's Taiex fell 0.4%, and India's Sensex slipped 0.4%, as reported by the Associated Press.
In currency markets, the S. dollar fell to 159.85 Japanese yen from 160.10 yen, while the euro rose to $1.1588 from $1.1580, the Associated Press reported.
Corporate and Economic Developments
Shares in e-commerce and fast fashion giant Shein are due to begin trading in Hong Kong on Tuesday in the city's biggest initial public offering this year, part of a trend toward big Chinese-founded companies raising funds in Chinese markets, according to the Associated Press.
An official survey released Monday showed Chinese factory activity remained in contraction for a second straight month in August, though there were slight improvements in some areas such as new export orders and production, the Associated Press reported.
How each outlet told it
A framing line is our reading of that outlet's own text — an interpretation, not a quotation and not a fact we assert. Check it against what the outlet published.
Framing: Emphasizes the decline in Asian shares and U.S. futures alongside a nearly 3% surge in oil prices
Facts Included:
Asian shares were mostly lower in Asia
U.S. futures declined on expectations the Federal Reserve may raise interest rates soon
Oil prices surged about 3% after U.S. forces struck Iranian rocket launchers on the Strait of Hormuz, their first military action in a month
Quote from Stephen Innes of SPI Asset Management: 'The Middle East had finally gone quiet enough for oil traders to start sanding some of the war premium out of crude. Then Sunday arrived, with a reminder that quiet in the Strait of Hormuz is not the same as peace.'
Fed Chairman Kevin Warsh's Friday speech reinforced expectations the Fed may raise rates
S&P 500 futures and Dow futures slipped 0.3%
Shein is due to start trading in Hong Kong in the city's biggest IPO this year
Chinese factory activity remained in contraction in August per an official survey
Taiwan's Taiex fell 0.4%
India's Sensex slipped 0.6%
On Friday, S&P 500 fell 0.2%, Dow dipped less than 0.1%, Nasdaq fell 0.5%
Two-year Treasury yield jumped to 4.35% from 4.22% before Warsh's speech at Jackson Hole
10-year Treasury yield climbed to 4.72% from 4.67%
Shein shares due to begin trading in Hong Kong on Tuesday
Taiwan's Taiex fell 0.4% and the Sensex in India slipped 0.6%
The yield on the two-year Treasury jumped to 4.35% from 4.22% before Warsh's speech
AI-extracted; can misattribute a claim — see Methodology.
Each row is one claim, attributed to the outlet whose wording states it most clearly. Confidence rates how directly the source text states the claim — explicit and unhedged rates high; hedged, pieced-together, or internally inconsistent statements rate lower. It does not measure whether the claim is true. Status is Contested when two claims on this page negate each other; otherwise it counts the distinct outlets we found asserting it — so a single-source claim can still show high confidence, and a multi-source claim can show medium. Every one of those outlets is named beside the status, so you can check the count against the list. For claims extracted before we began storing that list, the row says so: it names the outlet the claim is quoted from and states that we have not recorded which outlets backed it. Outlets wrote at different times, so a figure that evolves — a casualty count, for example — can legitimately differ between rows; check the "as of" time next to each claim's source.
Claim
Confidence
Status
ClaimShares were mixed in Europe and Asia and U.S. futures declined Monday, while shares were mostly lower in Asia and U.S. futures also declined Monday.
ClaimOil prices surged about 3% after U.S. forces struck Iranian rocket launchers on the Strait of Hormuz, marking their first military action in a month.
ClaimThe Trump administration just days earlier had shifted its focus to economic pressure, and a return to open conflict would be dangerous for the region.
ClaimStephen Innes of SPI Asset Management said in a commentary: 'The Middle East had finally gone quiet enough for oil traders to start sanding some of the war premium out of crude. Then Sunday arrived, with a reminder that quiet in the Strait of Hormuz is not the same as peace.'
ClaimMarkets in Asia fell following a speech Friday by Fed Chairman Kevin Warsh that reinforced expectations the U.S. central bank will do what is needed, such as raising rates, to bring inflation down despite possible short-term pain for the economy.
ClaimShares in e-commerce and fast fashion giant Shein are due to begin trading in Hong Kong on Tuesday in the city's biggest initial public offering this year, part of a trend toward big Chinese-founded companies raising funds in Chinese markets.
ClaimAn official survey released Monday showed Chinese factory activity remained in contraction for a second straight month in August, though there were slight improvements in some areas such as new export orders and production.
ClaimThe yield on the two-year Treasury, which closely tracks expectations about Fed moves, jumped to 4.35% from 4.22% just before Warsh's speech at an annual economic symposium held in Jackson Hole, Wyoming.
ClaimWarsh was adamant again on Friday that he wants to give financial markets fewer clues about what the Fed plans to do with rates for its two jobs of keeping inflation low and the job market strong.
ClaimLonger-term yields also rose following some initial zigzags, but not by as much as shorter-term yields. The 10-year Treasury yield climbed to 4.72% from 4.67% late Thursday, and the 30-year Treasury yield got to 5.21% from 5.19%.
ClaimThe U.S. dollar has rebounded after falling for a spell following a rare coordinated intervention by the U.S. Treasury and Japanese regulators in late July.