Asian shares start cautiously ahead of earnings as oil falls
South Korean stocks fell 1.1%, while U.S. equity futures rose ahead of bank earnings. Brent crude slipped to $103.50 a barrel.
Asian stocks trade unevenly as oil falls ahead of earnings
South Korean shares fell 2.2%, while US and European stock futures advanced. Brent crude dropped 1.6% amid uncertainty over Russian energy exports.
Asian equities were mixed on October 12 as investors awaited corporate earnings, while crude prices declined amid uncertainty about Russia's ability to expand energy exports. Trading volumes were light, with Japan's markets closed and a partial holiday in the United States.
Stocks in South Korea dropped 2.2% and Taiwan's market lost 0.5%. MSCI's broad Asia-Pacific index, excluding Japan, declined 0.3%, while China's blue-chip shares rose 0.1%. S&P 500 futures gained 0.3% and Nasdaq futures advanced 0.4%. European futures also rose, with EUROSTOXX 50 up 0.5%, DAX up 0.6% and FTSE up 0.4%.
Brent futures reversed an early gain to fall 1.6% to $103.01 a barrel. US crude futures dropped 1.9% to $90.11 a barrel. President Donald Trump announced an energy ceasefire between Ukraine and Russia and proposed increased Russian diesel exports. Republican and Democratic senators opposed the export proposal, saying it could be illegal, while strikes on shipping and airports continued in the Gulf conflict.
Major US banks were set to begin reporting earnings. LSEG IBES forecasts put third-quarter S&P 500 earnings growth at more than 30%, with technology accounting for most of the increase.
The dollar index stood at 102.25, close to a 17-month high. The euro traded at $1.1201 following five consecutive weeks of declines. Gold gained 0.4% to $4,212 an ounce.