Business & Markets
Asian tech shares rebound while oil prices edge lower
Asian stock markets mostly rose on Tuesday as technology shares recovered from recent losses, while oil prices eased slightly despite renewed tension in the Gulf.
Technology stocks had fallen in recent sessions because of continuing concern about high valuations in the artificial intelligence sector, with chipmakers among the hardest hit. A rise on the Nasdaq on Monday was followed by gains in Asia. Tokyo closed up 3.26 percent at 65,232.19, Seoul rose 3.6 percent and Shanghai closed up 1.79 percent at 3,864.37. Hong Kong’s Hang Seng Index was down 0.06 percent at 25,128.14.
Early European trading was more limited. Frankfurt was up 0.2 percent and Paris was up 0.1 percent, while London was down 0.1 percent.
Stephen Innes of SPI Asset Management said the technology rebound did not appear to be driven by a clear improvement in artificial intelligence fundamentals. He said large technology companies would need to show that AI-related revenue, margins and cash flow justify the scale of investment in AI infrastructure. Earnings reports from Tesla and Alphabet are due in the coming days, followed next week by Microsoft, Meta, Apple and Amazon.
Oil prices had risen on Monday after new fighting in the Middle East. President Donald Trump said Iran would pay “many times over” after the deaths of three more American soldiers. The United States said it launched a new round of attacks late Monday designed to further weaken Iranian military capabilities used to attack commercial shipping in the Strait of Hormuz.
Hours later, the Iranian army said it had targeted US assets in Kuwait and Bahrain, including air defence systems, radar installations and administrative buildings. Iran’s Yemeni allies, the Houthi rebels, also said Monday they would blockade Saudi ports, which the source said could put at risk Riyadh’s ability to bypass the Strait of Hormuz for some oil exports.
Michael Wan at MUFG said that even if there were disruptions, they were unlikely to last because of what he described as the Houthis’ limited capability and the difficulty of identifying Saudi-linked ships. He said MUFG still viewed a resolution of the conflict as a reasonable base case, even if conditions worsened first.
Around 0800 GMT, West Texas Intermediate crude was down 0.6 percent at $82.71 a barrel, and Brent North Sea crude was down 0.8 percent at $88.47.
Trump also signed orders to impose new 50-percent tariffs on many Canadian goods, citing what he called discriminatory treatment of American alcohol, automobile and dairy products.
Investors were also watching British bond yields after new Prime Minister Andy Burnham said he would remove tax on household electricity bills while facing stretched public finances. Official data Tuesday showed UK government borrowing fell more than expected in June.
In Asia, US Secretary of State Marco Rubio condemned what he called dangerous and aggressive actions by China after a clash with the Philippine navy in the South China Sea, as he arrived for an ASEAN foreign ministers’ meeting.
In currency trading around 0800 GMT, the pound rose to $1.3441 from $1.3438 on Monday. The euro rose to 84.98 pence from 84.95 pence and to $1.1423 from $1.1416. The dollar rose to 162.61 yen from 162.48 yen.
Update
Tokyo closed up 3.26 percent, Seoul rose 3.6 percent and Shanghai closed up 1.79 percent, while Hong Kong was slightly lower.
Early European trading was mixed, with Frankfurt and Paris slightly higher and London slightly lower.
The source gives oil prices around 0800 GMT, with West Texas Intermediate down 0.6 percent at $82.71 and Brent down 0.8 percent at $88.47.
The US said new attacks late Monday were intended to further weaken Iranian military capabilities used against commercial shipping in the Strait of Hormuz.
The Iranian army said it targeted US assets in Kuwait and Bahrain, including air defence systems, radar installations and administrative buildings.
Houthi rebels said they would blockade Saudi ports.
President Donald Trump signed orders to impose new 50-percent tariffs on many Canadian goods.
Official data showed UK government borrowing fell more than expected in June.
Source note: AFP news report published on 21 July 2026 at 08:20:40 UTC.
Update
Asian stocks mostly rebounded on Tuesday after days of losses, led by technology shares.
Japan's Nikkei rose about 1.75 percent and Seoul's Kospi rose 3.6 percent in early trade.
Oil prices eased slightly, with WTI down 0.3 percent at $82.98 and Brent down 0.63 percent at $88.59 around 0300 GMT.
Iran's Revolutionary Guards said they hit US military targets, including air defence systems, in Bahrain and Kuwait.
The Houthi rebels said they would blockade Saudi ports.
US President Donald Trump signed orders for new 50-percent tariffs on many Canadian goods.
British gilt yields rose after comments by new Prime Minister Andy Burnham about public finances worried bond investors.
US Secretary of State Marco Rubio condemned what he called dangerous and aggressive actions by China after a clash with the Philippine navy in the South China Sea.
Source note: AFP news report published on 21 July 2026 at 03:29:02 UTC.
Update
Leading Wall Street indices closed lower, with the Nasdaq down 1.5 percent, the S&P 500 down 0.5 percent and the Dow down 0.2 percent.
Oil prices were lower around 2020 GMT, with Brent down 0.9 percent at $84.23 a barrel and West Texas Intermediate down 0.9 percent at $78.95.
Rystad Energy analysts raised the odds that no substantive agreement emerges between the United States and Iran to 55 percent.
US retail sales rose 0.2 percent month-on-month, slower than May's 1.0 percent increase but in line with analysts' expectations.
Source note: AFP news report published on 16 July 2026 at 20:45:28 UTC.
Update
Oil prices were flat around 1530 GMT after earlier movement tied to the US-Iran strikes.
TSMC shares fell around two percent in New York despite positive forward guidance and a reported 77 percent rise in second-quarter net profit to a record high.
TSMC said it would invest an additional $100 billion in Arizona.
US retail sales rose 0.2 percent month-on-month in June after a 1.0 percent rise in May, according to Commerce Department data cited in the source.
Delivery Hero said it agreed to be taken over by Uber in a 12.7-billion-euro deal.
Yemen's Houthis warned they would target Saudi oil facilities and other infrastructure if conflict escalates.
Capital Economics analysts said Houthi action or closure of traffic in the Bab el-Mandeb Strait would increase the chances of a sharp global slowdown meeting most definitions of recession.
The item provides updated closing and intraday figures for major stock indices, currencies and oil.
Source note: AFP news report published on 16 July 2026 at 15:59:42 UTC.
Update
Wall Street opened lower, with the Nasdaq down 0.4 percent, while later key figures showed the Dow up 0.3 percent, the S&P 500 down 0.2 percent and the Nasdaq down 0.4 percent around 1330 GMT.
Brent and West Texas Intermediate crude were both up 1.1 percent around 1330 GMT.
TSMC said second-quarter net profit rose more than 77 percent to a record high and said it would invest an additional $100 billion in Arizona.
Nvidia chief Jensen Huang said in Tokyo that the artificial intelligence technology cycle was still near its beginning.
US retail sales rose 0.2 percent in June after a 1.0 percent rise in May, while sales excluding gasoline stations rose 0.7 percent.
Delivery Hero said it had agreed to be taken over by Uber in a 12.7-billion-euro deal.
The report listed coming results from Netflix, Alphabet, Tesla, Amazon, Apple, Meta and Microsoft.
Source note: AFP news report published on 16 July 2026 at 13:51:28 UTC.
Uncertainty notes
The durability of the technology stock rebound is uncertain, with the source quoting concern that it was not clearly driven by improved AI fundamentals.
The scale and duration of any oil supply disruption from Gulf tensions or a possible Houthi blockade are uncertain.
The source reports claims by the United States, Iran and the Houthis about military actions and threats; it does not independently verify those claims.
Source
AFP news report published on .