Asian shares are mixed after gains on Wall Street, while oil prices climb

BANGKOK (AP) — Shares were mostly higher Monday in Asia, with Japan’s Nikkei 225 leading advances after stocks rose on Wall Street. In Tokyo, the benchmark Nikkei 225 jumped 2.1% to 66,970.22, pulled higher by strong gains for technology companies. Computer chip equipment maker Tokyo Electron climbed 4.1%, while chip testing device maker Advantest rose 6.4%.

In South Korea, the gains were more modest, as the Kospi added 0.7% to 6,299.66 as shares in major chipmakers slipped. Samsung Electronics lost 0.4%, while its smaller rival, memory chipmaker SK Hynix, lost 0.1%. Analysts said foreign investors were selling shares in the Big Tech companies to lock in profits from recent gains and rebalance holdings into other industries, such as defense contractors.

Hong Kong’s Hang Seng gained 0.9% to 25,904.94, while the Shanghai Composite index picked up 0.7% to 3,966.59. In Australia, the S&P/ASX 200 lost 0.3% to 9,232.60. Taiwan’s Taiex surged 1.6% and the Sensex in India was up 0.2%.

Oil prices rose after Israel rejected a deal announced by U.S. Details emerged on the potential deal between Iran and Oman on managing the Strait of Hormuz as Tehran suggested that vessels linked to “hostile countries” would be barred. Meanwhile, Yemen’s Iranian-backed Houthi rebels struck a government-held port on the country’s Red Sea coast, deepening fears over threats to strategic shipping routes and a potential return to civil war.

Brent crude, the international standard, gained 0.6% to $84.01 per barrel. benchmark crude advanced 0.3% to $78.46 per barrel. “Negotiators said that a deal to establish a safe shipping route was close, but Iran may now be exploring just how much it can extract from the U.S.

in return,” Bas van Geffen, senior macro strategist for Rabobank, said in a commentary. stocks rose and Treasury yields fell after the government reported that employers unexpectedly cut 23,000 jobs last month. A weaker jobs market raised hopes the Federal Reserve might wait longer before raising interest rates to fight inflation.