Asian stock markets closed the morning session mostly higher today, supported by a drop in oil prices following reports that the United States and Iran temporarily halted attacks over the weekend. Japan's Nikkei index ended the morning at 64,764.01, up 152.86 points or 0.24 percent. Hong Kong's Hang Seng Index finished the morning at 25,166.58, gaining 203.35 points or 0.81 percent. China's Shanghai Composite Index closed the morning at 3,829.39, up 15.19 points or 0.40 percent. Meanwhile, South Korea's KOSPI fell 0.91 percent, and Australia's S&P/ASX 200 jumped 1.10 percent. West Texas Intermediate crude for September delivery tumbled 4.46 percent to 84.33 dollars per barrel, while Brent crude plunged more than 4 percent to around 92.85 dollars per barrel. China's National Bureau of Statistics reported that industrial profits in June rose just 15.1 percent year-on-year, slowing from May's 21.1 percent expansion. The Monetary Authority of Singapore tightened monetary policy for a second straight meeting, slightly increasing the slope of its exchange rate band. Investors are also watching the outcome of the US Federal Reserve's policy meeting this week.
US-Iran ceasefire reduces oil supply risk, causing Brent price drop.
US-Iran ceasefire reduces oil supply risk, causing WTI price drop.
MAS tightened monetary policy, strengthening SGD vs USD.