Wall Street Mixed, KOSPI Tumbles 3.6% as Saudi Attacks Push Brent Above US$106

Global equities ended mixed on Monday as a renewed rise in crude oil prices, fresh hawkish remarks from a US Federal Reserve official and weakness in technology shares offset pockets of strength in banking, defensive and energy stocks.

Wall Street

Wall Street closed mixed. The Dow Jones Industrial Average rose 0.38% to 51,850.55, while the S&P 500 slipped 0.06% to 7,807.24 and the Nasdaq Composite declined 0.44% to 27,245.90. Gains in selected defensive and energy names were offset by higher crude oil prices and weakness in semiconductor stocks.

Sentiment was also weighed by Cleveland Fed President Beth Hammack, who argued that monetary policy should move relatively quickly towards a more restrictive stance. Her comments lifted market-implied odds of an October rate hike to around 22% from 17.7% on Friday.

Europe

European markets fared better. The STOXX Europe 600 rose 0.65% to 635.65, supported by a 1.5% gain in banking stocks, even as crude oil stayed near two-week highs following renewed attacks on Saudi Arabia.

Asia

Asian markets were mixed. South Korea’s KOSPI fell about 3.6% as technology shares came under pressure. Hong Kong’s Hang Seng edged up 0.25%, while the Shanghai Composite lost about 0.43%. Japanese markets were closed for the Sports Day holiday.

Oil

Brent crude climbed back above US$106 per barrel as the attacks on Saudi Arabia revived concerns over Middle Eastern supply disruptions.

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