Asian markets mostly rose Tuesday with investors looking ahead to the release of US economic data and the earnings reports of tech titans this week.
Oil prices steadied following sharp falls Monday on relief that Israel’s strikes on Iran spared the country’s energy infrastructure and that the risk of escalation in the Middle East had eased.
Concerns in the oil market have now shifted back to focus on potential oversupply in 2025 and a slowdown in demand from China, the world’s largest oil importer, according to analysts.
US stocks closed higher Monday, boosted by the cheaper oil, and as investors look ahead to a busy week of economic indicators with the market already hovering near record highs.
The US government will release its third quarter GDP growth estimate this week, as well as its closely watched monthly labour market report, ahead of the Federal Reserve’s next rate decision just after the US presidential election.