Global Markets Mixed as US Stocks Decline; Oil Prices Dip

Global stock markets showed mixed performance on Friday, a day after U.S. equities saw a modest decline. Crude oil prices also experienced a slight downturn.

In early European trading, Germany's DAX index rose by 0.7%, and the CAC 40 in Paris gained 0.3%. The FTSE 100 in Britain was up 0.5%.

Futures for the S&P 500 indicated a slight increase, while those for the Dow Jones Industrial Average remained largely unchanged. Trading in Tokyo saw the Nikkei 225 index lose 0.1%, with selling pressure on technology stocks, including chipmakers, appearing to ease slightly. The Kospi in South Korea dropped 0.6%, and Taiwan's Taiex fell 0.4%.

In contrast, the Shanghai Composite index in China gained 1%, supported by data indicating that exports grew at a robust pace of about 24% in July, driven by demand for electronics and high-tech products. Hong Kong's Hang Seng index picked up 0.5%.

Australia's S&P/ASX 200 slipped by less than 0.1%.

On Thursday, U.S. stocks declined, with the S&P 500 falling 0.2% and the Dow industrials dropping 0.9%. The Nasdaq composite also saw a slight decrease of 0.1%.

Oil prices, which had risen nearly 4% on Thursday, gave back some of those gains. The price of Brent crude slipped 0.3% to $82.26 per barrel, and U.S. benchmark crude oil edged 0.1% lower to $77.19 per barrel. The uncertainty surrounding the reopening of the Strait of Hormuz, a critical route for oil supplies, has been a factor influencing oil prices. Reports from Iran suggesting a deal with Oman for reopening the strait have emerged, though progress has been inconsistent. The Strait of Hormuz is a vital transit point for approximately one-fifth of the world's traded oil and natural gas.

Despite concerns over geopolitical tensions and potential market bubbles in artificial intelligence investments, corporate profits have provided some support to equity markets. Approximately 85% of companies in the S&P 500 have reported earnings, with overall growth for the period shaping up to be the strongest since 2021.

In corporate news, SpaceX saw its stock rise by 6.1% after a lockup period expired, making over 911 million shares held by early investors and employees eligible for sale. This is more than double the number of shares initially offered to the public during its initial public offering.

The upcoming monthly jobs report for July is expected to provide further insights into the U.S. labor market. While employment remains strong, the pace of hiring has been easing. A recent weekly report indicated an increase in the number of Americans applying for unemployment benefits, though layoffs remain within historically healthy ranges. Employers added 57,000 jobs in June, a slowdown from previous months.

In currency markets, the U.S. dollar fell to 158.36 Japanese yen from 158.42 yen, and the euro traded at $1.1530, down from $1.1524.