Stock market today: Rate hopes push Asian shares higher while oil prices edge lower

A currency trader passes by the screens showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Oct. 10, 2023. Asian shares climbed Tuesday after Wall Street advanced on potentially encouraging news about interest rates, which have been dragging markets lower since the summer.

In Australia, the S&P/ASX 200 rose 1% to 7,040.60. South Korea’s Kospi slipped 0.3% to 2,402.58. In Bangkok the SET gained 0.3%.Hamas’ attack on Israel prompts South Korea to consider pausing military agreement with North Koreaindebted developer Country Garden said Tuesday that it could not meet all of its obligations and expected its financial situation to remain pressured due to a protracted slump in sales.

Early Tuesday, U.S. benchmark crude was down 65 cents at $85.63 per barrel in electronic trading on the New York Mercantile Exchange.One potential outcome of the violence is a slowdown in Iranian oil exports, which have been growing this year, according to Barclays energy analyst Amarpreet Singh. Less supply of crude would raise its price, all else equal.

Monday’s rise in crude helped oil and gas stocks to some of Wall Street’s biggest gains. Marathon Oil rose 6.6% and Halliburton climbed 6.8%. The 10-year yield fell to 4.66% after rising to 4.80%, up from 3.50% during the summer and from just 0.50% early in the pandemic. Trading in the U.S. Treasury market was closed Monday for a holiday.

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