Pedestrians crossing street at night in Hong Kong, China
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Asia-Pacific markets were set to open higher Tuesday, as traders shrugged off ongoing geopolitical flashpoints going on in Iran and Venezuela, as well as a criminal investigation into the U.S. Federal Reserve Chair Jerome Powell.
Investors will be keeping a close eye on oil prices amid ongoing protests in Iran. President Donald Trump is reportedly weighing options for intervention in Iran, according to multiple reports Sunday.
Trump on Monday said any country doing business with Iran will face a 25% tariff “on any and all business being done with the United States of America.” That new tariff on imports from Iran’s trading partners is “effective immediately,” Trump said in a Truth Social post.
Brent crude futures rose 1.52% to $64.3 per barrel, while U.S. West Texas Intermediate crude gained 0.44% to $59.76 as of 7:34 a.m. Singapore time (6:34 p.m. EST Sunday).
Australia’s S&P/ASX 200 added 0.59%.
Hong Kong’s Hang Seng Index was set to open higher, with its futures contract trading at 26,994, against the index’s previous close of 26,608.48.
Japan’s benchmark Nikkei 225 is set to jump after coming back from a holiday, with the futures contract in Chicago at 54,290, while its counterpart in Osaka last traded at 54,150, against the index’s last close of 51,939.89.
U.S. equity futures were flat in early Asian hours, ahead of U.S. consumer inflation data and key bank earnings results.
Overnight in the U.S., stocks rallied off their session lows, with the S&P 500 and Dow Jones Industrial Average hitting new all-time highs.
The S&P 500 rose 0.16% to end at 6,977.27, while the Dow Jones Industrial Average ticked up 86.13 points, or 0.17%, and settled at 49,590.20. Both indexes touched fresh all-time intraday highs and closed at records. The Nasdaq Composite was up 0.26% and closed at 23,733.90.
— CNBC’s Sean Conlon, Yun Li and John Melloy contributed to this report.
