Asian Stocks Edge Higher, Oil Rises on Middle East Tensions Ahead of Big Tech Earnings
Asian stocks made modest gains on Wednesday, supported by a strong Wall Street session but capped by caution ahead of earnings reports from Alphabet and Tesla. Oil prices rose 1.3% to $92.22 per barrel after Houthi rebels threatened to expand the Middle East conflict, causing two oil tankers carrying Saudi crude to reverse course in the Red Sea. The U.S. dollar held near a one-week high, while the yen remained weak after hitting a four-decade low. Japan's imports surged to a record high in June due to the weak yen and soaring oil prices, though exports also exceeded expectations. The U.S. Federal Reserve is expected to keep interest rates steady for the rest of 2026, though a rate hike remains possible. Gold rose 1.2% to $4,124.74, while bitcoin and ether were mostly flat.
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