World shares are mostly lower and oil prices drop $2 on hopes for a
US-Iran nuclear deal
[May 15, 2025] By
ELAINE KURTENBACH
World shares were mostly lower Thursday while oil prices fell more than
$2 as traders bet on a possible U.S.-Iran nuclear deal.
U.S. benchmark crude oil lost $2.37 to $60.78 per barrel. Brent crude,
the international standard, gave up $2.32 to $63.70 per barrel.
President Donald Trump, visiting Qatar as part of a three-country Middle
East tour, has urged it to use its influence with Iran to persuade its
leadership to agree to dial back its rapidly advancing nuclear program.
A deal would help pave the way to ease sanctions against Tehran.
Oil prices surged early this week after China and the U.S. announced an
agreement to scale back painfully high tariffs each has imposed on the
other for 90 days. But they've since retreated after the U.S. Energy
Administration reported relatively high crude oil stockpiles that could
lead to an oversupply.
European share markets opened lower, with Germany’s DAX shedding 0.3% to
23,453.16, while the CAC 40 in Paris was down 0.3% at 7,814.40.
Britain’s FTSE 100 slipped 0.2% to 8,564.65.
The future for the S&P 500 lost 0.6% while that for the Dow Jones
Industrial Average was down 0.4%.
China moved to reverse some of its “non-tariff” measures against the
U.S. as agreed with Washington in their temporary trade war cease-fire,
while demanding that the U.S. side “immediately correct its wrong
practices.”
A Chinese Commerce Ministry spokesperson, He Yongqian, accused the Trump
administration of violating world trade rules by announcing that use of
Ascend computer chips made by China's Huawei Technologies violates U.S.
export controls.
“This move by the U.S. is not conducive to the long-term mutually
beneficial and sustainable cooperation and development of companies on
both sides,” He said in a statement.
Japan's Nikkei 225 index dropped 1% to 37,775.51. Computer chip-related
stocks were among the biggest decliners, with Disco Corp. falling 3.2%
and Advantest down 1.1%.
Hong Kong's Hang Seng dropped 0.8% to 23,453.16, while the Shanghai
Composite index lost 0.7% to 3,380.82. Taiwan's Taiex fell 0.2%, while
India's Sensex rebounded to gain 1.6%.
In Australia, the S&P/ASX 200 edged 0.2% higher to 8,297.50. South
Korea's Kospi gave up 0.7% to 2,621.36.
On Wednesday, a choppy day of trading on Wall Street ended with a mixed
finish as gains by several big technology stocks helped temper losses.
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Currency traders watch monitors near a screen showing the Korea
Composite Stock Price Index (KOSPI) in Seoul, South Korea, Thursday,
May 15, 2025. (AP Photo/Ahn Young-joon)
 The S&P 500 edged up 0.1% and the
Dow Jones Industrial Average slipped 0.2%. The Nasdaq composite rose
0.7%.
The U.S. will release its April report for inflation at the
wholesale level on Thursday, and economists expect an easing of
price pressures.
An update for retail sales is expected to reflect a sharp drop to
0.2% in April from 1.4% the previous month.
Retail giant Walmart will also report its latest financial results
on Thursday and its financial forecasts will be closely watched.
The stock market has been relatively steady since it surged Monday
after the U.S. and China announced a 90-day pause in their trade
war. The market gained more ground on Tuesday after the government
reported that inflation unexpectedly cooled across the country in
April. More updates on inflation and retail sales are expected on
Thursday.
Trump has delayed a large swath of his most severe tariffs against
America's trading partners, but some import taxes remain in place.
Uncertainty over the path ahead continues to hang over businesses
and consumers. The on-again-off-again nature of Trump’s trade policy
has left companies reluctant to make plans about investment and
hiring and consumers nervous about spending.
Businesses continue to trim or withdraw their financial forecasts as
they face unpredictable trade policy and cautious consumers.
More than 90% of companies in the S&P 500 have reported earnings for
their latest quarter and most reported better-than-expected
earnings. But they have cut or scrapped forecasts for the current
quarter.
The U.S. economy has already showed signs of slowing. It contracted
0.3% during the first quarter as imports jumped while businesses and
consumers stocked up to beat tariffs.
In other dealings early Thursday, the dollar slipped to 145.77
Japanese yen from 146.75 yen. The euro rose to $1.1208 from $1.1174.
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