Key facts
- European shares edged higher on Wednesday.
- Brent crude futures fell more than 2% to around $86 a barrel.
- Investors are awaiting Nvidia's second-quarter earnings report.
- Seoul stocks closed up 0.97% at 6,808.21.
- Chip stock buybacks boosted the Seoul market.
- Tech shares fell 0.2% ahead of Nvidia's results.
European shares edged higher on Wednesday, with the pan-European STOXX 600 index up 0.1% as a drop in oil prices helped drive bond yields lower. Brent crude futures fell more than 2% to around $86 a barrel on prospects of increased oil flows through the Strait of Hormuz, following Iran's announcement of renewed talks with Oman. The energy index was the worst performing sector on the STOXX 600, falling 1.1%, while basic resources led sectoral gains. Investors are anticipating Nvidia's second-quarter earnings report for insights into the AI spending boom, with tech shares falling 0.2% ahead of the results. Attention is also on a key U.S. inflation report for clues on the Federal Reserve's interest rate path.
In Seoul, stocks closed up 0.97% at 6,808.21, reversing earlier declines. The gains were boosted by stock repurchases from chip giants SK hynix and Samsung Electronics, alongside easing external conditions. Institutional investors were net buyers supporting the KOSPI index.