SYDNEY, June 16 - Asian markets showed resilience on Monday despite rising oil prices and ongoing geopolitical tensions. The conflict between Israel and Iran continues to fuel uncertainty, coinciding with central bank meetings this week.
Oil prices increased, with Brent reaching $74.95 a barrel and U.S. crude at $73.82. This surge, following a 13% rise last week, influences expectations for the Federal Reserve's upcoming meeting.
Chinese retail sales exceeded forecasts, rising 6.4% in May, while industrial output met expectations. Japan's Nikkei gained 0.8%, and South Korean stocks rose 0.5%.
European markets faced pressure due to reliance on oil imports. The dollar strengthened against the yen and euro. The Norwegian crown reached its highest point since early 2023.
The Bank of Japan is expected to maintain rates at 0.5% on Tuesday. Gold prices also rose, reaching $3,450 an ounce, driven by safe-haven demand.