World Shares Mixed on New Iran Attacks 03/05 04:49

   World shares advanced Thursday, while U.S. futures slipped as Iran launched 
more missiles at Israel on the sixth day of the war in the Middle East.

   BANGKOK (AP) -- World shares advanced Thursday, while U.S. futures slipped 
as Iran launched more missiles at Israel on the sixth day of the war in the 
Middle East.

   The future for the Dow Jones Industrial Average fell 0.2%. The S&P 500 
future was down 0.1%.

   Uncertainty about the war in the Middle East has been rattling financial 
markets, with most taking their cues from what the price of oil is doing.

   "Yesterday's bounce in risk assets already looks less like a turning point 
and more like a classic relief rally in a market that briefly inhaled before 
realizing the room was still on fire," Stephen Innes of SPI Asset Management 
said in a commentary.

   Crude prices climbed early Thursday, with Brent, the international standard, 
gaining 1.8% to $82.87 per barrel. U.S. benchmark crude jumped 2.1% to $76.31 
per barrel.

   The war brought a fresh wave of attacks by Iran on Israeli and American 
bases. Iran warned the United States would "bitterly regret" torpedoing an 
Iranian warship in the Indian Ocean and a religious leader called for "Trump's 
blood," while Israel said it had begun a "large-scale" attack on Tehran.

   In Germany, the DAX regained lost ground, rising 0.2% to 24,253.24, while 
the CAC 40 in Paris was up 0.3% to 8,194.80. Britain's FTSE 100 added 0.4% to 
10,609.63.

   In Asian trading, South Korea's Kospi took back much of its historic losses 
from a day earlier, jumping 9.6% to 5,583.90. It had gained as much as 12% 
earlier in the day as investors hunted bargains, triggering temporary trading 
halts.

   The government announced emergency measures for the economy after the 
benchmark fell by the most ever in a single day on Wednesday. President Lee Jae 
Myung urged officials to activate an emergency financial package worth 100 
trillion won ($68.5 billion) aimed at calming market volatility.

   Tokyo's Nikkei 225 index gave back some early gains, closing 1.9% higher at 
55,278.06.

   In Hong Kong, the Hang Seng climbed 0.3% to 25,321.34 after Chinese Premier 
Li Qiang opened the annual session of the National People's Congress with a 
report that set the annual target for economic growth this year at 4.5% to 5%. 
A draft budget put the increase in military spending at 7%, down from 7.2% in 
recent years.

   The government pledged to support the sluggish domestic economy and spur 
more consumer spending, but did not announce any major new stimulus.

   The Shanghai Composite index gained 0.6% to 4,108.57.

   In Australia, the S&P/ASX 200 rose 0.4% to 8,940.30, while New Zealand's 
benchmark rose 0.6%.

   Taiwan's main share index gained 2.6%.

   On Wednesday, U.S. stocks got a boost as oil prices steadied, albeit 
temporarily. A report that said growth for U.S. businesses in the real estate, 
finance and other services industries accelerated last month at the fastest 
pace since the summer of 2022 also helped.

   The S&P 500 rose 0.8%, erasing much of its losses since the war with Iran 
began. The Dow industrials added 0.5% and the Nasdaq composite climbed 1.3%.

   Another report suggested U.S. private sector employers stepped up hiring 
last month, a potentially hopeful signal for a more comprehensive U.S. 
government Friday about the overall job market.

   Investors are worried over how long the war with Iran could last, how high 
inflation may go because of more expensive oil and how much damage that might 
do to corporate profits.

   Wall Street also got a lift from Big Tech stocks as Amazon rose 3.9% and 
Nvidia added 1.7%. Because they're among the biggest stocks in the U.S. market 
in terms of total value, their movements carry more weight on the S&P 500.

   Wednesday's strong reports on the economy were welcome news for the Federal 
Reserve, whose job it is to keep the U.S. job market healthy and inflation low. 
The Fed's job has become more difficult because of the jump in oil prices, 
which is pushing upward on already high inflation.

   In other dealings early Thursday, the U.S. dollar rose to 157.16 Japanese 
yen from 157.07 yen. The euro fell to $1.1623 from $1.1636.

   The dollar has advanced against other currencies partly because the U.S. is 
viewed as facing less risk from the war than other countries, analysts said.

   "When the world becomes less certain, capital gravitates toward the deepest 
pool of liquidity available," Innes said, adding that the dollar "remains the 
market's preferred storm shelter."