Asian shares mixed as oil rebounds, AI selloff eases

Asian markets were mixed on Friday, with some indices recovering from earlier losses as oil prices rebounded and the selloff in artificial intelligence-related stocks showed signs of tapering off.

Tokyo's Nikkei 225 slipped 0.3% to 65,500.10, while South Korea's Kospi fell 0.8% and Taiwan's Taiex dropped 0.4%. In contrast, the Shanghai Composite gained 0.8% after China reported robust export growth of about 24% in July, driven by strong demand for electronics and high-tech products. Hong Kong's Hang Seng edged up 0.2%, while Australia's S&P/ASX 200 was nearly flat.

On Wall Street, stocks declined on Thursday as oil prices rose and earnings reports continued to roll in. The S&P 500 fell 0.2%, the Dow industrials dropped 0.9%, and the Nasdaq composite slipped 0.1%.

Oil prices climbed more than 1% on Friday, with Brent crude up 1.6% to $83.78 a barrel and U.S. benchmark crude advancing 1.2% to $78.22. This follows a nearly 4% surge on Thursday as uncertainty persisted over the reopening of the Strait of Hormuz, a vital waterway for global oil supplies. Iran has said it is close to a deal with Oman, but the conflict has seen many starts and stops over the past five months.

Despite these concerns, strong corporate earnings have helped ease worries about overvalued stocks. About 85% of S&P 500 companies have reported results, with overall earnings growth shaping up to be the strongest since 2021. Warner Bros. Discovery and Molson Coors rose after beating expectations, while Honeywell Aerospace and AppLovin fell sharply after disappointing results.

In other markets, SpaceX shares rose 6.1% after a lockup period expired, making more than 911 million shares eligible for sale. The stock, which debuted at $135 in June, is now trading around $115.

Investors are also awaiting the July jobs report, due Friday. U.S. employment remains strong, though hiring has been easing, with employers adding only 57,000 jobs in June.