Stocks Stutter as Trump's Tariff Deadline Looms, Oil Prices Stabilize

Asian stocks showed limited movement on Thursday as oil prices stabilized, and the euro reached a significant high. Investors are closely monitoring geopolitical, economic, and fiscal uncertainties ahead of U.S. President Donald Trump's impending tariff deadline.

The market found some relief as a ceasefire between Israel and Iran appeared stable, reducing the risks of disruptions in global oil trade. MSCI's broadest index of Asia-Pacific shares outside Japan remained mostly unchanged, while Tokyo's Nikkei increased by 0.9%, hitting a four-month peak.

Speculation over Trump's intentions to replace Federal Reserve Chair Jerome Powell impacted the U.S. dollar, while the euro and other currencies strengthened. The financial markets are on edge regarding Trump's trade policies as the July 9 deadline for trade deals approaches, amidst ongoing concerns over the Fed's independence and potential rate cuts.

(With inputs from agencies.)