Stock market today: Global shares mostly rise after Middle East tensions weigh on Wall St

TOKYO (AP) — Global shares were mostly higher Friday after worsening tensions in the Middle East sent stocks lower on Wall Street while boosting crude prices.France's CAC 40 gained 0.5% to 7,511.38 in early trading, while Germany's DAX edged up 0.1% to 7,511.38. Britain's FTSE 100 slipped 0.3% to 8,254.52. U.S. shares were set to drift lower, with Dow futures down nearly 0.1% at 42,291.00. S&P 500 futures were little changed at 42,291.00. Japan's benchmark Nikkei 225 edged up 0.2% to finish at 38,635.62. Australia's S&P/ASX 200 slipped 0.7% to 8,150.00. South Korea's Kospi added 0.3% to 2,569.71. Hong Kong's Hang Seng jumped 2.8% to 22,736.87. Trading was closed in Shanghai for a holiday. In currency trading, the U.S. dollar edged down to 146.38 Japanese yen from 146.83 yen. The euro inched up to $1.1030 from $1.1034. Japanese Prime Minister Shigeru Ishiba, who took office on Tuesday, gave a policy speech that promised salary increases for workers that exceed inflation, as well as an economic package that will give support for low-income households. He also said he will promote investment to create "a virtuous cycle of growth and distribution."Following a meeting between Ishiba and Bank of Japan Gov. Kazuo Ueda, "it was indicated that Japan is unlikely to make any near-term adjustments to its ultra-loose monetary policy," according to Luca Santos, currency analyst at ACY Securities. Ueda indicated the loose monetary policy would remain for some time. The Bank of Japan has begun very gradually raising its benchmark rate from near zero. It now stands at around 0.25%. Expectations of rising rates had pushed the yen higher after the Liberal Democrats elected Ishiba to head the governing party and thus serve as prime minister. But the yen has fallen back against the dollar in the past two days after officials sent clear signals that they did not favor further rate hikes at this time.A cheaper yen could work as a plus for Japan's giant exporters like Nintendo and Toyota by boosting the value of their overseas earnings. But it raises the cost of imports of oil and other vital commodities, pushing domestic prices higher and pinching household spending.Benchmark U.S. crude added 62 cents to $74.33 a barrel. Brent crude, the international standard, jumped 69 cents to $78.31 a barrel. On Thursday, Brent leaped 5% after starting the week below $72. It's potentially on track for its biggest weekly percentage gain in nearly two years.The rise came after President Joe Biden suggested on Thursday that U.S. and Israeli officials were discussing a possible strike by Israel against Iranian oil facilities."We're in discussion of that," Biden said to reporters. He added: "I think that would be a little ... anyway," without finishing the thought. Biden also said he doesn't expect Israel to retaliate immediately against Iran.Iran is a major oil producer, and a broadening of the fighting could choke off Iran's oil flows to China and also affect neighboring countries that are integral to crude supplies. Helping to keep prices in check, though, are signals that oil inventories remain ample at the moment. Brent crude fell to its lowest price in nearly three years last month.A report Thursday showed growth for real estate, health care and other U.S. services businesses accelerated to its strongest pace since February 2023. A separate report suggested the number of layoffs across the United States remains relatively low. Slightly more workers filed for unemployment benefits last week, but the number remains low compared with history.Outside of this week's worries about the Middle East, the dominant question hanging over Wall Street has been whether the job market will continue to hold up after the Federal Reserve earlier held interest rates at a two-decade high. The Fed wanted to press the brake hard enough on the economy to stamp out high inflation. Stocks are near their records because of hopes the U.S. economy will indeed continue to grow, now that the Fed is cutting interest rates. The Fed last month lowered its main interest rate for the first time in more than four years and indicated more cuts will arrive through next year.___AP Business Writer Stan Choe contributed.