Portugal Colonial - Markets steady tracking US-Iran flare-up

Crude prices rose but by far less compared to Wednesday, when US President Donald Trump said the fragile ceasefire between the foes was over following tit-for-tat attacks in the region.

In European stock market trades, Paris and Frankfurt edged higher in midday deals, while London was dragged lower by a sharp fall in AstraZeneca shares.

The British pharmaceutical giant slumped 10 percent after its new heart drug failed to meet targets in a trial, dealing a rare setback to the market heavyweight.

Most Asian equity markets advanced, though sentiment remained subdued amid concerns over stretched technology valuations and uncertainty over when AI investments will see returns.

"The shock at the resumption of attacks in the Middle East has started to ease off, but investors are skittish," said Susannah Streeter, chief investment strategist at Wealth Club.

After the US and Iran traded attacks on Wednesday, Trump said the ceasefire was "over", but left the door open to more talks and added any strikes would end quickly.

International oil benchmark Brent North Sea climbed Thursday but remained below $80 a barrel, having briefly topped the threshold Wednesday for the first time in two weeks, reviving fears of a spike in inflation and a hit to the economy.

The United States and Iran traded more strikes on Thursday, with Tehran targeting US assets in Kuwait, Bahrain and Qatar.

"Although the events of recent days are another sign that the path to a long-term peace will have many twists and turns, the market seems well placed to absorb the current tensions," said Kathleen Brooks, research director at trading group XTB.

Seoul -- the poster child of Asia's AI-led tech boom this year -- closed 0.6 percent higher, although the market has tanked more than 20 percent below the record high it reached in June.

Tokyo added more than one percent, while Shanghai, Singapore, Wellington, Mumbai, Bangkok and Jakarta also finished higher.

Hong Kong fell.

Attention later turns to South Korean chip titan SK hynix, whose US listing was more than seven times oversubscribed ahead of its planned debut Friday.

The company is expected to announce the pricing for its American Depository Receipts and observers suggest it could raise as much as $28 billion from the sale.

SK hynix shares in Seoul jumped almost seven percent Thursday, though they remain more than 30 percent below the record high reached last month after being swept up in the recent tech rout.

- Key figures around 1100 GMT -

Brent North Sea Crude: UP 1.3 percent at $79.05 a barrel

West Texas Intermediate: UP 1.2 percent at $74.38 a barrel

London - FTSE 100: DOWN 0.8 percent at 10,408.22 points

Paris - CAC 40: UP 0.2 percent at 8,265.87

Frankfurt - DAX: UP 0.1 percent at 24,911.07

Seoul - Kospi: UP 0.6 percent at 7,291.91 (close)

Tokyo - Nikkei 225: UP 1.4 percent at 67,743.85 (close)

Hong Kong - Hang Seng Index: DOWN 0.7 percent at 24,030.18 (close)

Shanghai - Composite: UP 1.7 percent at 4,036.59 (close)

New York - Dow: DOWN 1.1 percent at 52,348.39 (close)

Dollar/yen: DOWN at 162.49 yen from 162.54 yen on Wednesday

Euro/dollar: UP at $1.1425 from $1.1422

Pound/dollar: UP at $1.3400 from $1.3396

Euro/pound: FLAT at 85.26 pence from 85.26 pence

burs-ajb/bcp/rl

F.Carias--PC