Asian benchmarks are mixed in cautious trading amid uncertainty about US-Iran ceasefire talks

TOKYO (AP) — Asian shares were mixed in cautious trading Wednesday, as investors watched for next steps in the U.S.-Iran conflict after President Donald Trump extended a ceasefire that was set to expire.

Japan's benchmark Nikkei 225 rose 0.3% to 59,530.64. Australia's S&P/ASX 200 declined 1.2% to 8,841.00. South Korea's Kospi added 0.4% to 6,413.62.

Hong Kong's Hang Seng lost 1.3% to 26,140.05, while the Shanghai Composite gained 0.3% to 4,096.59.

On Wall Street, the S&P 500 erased an early rise to fall 0.6% after U.S. Vice President JD Vance called off a trip to Pakistan, where he was expected to lead U.S. negotiators in talks with Iran to extend the ceasefire. It closed at 7,064.01.

The Dow Jones Industrial Average dropped 0.6% to 49,149.38. The Nasdaq composite also slipped 0.6%, to 24,259.96. Less than 10 minutes after the U.S. stock market finished trading for the day Trump said he would extend the ceasefire to give Iran time to submit a proposal to end the war.

Oil prices have been wavering. In Asian trading Wednesday, benchmark U.S. crude fell 19 cents to $89.48 a barrel. Brent crude, the international standard, lost 12 cents to $98.36.

The moves were milder than the vicious swings that rocked Wall Street earlier in the war, when the price for a barrel of Brent crude briefly topped $119 and the S&P 500 dropped nearly 10% below its prior all-time high.

The U.S. stock market remains near its most recent record, which was set Friday, indicating investors remain optimistic that the United States and Iran will avoid a worst-case scenario for the economy.

Much of the tension in financial markets has focused on what will happen to the Strait of Hormuz, a narrow waterway off Iran’s coast that oil tankers use to exit the Persian Gulf. Japan, for instance, imports just about all its oil, and much of it previously came through the strait. The government has released its oil reserves and is working on alternative routes.

“Trump’s decision essentially extends the uneasy status quo rather than resolving the conflict. While the pause has reduced immediate tail risks, the absence of a genuine breakthrough means traders remain inclined to tiptoe rather than trade with real conviction,” said Tim Waterer, chief market analyst at KCM Trade.

In the bond market, the yield on the 10-year Treasury climbed to 4.31% from 4.26% late Monday, and the gains accelerated late in the day with oil prices.

In currency trading, the U.S. dollar edged down to 159.33 Japanese yen from 159.38 yen. The euro cost $1.1740, down from $1.1744.

AP Business Writer Stan Choe contributed to this report.

Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama

Asia markets index of Japan, South Korea and Australia is seen on a screen at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, April 22, 2026. (AP Photo/Ahn Young-joon)

Currency traders talk on the phones near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, April 22, 2026. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, April 22, 2026. (AP Photo/Ahn Young-joon)

A currency trader talks on the phone near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, April 22, 2026. (AP Photo/Ahn Young-joon)

Specialist James Denaro works at his post on the floor of the New York Stock Exchange, Monday, April 20, 2026. (AP Photo/Richard Drew)

SEATTLE (AP) — Seattle Mariners switch-hitting catcher Cal Raleigh has used the same swing since he was nine years old.

Raleigh’s tried and true stroke worked out quite well for him during the 2025 season, one in which he finished runner-up for American League MVP honors and set the single-season record for home runs by a catcher with 60. The 29-year-old’s magnificent season helped the Mariners come within one win of their first World Series berth, and set sky-high expectations heading into 2026.

“I know the swing is good,” Raleigh said. “Really just trying to trust the approach, trust the plan, commit to it every single pitch.”

Like many of his Mariners teammates, though, Raleigh hasn’t hit as well as he would like amid Seattle’s 10-15 start, which includes Tuesday night’s 5-2 loss to the Athletics. Even with a solo home run and a single in the Mariners’ latest defeat, Raleigh is hitting just .177 with a .538 OPS, his lowest since his rookie season.

Twenty-five games into the 2026 season, the Mariners find themselves in fourth place in the AL West, slotted ahead of only the bottom-feeding Houston Astros, who are tied for the most losses in major league baseball at 9-16.

First baseman Josh Naylor, who broke out of his slump last week with two home runs, still has a batting average below the Mendoza line. Julio Rodríguez has heated up considerably the last few weeks, but isn’t hitting for power in a fashion that the Mariners have grown accustomed to.

Seattle entered Tuesday’s game with 23 home runs as a team, good for 15th in the majors, yet only two teams have lower collective batting averages than their .218. The Mariners have taken their walks, but they aren’t driving runners in with clutch hits or home runs.

“I think we’re getting guys on base at a good rate for the most part. I see that,” Raleigh said. “But, I think I’m guilty of this too – you get in those big spots and those big moments and each guy wants to do it.”

Seattle won’t pull itself out of its season-opening quagmire with one win, or one series. It learned that after sweeping the Astros before dropping six of its next eight games.

Even so, Raleigh doesn’t think he is putting too much pressure on himself after a banner year, nor is anybody else.

“We all know that we want to be doing better than we are,” Raleigh said. “But at the same time, it’s not going to help anybody in this room by trying to press and go out there and try to do more and try to be the guy. ... I have faith in this group.”

AP MLB: https://apnews.com/mlb

Seattle Mariners designated hitter Cal Raleigh, facing, greets Randy Arozarena (56) after hitting a solo home run against the Athletics during the fifth inning of a baseball game, Tuesday, April 21, 2026, in Seattle. (AP Photo/Lindsey Wasson)

Seattle Mariners designated hitter Cal Raleigh hits a solo home run against the Athletics during the fifth inning of a baseball game, Tuesday, April 21, 2026, in Seattle. (AP Photo/Lindsey Wasson)

Seattle Mariners designated hitter Cal Raleigh jogs home after hitting a solo home run against the Athletics during the fifth inningof a baseball game, Tuesday, April 21, 2026, in Seattle. (AP Photo/Lindsey Wasson)