Asian markets fell in early trading Tuesday, a day after oil prices spiked and global markets slipped following a weekend attack on Saudi Arabian oil facilities.
President Donald Trump on Monday said it “looks” like Iran was behind the attack, but suggested no military response was imminent. The Saudi government called the attack an “unprecedented act of aggression and sabotage” but stopped short of directly pinning blame on Iran. Tehran denied responsibility for the strike, which knocked out about half of Saudi Arabia’s oil production. Oil prices jumped more than 14% on Monday, but crude futures
were far more subdued Tuesday.
“The calming overtones from Saudi officials suggesting the situation is manageable, after telling other OPEC members not to respond with extra output, have temporarily taken the edge of the disruption,” said Stephen Innes, Asia-Pacific market strategist at AxiTrader, in a note.
, which was closed for a holiday Monday, slipped 0.1%, as Trump told Congress that the U.S. and Japan are ready to sign a limited trade deal. Hong Kong’s Hang Seng Index
fell 0.9% and the Shanghai Composite
slid about 0.9% while the Shenzhen Composite
dropped 1.2%. South Korea’s Kospi
edged up 0.2%, while benchmark indexes in Taiwan
were mixed. Australia’s S&P/ASX 200
was about flat.
Among individual stocks, oil producer Inpex
surged in Tokyo trading, as did e-commerce company Rakuten
, while SoftBank
fell. In Hong Kong, Geely Automobile
and Hang Lung Properties
declined. LG Electronics
slipped in South Korea and Foxconn
fell in Taiwan. BHP
and Rio Tinto
dropped in Australia, while Woodside Petroleum