Asian markets slip as tensions remain high after attack on Saudi oil facilities


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












BRNX19, -1.17%










  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.

Japan’s Nikkei












NIK, -0.11%










 , 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












HSI, -0.94%










  fell 0.9% and the Shanghai Composite












SHCOMP, -1.02%










  slid about 0.9% while the Shenzhen Composite












399106, -1.39%










  dropped 1.2%. South Korea’s Kospi












180721, +0.15%










  edged up 0.2%, while benchmark indexes in Taiwan












Y9999, -0.17%










 , Singapore












STI, -0.53%










  and Indonesia












JAKIDX, +0.11%










  were mixed. Australia’s S&P/ASX 200












XJO, +0.00%










  was about flat.

Among individual stocks, oil producer Inpex












1605, +9.51%










  surged in Tokyo trading, as did e-commerce company Rakuten












4755, +5.00%










 , while SoftBank












9984, -2.96%










  fell. In Hong Kong, Geely Automobile












175, -2.92%










  and Hang Lung Properties












101, -2.20%










  declined. LG Electronics












066570, -0.91%










  slipped in South Korea and Foxconn












2354, -1.70%










  fell in Taiwan. BHP












BHP, -1.38%










  and Rio Tinto












RIO, -1.64%










  dropped in Australia, while Woodside Petroleum












WPL, +1.57%










  gained.



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