Asian shares slide as Russia-Ukraine conflict, OPEC+ output plan push oil prices higher

HONG KONG -- Asian shares sank connected Monday and lipid prices jumped arsenic commercialized tensions and the Russian-Ukraine conflict ratcheted up geopolitical uncertainty.

Hong Kong’s Hang Seng plunged much than 2% arsenic Beijing and Washington traded harsh words implicit trade. U.S. President Donald Trump’s announcement that helium volition double tariffs connected alloy and aluminum to 50% layered connected inactive much worries for investors.

A study implicit the play that China’s mill activity contracted successful May, though the diminution slowed from April arsenic the state reached a deal with the U.S. to slash President Donald Trump’s sky-high tariffs, further undermined marketplace sentiment.

Markets successful mainland China were closed for a holiday.

Oil prices rallied aft OPEC+ decided connected a humble summation successful output opening successful July. It was the 3rd monthly summation successful a row.

U.S. benchmark crude lipid gained $1.60 to $62.39 per barrel, portion Brent crude, the planetary standard, was up $1.41 astatine $64.19 per barrel.

Moscow pounded Ukraine with missiles and drones conscionable hours earlier a new circular of nonstop bid talks successful Istanbul and a Ukrainian drone onslaught destroyed much than 40 Russian planes heavy successful Russia’s territory, Ukraine’s Security Service said connected Sunday.

Hong Kong’s Hang Seng dropped 2.2% to 22,778.45 arsenic China and the U.S. accused each different of breaching their tariff statement reached successful Geneva past month.

Tokyo's Nikkei 225 mislaid 1.6% to 37,356.97, portion the Kospi successful Seoul fell 0.4% to 2,686.17.

Australia's S&P/ASX 200 retreated 0.2% to 8,416.00.

On Friday, Wall Street closed its champion period since 2023. The S&P 500 retreated little than 0.1% to extremity astatine 5,911.69 and the Dow industrials Jones Industrial Average edged 0.1% higher to 42,270.07. The Nasdaq composite fell 0.3% to 19,113.77.

Gap weighed connected the marketplace adjacent though the retailer reported stronger nett and gross for the latest 4th than analysts expected.

The institution down Banana Republic and Old Navy fell 20.2% aft saying tariffs connected imports from China and different countries could adhd up to $300 cardinal to its costs this fiscal year. It has strategies acceptable to mitigate up to fractional of that earlier it hits its profits.

Hopes had mostly been rising that the worst of specified worries had passed, which successful crook sent stocks rallying, aft Trump paused his tariffs connected some China and the European Union. A U.S. tribunal past connected Wednesday blocked galore of Trump’s sweeping tariffs. That each sent the S&P 500 successful May to its archetypal winning period successful 4 and its champion since November.

But the tariffs stay successful spot portion the White House appeals the ruling by the U.S. Court of International Trade, and the eventual result is inactive uncertain.

Friday’s astir influential losses came from respective Big Tech stocks. Nvidia fell 2.9% to springiness backmost immoderate of its summation from earlier successful the week aft it topped analysts’ expectations for nett successful the latest quarter. It was the azygous heaviest value by acold connected the S&P 500.

On the winning broadside of Wall Street was Ulta Beauty, which roseate 11.8% aft the retailer reported stronger income and nett than analysts forecast. It besides raised the apical extremity of its forecasted scope for gross this fiscal twelvemonth adjacent though CEO Kecia Steelman called the operating situation “fluid.”

Costco climbed 3.1% aft the retailer’s results and gross for the latest 4th edged past analysts’ expectations.

In the enslaved market, Treasury yields eased aft a study showed that the measure of ostentation that the Federal Reserve likes to usage was somewhat little successful April than economists expected.

A abstracted study from the University of Michigan said that sentiment among U.S. consumers was amended successful May than economists expected. Sentiment improved successful the backmost fractional of the period aft Trump paused galore of his tariffs connected China.

In currency trading aboriginal Monday, the U.S. dollar fell to 143.55 Japanese yen from 143.87 yen. The euro inched up to $1.1364 from $1.1351.