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Shares retreated Thursday in Asia after stocks on Wall Street slumped as oil prices spiked at more than USD 110 a barrel. US stocks also sagged due to a report that said inflation was primed to worsen even before the war with Iran sent oil and gas prices spiking. That, and comments from the head of the Federal Reserve, led investors to expect there's less chance of getting the lower interest rates that they love. Tokyo's Nikkei 225 fell 2.5 per cent to 53,875.94 and the Kospi in South Korea lost 1.3 per cent to 5,845.62. In Hong Kong, the Hang Seng slipped 0.2 per cent to 25,725.77, while the Shanghai Composite index shed 0.9 per to 4,027.73. Australia's S&P/ASX 200 lost 8,504.20 and Taiwan's Taiex fell 1.2 per cent. Brent crude, the international standard, was trading at USD 111.24 a barrel, up 3.6 per cent from a day earlier. US benchmark crude oil gained 0.8 per cent to USD 96.80 a barrel. On Wednesday, the S&P 500 fell 1.4 per cent and flipped to a loss for the week so ...
Asian shares mostly declined and oil prices surged higher Tuesday as investors eyed risks to the region's energy supply because of the Iran war. Shares in South Korea sank 4.8% as markets reopened after a holiday on Monday, to 5,946.06. Benchmark US crude rose 77 cents to $72.00 a barrel. Brent crude, the international standard, added $1.10 to $78.84 a barrel. They jumped Monday then fell back although still at higher levels than before due to worries that the war could clog the global flow of crude. Japan's benchmark Nikkei 225 sank 2.1% to 56,853.48. Like other resource-poor countries in the region, Japan could be especially hit by the lack of access to the Strait of Hormuz since much of its oil and natural gas is shipped through there. However, analysts say Japan has a sizable stockpile lasting more than 200 days and so the threat is not immediate. Japanese energy stocks plunged, with Eneos Corp. down nearly 6% and Idemitsu Kosan down nearly 4%. Defense-related issues, which ha
Asian shares mostly rose in Wednesday morning trading, with Japan's benchmark hitting a record high, as investors were cheered by an overnight Wall Street rally that seemed to reflect optimism about the artificial-intelligence boom. Japan's benchmark surged 1.3% to 58,081.62. That came despite China's move the previous day to restrict exports to 40 Japanese companies and organisations it says are contributing to Japan's "remilitarisation". The reaction was varied with the prices of some listed companies rising, like Subaru Corp and Mitsubishi Materials Corp, while others slipped, including Eneos Corp and Sumitomo Heavy Industries. Analysts said the declining yen worked to boost export shares, such as Honda Motor Co and Panasonic Corp. The US dollar slipped to 155.78 Japanese yen from 155.83 yen. The dollar traded close to 160 yen levels several months ago. The euro cost $1.1784, up from $1.1779. Australia's S&P/ASX 200 jumped 1.1% to 9,122.50. South Korea's Kospi surged 1.7% to ...