Asian shares slide, oil sinks $2 after Trump says Iran stopped killings

Asian shares were mostly lower and US futures also fell Thursday after Wall Street retreated, dragged down by falls in Big Tech stocks.

Oil prices fell more than $2 a barrel after US President Donald Trump said he was told on good authority that plans for executions in Iran have stopped, even as Tehran has signaled fast trials and executions ahead in its crackdown on protesters.

US benchmark crude fell $2, or 3.3 per cent, to $59.88 per barrel. Brent crude, the international standard, shed $2.12, or 3.2 per cent, to $64.40 per barrel.

In Asian trading, Tokyo's Nikkei 225 slipped 0.9 per cent to 53,863.84, with technology-related stocks trading lower. SoftBank Group fell 5.6 per cent, testing equipment maker Advantest fell 4.1 per cent and chip maker Tokyo Electron fell 3.3 per cent.

 

Shares of machinery and equipment maker Toyota Industries rose 6 per cent following reports that automaker Toyota Motor has raised its buyout offer for the company to 18,800 yen ($118.61) per share.

Hong Kong's Hang Seng dropped 0.6 per cent to 26,850.78. Hong Kong-listed shares of Chinese online travel platform Trip.com sank more than 20 per cent after Beijing said it had opened an antitrust investigation into the group. The Shanghai Composite index fell 0.6 per cent, to 4,101.52.

South Korea's Kospi gained 0.5 per cent to 4,747.85.

In Australia, the S&P/ASX 200 climbed 0.3 per cent to 8,851.00.

Taiwan's Taiex fell 0.6 per cent. Taiwan's leading chip maker TSMC is expected to post strong quarterly profits in its earnings announcements on Thursday.

The futures for the S&P 500 and the Dow Jones Industrial Average were 0.1 per cent lower.

On Wednesday, the S&P 500 dipped 0.5 per cent to 6,926.60, for its second straight loss. The Dow slipped 0.1 per cent to 49,149.63. The Nasdaq composite slipped 1 per cent to 23,471.75.

Big Tech stocks were among those weighing on performance -- even as the majority of stocks on Wall Street rose -- in part as investors dialed back from the artificial intelligence frenzy and as some critics warned their stocks had become overvalued.

Shares of Nvidia declined 1.4 per cent, and chip maker Broadcom fell 4.2 per cent.

Shares at several banks also fell. Wells Fargo sank 4.6 per cent after it reported weaker-than-expected quarterly profit and revenue. Bank of America was down 3.8 per cent, and Citigroup slipped 3.3 per cent.

Exxon Mobil and other oil companies were among those keeping the S&P 500 from heavier losses. Exxon Mobil was up 2.9 per cent, and Chevron rose 2.1 per cent.

Investors sought safe-haven assets as geopolitical uncertainties remain elevated. The prices of gold fell back on Thursday by 0.8 per cent, but was still close to its previous record levels.

In the bond market, the yield on the US 10-year Treasury fell to 4.14 per cent, down from 4.18 per cent late Tuesday, as investors turned to investments deemed safer. Bond prices rise as yields fall.

In other dealings early Thursday, the dollar rose to 158.63 Japanese yen from 158.46 yen.

The euro was trading at $1.1636, down from $1.1645.