MANILA, Philippines -- MANILA, Philippines (AP) — Shares were mostly lower in Asia on Thursday following a retreat on Wall Street, while crude prices jumped more than $2 after U.S.President Donald Trump announced sanctions on Russian oil giants.
The sanctions against Rosneft and Lukoil are intended to drive Russian President Vladimir Putin to the negotiating table and help end Moscow’s brutal war on Ukraine.Meanwhile, European Union leaders were holding a summit Thursday, aiming to greenlight still more sanctions against Russia and press ahead with plans to use Moscow’s assets that are frozen in Europe to fund Ukraine’s war effort and economy for at least the next two years.U.S.
benchmark crude oil gained $2.31 to $60.81 per barrel.Brent crude, the international standard, rose $2.38 to $64.97 per barrel.Chinese shares declined as leaders in Beijing were wrapping up an important Communist Party meeting that will set the agenda for the coming five years.
Hong Kong’s Hang Seng index fell 0.2% to 25,738.00 while the Shanghai Composite index lost 0.7% to 3,886.19as reports indicated Washington may tighten restrictions exports to China of products made using U.S.software.
Japan’s Nikkei 225 shed nearly 1.3% to 48,683.84 on reports that Prime Minister Sanae Takaichi is preparing a stimulus package larger than last year’s of nearly 14 trillion yen (about $92 billion).SoftBank Group led losers, with shares shedding more than 4% after it unveiled plans to finance its investments in artificial intelligence by issuing U.S.
dollar and euro dominated bonds.Takaichi has also said she favors keeping interest rates near their current low level of close to zero, and that has caused the Japanese yen to weaken against the dollar.The dollar rose to 152.37 Japanese yen early Thursday, up from 151.94 yen.
South Korea's Kospi fell 0.9% to 3,849.87, with investors remaining cautious while trade negotiations with the U.S.showed only partial progress.Australia's S&P/A...