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shares Asia was mostly lower after retreating on Thursday wall StreetWhereas after the US President, crude oil prices rose by more than $2 donald trump Announced sanctions on Russian oil giants.
Sanctions against Rosneft and Lukoil are aimed at harassing the Russian President Vladimir Putin Come to the negotiating table and help end Moscow’s brutal war on Ukraine.
Meanwhile, EU leaders were holding a summit on Thursday aimed at greenlighting more sanctions against Russia and moving forward on a plan to use Moscow’s assets frozen in Europe to finance Ukraine’s war effort and economy for at least the next two years.
US benchmark crude oil rose $2.31 to $60.81 a barrel. International benchmark Brent crude rose $2.38 to $64.97 a barrel.
Chinese shares fell as leaders in Beijing were wrapping up a key 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 fell 0.7% to 3,886.19, as reports indicated Washington may tighten restrictions on exports to China of products made using US software.
Japan’s Nikkei 225 fell about 1.3% to 48,683.84 on reports that Prime Minister Sanae Takaichi is preparing a bigger stimulus package than last year’s nearly 14 trillion yen (about $92 billion). SoftBank Group shares fell more than 4% after it unveiled a plan to finance its investments in artificial intelligence by issuing US dollar and euro-dominated bonds.
Takaichi has also said he favors keeping interest rates near their current low near zero, causing the Japanese yen to weaken against the dollar. The dollar rose to 152.37 JPY from 151.94 yen early Thursday.
South Korea’s Kospi fell 0.9% to 3,849.87, with investors remaining cautious while trade talks with the US saw only partial progress.
Australia’s S&P/ASX 200 rose less than 0.1% to 9,032.80.
Taiwan’s Taiex slipped 0.4%, while India’s BSE Sensex rose 0.8%.
The S&P 500 fell 0.5% to 6,699.40 on Wednesday. The Dow Jones Industrial Average fell 0.7% to 46,590.41, off a record set a day earlier. The Nasdaq Composite fell 0.9% to 22,740.40.
Netflix helped drag the market down after reporting weaker-than-expected profits in its latest quarter. Video streamers and companies broadly are under pressure to deliver solid growth in profits. This would counter criticism that their stock prices were too high after the S&P 500 surged 35% from the bottom in April.
Capital One Financial rose 1.5%, and Western Alliance Bancorp climbed 3.2% after its own profit update that beat analysts’ expectations. The Western Alliance report was particularly welcomed as it helped shake up confidence in the industry last week. It is one of several banks that have warned of possible bad loans on their books possibly caused by fraud.
Meanwhile, Beyond Meat went from frenzy to frenzy on Wednesday. After surging as much as 112% in the morning, its stock finished down 1.1%. It’s up 454.5% for the week so far, even amid the meme-stock run.
The maker of plant-based meat alternatives had the largest stake in the Roundhill Meme stock exchange-traded fund as of Tuesday. ETFs hold stocks where investors have piled in because they’re hoping to catch a wave of momentum, with almost no regard for how or what the businesses themselves are doing.
In other dealings early Thursday, the price of gold rose nearly 1% to $4,104.50 after slipping for two days from its record high.
The euro slipped from $1.1610 to $1.1600.
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AP Business writers Stan Choe and Matt Ott contributed.