Asian Markets Mixed as Trump’s US-Iran Meeting Comments Push Oil Below $100

Asian shares were mixed on Wednesday while oil prices declined after US President Donald Trump said American and Iranian officials had a “very good” meeting on the sidelines of the United Nations General Assembly.

Investors also took cues from Wall Street, where the S&P 500 remained close to its record high and the technology-heavy Nasdaq Composite closed at a fresh peak.

South Korea’s Kospi rose 0.5 per cent to 7,052.75, while Hong Kong’s Hang Seng fell 0.8 per cent to 24,896.04. The Shanghai Composite declined 0.4 per cent to 3,938.08, while Australia’s S&P/ASX 200 gained 0.3 per cent to 8,779.80.

Taiwan’s Taiex advanced 0.6 per cent, while India’s Sensex was up 0.3 per cent. Japan’s Nikkei 225 was closed for a holiday and is scheduled to resume trading on Thursday.

Oil prices fell after Trump said US and Iranian officials had met following his warning at the UN that Washington could “annihilate” Iran if an agreement could not be reached.

Brent crude, the international benchmark, fell 0.9 per cent to $98.40 a barrel, remaining below the $100 mark. However, prices were still significantly higher than the roughly $72 a barrel level seen in late February before the Iran war.

Technology stocks in Asia were volatile but several major chipmakers gained. Samsung Electronics rose 2.6 per cent, SK Hynix gained 0.4 per cent and Taiwan Semiconductor Manufacturing Co advanced 1.2 per cent.

US technology stocks also ended higher on Tuesday, with Nvidia gaining 0.7 per cent, AMD 1.3 per cent, Broadcom 0.5 per cent and Intel 1.7 per cent.

The S&P 500 edged down less than 0.1 per cent, while the Dow Jones Industrial Average fell 0.4 per cent.

The US dollar rose to 157.59 Japanese yen, while the euro eased to $1.1427.