By Marketwatch and Associated Press
Hong Kong, mainland China post steepest losses as crude prices stabilize
Asian markets fell in early trading Tuesday, a day after oil prices spiked and global markets slipped following a weekend attack on Saudi Arabian oil facilities.
President Donald Trump on Monday said it "looks" like Iran was behind the attack , but suggested no military response was imminent. The Saudi government called the attack an "unprecedented act of aggression and sabotage" but stopped short of directly pinning blame on Iran. Tehran denied responsibility for the strike, which knocked out about half of Saudi Arabia's oil production. Oil prices jumped more than 14% on Monday, but crude futures were far more subdued Tuesday.
"The calming overtones from Saudi officials suggesting the situation is manageable, after telling other OPEC members not to respond with extra output, have temporarily taken the edge of the disruption," said Stephen Innes, Asia-Pacific market strategist at AxiTrader, in a note.
Japan's Nikkei , which was closed for a holiday Monday, slipped 0.1%, as Trump told Congress that the U.S. and Japan are ready to sign a limited trade deal. Hong Kong's Hang Seng Index fell 0.9% and the Shanghai Composite slid about 0.9% while the Shenzhen Composite dropped 1.2%. South Korea's Kospi edged up 0.2%, while benchmark indexes in Taiwan , Singapore and Indonesia were mixed. Australia's S&P/ASX 200 was about flat.
Among individual stocks, oil producer Inpex surged in Tokyo trading, as did e-commerce company Rakuten , while SoftBank fell. In Hong Kong, Geely Automobile and Hang Lung Properties declined. LG Electronics (066570.SE) slipped in South Korea and Foxconn fell in Taiwan. BHP and Rio Tinto dropped in Australia, while Woodside Petroleum gained.