Asia-Pacific markets reportedly slipped as oil prices continued to increase from Wednesday jump.
OIL PRICES — Asia-Pacific markets reportedly slipped on Thursday, as oil prices jumped around 5 percent on Wednesday.
Shares of Tencent dropped 3.7 percent in Hong Kong after the company on Wednesday posted its slowest revenue growth on record. According to Tencent, it is “exploring” a financial holding company for WeChat Pay if required by Chinese regulators.
CNBC reported that Hong Kong’s Hang Seng index fell 1.08 percent in early trade. Other Chinese tech stocks in Hong Kong also declined, with Alibaba down 2.21 percent and NetEase slipping 1.26 percent.
In mainland China, the Shanghai composite declined 0.78 percent, while the Shenzhen component shed 1.166 percent. The Nikkei 225 in Japan declined 1.4 percent, shedding some of its 3 percent jump from Wednesday, while South Korea’s Kospi slipped 1.06 percent.
Based on the report, investors monitored oil moves after prices increased on Wednesday.
Oil prices have been volatile for weeks since Russia’s invasion of Ukraine as investors assess the impact of war on oil supply along with other concerns such as a COVID-19 outbreak in China.
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On Wednesday, Russian Deputy Prime Minister Alexander Novak warned that a ban on Russian oil and gas imports over the Ukraine war would drive the world’s energy markets to a “collapse of the oil and gas markets“.
“It is absolutely obvious that without Russian hydrocarbons, if sanctions are introduced, there will be a collapse of the oil and gas markets,” Russian Deputy Prime Minister Alexander Novak told Russia’s lower house State Duma as reported by Russian news agencies. “The rise in energy prices may be unpredictable.“
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