Oil falls more than 3% in mixed Asia-Pacific session; China manufacturing activity data ahead

Oil falls more than 3% in mixed Asia-Pacific session; China manufacturing activity data ahead


SINGAPORE — Shares in Asia-Pacific were mixed in Thursday morning trade as oil prices fell sharply.

In the morning of Asia trading hours, international benchmark Brent crude futures fell 3.46% to $109.52 per barrel. U.S. crude futures dropped 3.84% to $103.68 per barrel.

Those losses came after reports that U.S. President Joe Biden’s administration is considering releasing 1 million barrels of oil per day for several months from the strategic reserve.

In the broader Asia-Pacific markets, the Nikkei 225 in Japan slipped 0.23% while the Topix index dipped 0.33%. South Korea’s Kospi climbed 0.54%.

Meanwhile, the S&P/ASX 200 in Australia gained 0.36% as shares of major miners jumped. BHP advanced 2.91% while Fortescue Metals Group rose 4.49% and Rio Tinto surged 2.08%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded around 0.1% higher.

China is set to release its official manufacturing Purchasing Managers’ Index for March at 9:30 a.m. HK/SIN. The data release comes after an independent survey by China Beige Book showed China’s factories were hit harder in the first quarter than last year.

Stock picks and investing trends from CNBC Pro:

Overnight stateside, the S&P 500 declined 0.63% to 4,602.45. The Dow Jones Industrial slipped 65.38 points, or 0.19% to 35,228.81. The tech-heavy Nasdaq Composite lagged, dropping 1.21% to about 14,442.28.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.873 as it struggles to recover after dropping from levels above 99 earlier in the week.

The Japanese yen traded at 122.40 per dollar, still stronger than levels above 124 seen against the greenback earlier this week. The Australian dollar was at $0.7508, having largely traded in a range between $0.747 and $0.753 so far this week.



Source

The number of ‘tariff’ mentions soar past ‘AI’ on earnings calls as Trump’s trade fight alters outlook
World

The number of ‘tariff’ mentions soar past ‘AI’ on earnings calls as Trump’s trade fight alters outlook

Move over artificial intelligence. There’s a new hot topic on corporate earnings calls in 2025: tariffs. The word “tariffs” has come up on more than 350 earnings calls of S & P 500 -listed companies reporting first quarter results, according to a CNBC analysis of call transcripts compiled by AlphaSense. By contrast, the term “AI” […]

Read More
First Chinese freight ship goods hit with Trump’s 145%-plus tariffs arriving at U.S. ports
World

First Chinese freight ship goods hit with Trump’s 145%-plus tariffs arriving at U.S. ports

Container ships sit docked at the Port of Los Angeles on May 06, 2025 in San Pedro, California. Justin Sullivan | Getty Images News | Getty Images The first shipping containers carrying Chinese products that are subject to President Donald Trump’s 145% tariffs have begun arriving in U.S. ports. Seven ships carrying upward of 12,000 […]

Read More
This consumer products stock is rushing to leave China and Wall Street is betting it can pull it off
World

This consumer products stock is rushing to leave China and Wall Street is betting it can pull it off

Wall Street is optimistic SharkNinja will be able to move its sourcing completely out of China. The company, which manufactures appliances such as vacuums and the Ninja Creami ice cream maker, rallied nearly 13% on Thursday following a first-quarter earnings beat. SharkNinja raised its guidance for its fiscal-year earnings, revenue growth and adjusted EBITDA estimates. […]

Read More