Asian Shares Mixed As Oil Prices Fluctuate

(RTTNews) - Asian stocks ended mixed on Tuesday as oil prices fluctuated, and U.S. President Donald Trump sought to delay his upcoming trip to China.

Oil prices were up nearly 3 percent in Asian trade after Iran set a massive natural gas field in the United Arab Emirates ablaze, adding to Investor anxiety over energy disruptions.

The U.S. dollar index ticked higher, and gold held steady above $5,000 an ounce as investors braced for a slew of central bank decisions, including the U.S. Federal Open Market Committee (FOMC) meeting scheduled for Wednesday.

China's Shanghai Composite index fell 0.85 percent to 4,049.91 after U.S. President Donald Trump said that he is planning to delay a high stakes visit to China later in March by about a month because of the Middle East conflict.

Hong Kong's Hang Seng index ended up 0.13 percent at 25,868.54, giving up some early gains.

Japanese markets ended on a flat note as the yen remained weak despite verbal warnings from authorities to intervene in currency markets.

Just days before the policy decision, Bank of Japan Governor Kazuo Ueda said today that underlying inflation was gradually accelerating toward the central bank's 2 percent target because of rising oil prices.

The Nikkei average finished marginally lower at 53,700.39 while the broader Topix index ended 0.45 percent higher at 3,627.07. Among the top gainers, Kawasaki Kisen surged 6.3 percent, Daiichi Sankyo added 5.9 percent and Taiyo Yuden advanced 5.1 percent.

Seoul stocks rallied as large-cap tech shares surged on optimism about the artificial intelligence (AI) sector. The Kospi index jumped 1.63 percent to 5,640.48.

Heavyweight Samsung Electronics climbed 2.8 percent after Nvidia CEO Jensen Huang said he expects purchase orders between Blackwell and Vera Rubin chips to reach $1 trillion through 2027.

Australian markets eked out modest gains to snap a three-day losing streak after the Reserve Bank lifted its cash rate by 25 basis points in a split decision, arguing that the decision was more about the timing rather than the direction of policy settings.

The benchmark S&P/ASX 200 rose by 0.36 percent to 8,614.30, led by banks, gold and mining stocks. The broader All Ordinaries index settled 0.30 percent higher at 8,819.40.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index edged up by 0.13 percent to 13,182.23 after three consecutive sessions of declines.

U.S. stocks rebounded overnight while the dollar and Treasury yields dipped as oil prices pulled back from recent highs amid efforts to help secure the Strait of Hormuz.

The tech-heavy Nasdaq Composite surged 1.2 percent as Nvidia's biggest event of the year kicked off and reports suggested that Meta Platforms plans to lay off 20 percent or more of its workforce.

The S&P 500 rallied 1 percent and the Dow climbed 0.8 percent after U.S. Treasury Secretary announced allowing Iranian oil tankers to transit through the key oil shipping route in order to maintain global oil supplies.