Asian shares slide as Russia-Ukraine conflict, OPEC+ output plan push oil prices higher

Asian shares slide as Russia-Ukraine conflict, OPEC+ output plan push oil prices higher

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HONG KONG — Global shares sank on Monday and oil prices jumped as trade tensions and the Russian-Ukraine conflict ratcheted up geopolitical uncertainty.

The future for the S&P 500 lost 0.5% while that for the Dow Jones Industrial Average gave up 0.4%.

Germany’s DAX retreated 0.4% to 23,891.11 and the CAC 40 in Paris declined 0.5% to 7,712.40.

British FTSE 100 gained 1% to 8,778.84.

In Asia, Hong Kong’s Hang Seng initially plunged more than 2% as Beijing and Washington traded harsh words over trade. U.S. President Donald Trump’s announcement that he will double tariffs on steel and aluminum to 50% layered on still more worries for investors.

But the Hang Seng closed just 0.6% lower, at 23,157.97. Markets in mainland China were closed for a holiday.

China blasted the U.S. for issuing AI chip export control guidelines, stopping the sale of chip design software to China, and planning to revoke Chinese student visas.

A report over the weekend that China’s factory activity contracted in May, although the decline slowed from April as the country reached a deal with the U.S. to slash President Donald Trump’s sky-high tariffs, further undermined market sentiment.

Oil prices rallied after OPEC+ decided on a modest increase in output beginning in July. It was the third monthly increase in a row.

U.S. benchmark crude oil gained $2.08 to $62.87 per barrel, while Brent crude, the international standard, was up $1.75 at $64.53 per barrel.

Moscow pounded Ukraine with missiles and drones just hours before a new round of direct peace talks in Istanbul and a Ukrainian drone attack destroyed more than 40 Russian planes deep in Russia’s territory, Ukraine’s Security Service said on Sunday.

Hong Kong’s Hang Seng dropped 0.6% to 23,157.97 as China and the U.S. accused each other of breaching

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