BANGKOK – Asian markets moved in different directions Monday, while oil prices dropped by roughly $1.50 a barrel after U.S. President Donald Trump’s proposal to buy diesel from Russia faced opposition from some lawmakers.
U.S. stock futures rose more than 0.3%, following a record-setting week on Wall Street. Investors are preparing for new U.S. inflation and retail-sales data, as well as quarterly earnings reports from the country’s largest banks.
South Korea’s Kospi fell 3.1% to 6,416.17 in Asian trading. Japanese markets were closed for a holiday.
Hong Kong’s Hang Seng gained 0.2% to 24,253.70, while the Shanghai Composite slipped 0.1% to 3,809.08.
Australia’s S&P/ASX 200 advanced 0.9% to 8,790.70.
Taiwan’s Taiex declined 0.2%, while India’s Sensex edged 0.1% higher.
In the United States, the S&P 500 rose 0.6% Friday, the Dow Jones Industrial Average climbed 0.8% and the Nasdaq composite added 0.6%.
Oil markets have remained volatile amid uncertainty over when the war with Iran will allow the global energy industry to resume normal operations.
Trump stunned lawmakers Friday by saying on social media that he had reached an agreement with Russian President Vladimir Putin to purchase Russian diesel. The move was intended to ease a surge in fuel prices ahead of the Nov. 3 U.S. midterm elections.
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Trump said Russia would immediately send more than 300,000 tons of diesel to U.S. and global markets, followed by another 500,000 tons in November and 1 million tons “immediately thereafter.” He added that a further 3 million tons would be delivered “within a short period of time.”
The proposal conflicts with U.S. efforts to restrict the revenue Russia earns from oil and gas sales, money that can help finance its war against Ukraine. Trump’s announcement came only weeks after Congress approved legislation requiring him to impose substantial tariffs on major importers of Russian oil or natural gas. The measure exempts countries that import less than 15% of Russia’s natural-gas exports and have taken significant steps to reduce those purchases.
A bipartisan group of six senators urged the administration Sunday to “immediately reverse course” on the diesel plan.
Brent crude, the international benchmark, fell 1.4% to $103.31 a barrel early Monday. U.S. benchmark crude declined 1.7% to $90.31 a barrel.
Stocks have climbed sharply on expectations for strong corporate earnings, even as many Americans report feeling increasingly pressured by elevated inflation.
A preliminary University of Michigan survey released Friday found that U.S. consumers had raised their inflation expectations for the coming year to 4.7%, up from 4.6% a month earlier and 3.4% in February, before the war with Iran began. Consumer sentiment has fallen particularly sharply among lower-income Americans and people with smaller stock investments, groups less able to absorb rapid increases in living costs.
Companies now face pressure to produce strong profit growth after their shares approached record levels despite the drag from high bond yields. Major banks, including Citigroup, JPMorgan Chase and Wells Fargo, are scheduled to report results Tuesday.
In early Monday trading, the U.S. dollar rose to 158.27 Japanese yen from 158.23 yen. The euro increased to $1.1211 from $1.1191.
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