Asian shares fell, with China’s indexes down 1%

Asia-Pacific shares declined on Tuesday, with major indexes in China and South Korea declining at least 1%.

The Hang Seng index in Hong Kong slumped 1.43% to settle at 24,962.59.

China Evergrande New Energy Vehicle’s shares surged 4.56%. The rise came after the company vowed on Monday to start producing electric vehicles next year. As far as we know, the firm is linked to debt-laden developer Evergrande. Evergrande has already missed multiple coupon payments for its bonds in recent weeks.

Additionally, mainland Chinese stocks closed lower. The Shanghai Composite fell by 1.25% to close to 3,546.94, whereas the Shenzhen component sank 1.616% to 14,135.38.

Kospi in South Korea declined by 1.35% to settle at 2,916.38. Nikkei 225 in Japan fell 0.94% to close at 28,230.61. Meanwhile, the Topix index dropped 0.7% to end the trading day at 1,982.68.

Moreover, Australian stocks erased earlier increases as the S&P/ASX 200 dropped 0.26% to 7,280.70.

Furthermore, MSCI’s broadest index of Asia-Pacific shares, excluding Japan, slipped 1.08%.

The Dow Jones Industrial Average plunged 250.19 points to close to 34,496.06

Oil prices rose in the Asia trading hours, adding to gains after a recent boost above $80. International benchmark Brent crude futures gained 0.24% to close to $83.85 per barrel. Meanwhile, U.S. crude futures boosted 0.11% to $80.61 per barrel.

According to an economist at National Australia Bank, Tapas Strickland, the growth in energy prices is fuelling concerns that the transitory lift in inflation may be longer-lasting.

The recent rise in oil prices comes as a recovery in global demand contributed to power shortages in major economies such as China. Last week, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) also opted against a supply increase. It further fuelled the oil price rally.

Furthermore, the Dow Jones Industrial Average plunged 250.19 points to close to 34,496.06. Additionally, the S&P 500 fell 0.69% to 4,361.19, whereas the Nasdaq Composite dropped 0.64% to settle at 14,486.20.

The U.S. dollar index, which measures the dollar against its peers, was at 94.335 after a recent recovery from below 94.2.

The safe-haven currency, the Japanese yen, traded at 113.26 per dollar after yesterday’s decline from below 112.8 against the dollar. The risk-sensitive Australian dollar changed hands at $0.7355, above levels about $0.73 hit earlier in the trading week.

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