Asian shares are mixed with tech stocks volatile, and oil falls on Trump's Russian sanctions waiver

HONG KONG (AP) — Asian shares were mixed Monday as volatility in technology stocks persisted, while U.S. equity futures edged higher ahead of another week of American corporate earnings results. Oil prices fell more than 1% after U.S.

President Donald Trump’s decision to waive sweeping sanctions on Russia, including on Russian energy. A sell-off of technology shares from Asia to Wall Street recently put downward pressure on stock markets, as investor concerns grow over the sustainability of the artificial intelligence boom. South Korea’s benchmark Kospi index was up 1.1% to 5,729.58 on Monday, after falling sharply last week.

The Kospi is down more than 18% over the past month, and still well below the 9,000 mark it crossed in June at its peak on the global AI frenzy. Samsung Electronics was up 0.7%, while memory chipmaker SK Hynix fell 0.9%. Japan’s Nikkei 225 lost 0.8% to 64,799.03.

Japanese chip equipment maker Tokyo Electron lost 2.1%, and OpenAI investor SoftBank Group dropped 3.6%. Hong Kong’s stock market was closed because of a holiday. The Shanghai Composite index edged 0.2% higher to 3,722.20, after China reported better-than-expected growth of 4.5% for its economy in the July-September quarter.

CXMT, China’s leading memory chipmaker, fell more than 7% despite the company forecasting a strong profit for the first nine months. Shares of Taiwan Semiconductor Manufacturing Co., or TSMC, the world’s biggest contract chipmaker, were down 0.6%. Australia’s S&P/ASX 200 was 0.3% higher at 8,832.20.

Indonesia’s benchmark stock index fell another 5% to its lowest level since 2020, after it plunged over 11% on Friday following a warning from index provider MSCI that it would downgrade the country from its “emerging market” status. On Friday, Wall Street’s benchmark S&P 500 declined 1.1%. The Dow Jones Industrial Average fell 0.3%, and the technology-heavy Nasdaq composite sank 2.1%.