Asian shares and US futures decline, while oil prices press higher
[September 08, 2026] By
ELAINE KURTENBACH
BANGKOK (AP) — Asian shares and U.S. futures skidded Tuesday as flaring
conflict in the Middle East pushed oil prices higher.
A wave of Houthi attacks on oil facilities and utilities in Saudi
Arabia's southern region has escalated a renewed conflict between an
important U.S. ally and Iranian-backed rebels in Yemen.
Tokyo's Nikkei 225 gave up early gains, sinking 1.7% to 65,269.33 as
major exporters were sold due to a surge in the value of the Japanese
yen.
Shares in Toyota Motor Corp. shed 4.1%, while electronics maker
Panasonic Holdings Corp. fell 5.8%.
Early Tuesday, the U.S. dollar slipped to 153.73 Japanese yen from
154.34 yen. The yen has gained value against the dollar in the past few
days on expectations that the U.S. and Japanese governments might
intervene to prevent the yen from weakening further. Last week, the
dollar briefly rose to about 160 yen.
The government reported that the economy grew at a slightly faster
annual pace in the April-June quarter than earlier reported, at 1.4%.
Earlier, the Cabinet Office had estimated the annualized growth rate at
1.1%.
The revision reflects stronger business investment than earlier
reported, though overall investment still contracted, at minus 0.9%,
Norihiro Yamaguchi of Oxford Economics said in a commentary.
“The boost to consumption from policy measures seen in April-May is
already fading, and supply-side-driven inflation will accelerate ahead
as firms will pass on increased costs, deteriorating consumers’
purchasing power,” he said.
South Korea’s Kospi fell back after an early rally, losing 0.6% to
6,954.52. Shares in Samsung Electronics handed back early gains to slip
0.2%.
Hong Kong's Hang Seng lost 0.3% to 25,345.04, and the Shanghai Composite
index edged 0.2% higher, to 3,941.44.
China said its exports jumped 25% year-on-year in August, driven by
strong demand for autos and high tech items.
In Australia, the S&P/ASX 200 declined 1% to 8,920.80.
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Currency traders work at the foreign exchange dealing room of the
Hana Bank headquarters in Seoul, South Korea, Tuesday, Sept. 8,
2026. (AP Photo/Ahn Young-joon)
 On Friday, the S&P 500 lost 0.4% and
the Dow Jones Industrial Average fell 0.5%. The Nasdaq composite
gave back 0.3%.
Wall Street will get important updates about inflation this week.
The U.S. will release its August report for inflation at the
wholesale level, called the Producer Price Index, or the PPI, on
Thursday. It provides details on prices for businesses before they
pass along the costs to consumers.
On Friday, the U.S. will release its better-known Consumer Price
Index, for August. The CPI is closely watched and provides details
on price changes for specific grocery items, furniture, and
clothing, among other categories. It also details price changes for
services ranging from car maintenance to travel and restaurant
dining.
In energy markets early Tuesday, Brent crude, the international
standard, added 1.4% to $98.40 a barrel as tensions simmered in the
six-month U.S. war with Iran.
Benchmark U.S. crude surged 2.6% to $93.88 a barrel.
In other currency dealings, the euro was unchanged at $1.1624.
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AP Business Writers Chan Ho-him in Bangkok and Yuri Kageyama in
Tokyo contributed to this report.
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