Asian shares are mixed and oil prices jump as Trump orders a blockade of oil tankers to Venezuela

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BANGKOK (AP) — Asian shares were mixed on Wednesday with strong buying of technology shares helping lift some benchmarks, while oil prices surged more than 1% after President Donald Trump ordered a blockade of all “sanctioned oil tankers” into Venezuela.

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Trump’s move followed the seizure by U.S. forces last week of an oil tanker off Venezuela’s coast, an unusual move that followed a buildup of military forces in the region as his administration ramps up pressure on the country’s authoritarian leader Nicolas Maduro.

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U.S. futures edged lower.

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Tokyo’s Nikkei 225 shed 0.3% to 49,237.58 traders awaited a decision on an interest rate hike by the Bank of Japan later in the week.

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The government reported that the total value of machinery orders received by 280 manufacturers fell 6.8% in October from the month before, in line with other signs of weakening factory activity.

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Chinese markets were marginally higher. Hong Kong’s Hang Seng picked up 0.2% to 25,291.44, while the Shanghai Composite index was up nearly 0.2%, at 3,831.43.

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In South Korea, the Kospi advanced 0.7% to 4,028.93, lifted by computer chip maker SK Hynix, which gained 2.8%, and a 3.6% jump for Samsung Electronics.

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Australia’s S&P/ASX 200 gave up 0.2% to 8,581.00.

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On Tuesday, U.S. stocks drifted through a mixed day of trading after reports on the U.S. economy did little to clear up uncertainty about where interest rates may be heading.

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One report said the U.S. unemployment rate was at its worst level since 2021 in November, but employers also added more jobs last month than economists expected. A separate report, meanwhile, said an underlying measure of strength for revenue at U.S. retailers grew more in October than economists expected.

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The S&P 500 slipped 0.2% to 6,800.26. It remains a bit below its all-time high set last week. The Dow Jones Industrial Average dipped 0.6% to 48,114.26, and the Nasdaq composite rose 0.2% to 23,111.46.

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The mixed data left intact traders’ hopes that the Federal Reserve may continue to cut interest rates in 2026. What the Fed does with interest rates is a top driver for financial markets because lower rates can boost the economy and prices for investments, even if they also may worsen inflation.

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A report coming on Thursday will show how bad inflation was last month, and economists expect it to show prices for U.S. consumers continue to rise faster than anyone would like.

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A report released on Tuesday suggested price pressures are rising sharply, with average selling prices for businesses climbing at one of the fastest rates since the middle of 2022. The preliminary data from S&P Global also said growth for overall business activity slowed to its weakest level since June.

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The sharpest losses on Wall Street came from companies in the oil business as prices for crude kept sliding.