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

Asian shares experienced mixed results on Monday, with technology stocks exhibiting heightened volatility. U.S. equity futures showed a slight uptick in anticipation of additional corporate earnings announcements throughout the upcoming week. Oil prices declined by over 1% following President Donald Trump's decision to suspend sanctions on Russia, which encompassed Russian energy.

The mixed performance of Asian shares can be attributed to the lingering volatility in technology stocks, which have recently faced downward pressure due to concerns about the sustainability of the artificial intelligence boom. Key market indices reflected these fluctuations, with South Korea's Kospi index up 1.1% to 5,729.58, after a sharp decline the previous week. Japan's Nikkei 225 closed 0.8% lower at 64,799.03, while Taiwan's Taiex slipped 1%.

Global oil prices experienced a similar downward trend, with Brent crude dropping 1.8% to $107.86 per barrel and U.S. crude falling 1.6% to $97.43 per barrel. The decline in oil prices was primarily driven by Trump's executive order temporarily pausing new sanctions on Russia, which were set to take effect just days prior. This decision resulted in disappointment from Ukraine, who stood to benefit from the sanctions.

Despite the decline, oil prices remained elevated compared to pre-Iran War levels, due to ongoing global oil supply risks and geopolitical tensions, such as those surrounding oil transport in the Strait of Hormuz.