Asian markets slipped amid escalating geopolitical tensions, after Turkish military shot down a Russian jet fighter, though a rise in oil prices lifted some energy shares in the region.

The Nikkei Stock Average fell 0.7%, the S&P/ASX 200 fell 0.3% and South Korea's Kospi lost 0.1%.

Australian oil producers Liquefied Natural Gas Ltd. and Santos Ltd. were up 3.9% and 1.7%, respectively, after oil prices rose overnight, although the energy sector on the S&P/ASX 200 gained just 0.1%.

On Tuesday, Turkey shot down a Russian jet fighter along the Syrian border, an incident that threatens to undercut growing efforts to create a new international coalition to confront expanding Islamic State terrorism. The Middle East is the world's most prolific oil-producing region, though Syria itself produces very little oil.

In Japan, defense shares were mixed. Kawasaki Heavy Industries Ltd., which makes transport aircrafts for Japan's military fell 1.4%, while Fujitsu Ltd., which makes communication technologies for field information, gained 0.1%.

In Australia, the materials sector gained 0.1%, recovering from steep losses Tuesday, when many base metals fell to multiyear lows.

Most mining shares continued to fall after iron-ore prices lost 1.8% on Tuesday to $43.40 a ton, the lowest level in the seven years. Rio Tinto Ltd. fell 1.3% and Fortescue Metals Group Ltd. lost 3.7%.

In China, shares were up 24% as of their close Tuesday from August lows. Authorities have lifted a restriction imposed on brokerages during the summer stock-market rout, no longer requiring them to buy more shares they sell in daily proprietary trading.

The region also remains focused on the European Central Bank, which is expected to boost stimulus as it battles low inflation, and the Federal Reserve, which is expected to raise interest rates next month.

Brent crude oil was down 0.4% at $45.94 a barrel. Oil prices rose in the U.S. following news that the jet had been downed, with U.S.-traded crude 3.2% higher at $43.07 a barrel.

Gold prices were flat at $1,074.70 a troy ounce.

Write to Chao Deng at Chao.Deng@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

November 24, 2015 21:05 ET (02:05 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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