Most Asia-Pacific markets fell on Wednesday as investors worried about the effect of the credit crisis on bank profits after Japan’s largest bank said earnings would not grow this year. But shares in Hong Kong and on the mainland of China showed a big turnaround in the afternoon session on higher oil prices and rumours that Beijing may loosen controls on the price of fuel and other refined products.

Oil prices moved closer to a record $130 a barrel, with Nymex light sweet crude for July delivery trading as high as $129.23 in Singapore.