Asian Shares gave mixed results on Tuesday, as oil prices fell and the U.S. dollar weakened ahead of a key meeting of Federal Reserve officials and other central bankers later this week.
The Nikkei Stock Average lost 0.4%, while Australia’s S&P/ASX 200 were up by 0.8%. Hong Kong’s Hang Seng Index was down by 0.3%, while the Shanghai Composite Index gained 0.2%. The FTSE Bursa Malaysia KLCI was down 0.1%.
Crude-oil prices sank below $47 a barrel in New York overnight on skepticism the Organization of the Petroleum Exporting Countries (OPEC) would reach a deal to cut production, sending commodity stocks in Japan sharply lower. Oil explorer Inpex was down 1.9%, while Japan Petroleum Exploration slid 3.4%. Brent crude, the global benchmark, was recently down 1% from the previous close to $48.67 a barrel, a five-day low.
Copper three-month futures on the London Metal Exchange hovered near six-week lows, and share prices of mining companies on Australia’s benchmark index rose.
U.S. dollar slipped against other major currencies as the yield on the 10-year U.S. Treasury note fell to 1.55% from around 1.60%. The U.S. dollar index was recently down 0.1%. The yen rose 0.1% against the dollar, adding to pressure on Japanese exporters by making them less competitive, with auto makers Honda Motor falling 2.1% and Mazda Motor shedding 3% of its value.
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