Asia-Pacific Markets Mixed as Oil Stocks Rise; The Australian central bank’s rate decision is imminent

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SINGAPORE – Shares in major Asia Pacific markets battled for direction in Tuesday morning trading as investors watch the Australian central bank’s rate decision.

The Japanese Nikkei 225 rose 0.29% while the Topix index rose 0.3%. Over in South Korea, the Kospi gained 0.51%.

Mainland stocks, however, fell. The Shanghai composite lost 0.27% while the Shenzhen component lost 0.222%. Hong Kong’s Hang Seng index fell 0.5%.

Meanwhile, stocks in Australia rose while the S & P / ASX 200 rose 0.18%.

MSCI’s broadest index for Asia-Pacific stocks outside of Japan traded around the flatline.

Looking ahead, the Reserve Bank of Australia will announce its rate decision on Tuesday at 12:30 p.m. HK / SIN.

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US Crude Oil Futures Jump

US crude oil futures rose 1.96% to $ 76.63 a barrel on the morning of Tuesday’s Asian session. The international benchmark Brent crude oil futures rose 0.38% to $ 77.45 a barrel.

Stocks of Asia Pacific oil companies rose in trading Tuesday morning, with Australia’s Beach Energy gaining 2.75% while Santos gaining 1.51%. Inpex shares in Japan were also up 2.97%. In Hong Kong, PetroChina’s shares rose 1.04%.

Oil prices soared to multi-year highs on Monday after talks between OPEC and its oil-producing allies, known as OPEC +, were postponed indefinitely after the group failed to reach an agreement on production policy for August and beyond.

Currencies

The US dollar index, which tracks the greenback versus a basket of its peers, stood at 92.253 – a level above 92.4 hit late last week.

The Japanese yen traded at 110.81 per dollar after hitting 110.8 against the greenback yesterday. The Australian dollar changed hands at $ 0.754, up from yesterday’s level below $ 0.752.

Here’s a look at what’s on tap:

  • Australia: Reserve Bank of Australia rate decision at 12:30 p.m. HK / SIN

– CNBC’s Pippa Stevens contributed to this report.