Oil stocks are increasing; Australian central bank keeps key rate target unchanged

SINGAPORE – Stocks in major Asia-Pacific markets struggled on Tuesday as investors reacted to the Australian central bank’s decision on interest rates.

The Nikkei 225 in Japan rose 0.16% to close at 28,643.21 while the Topix index rose 0.28% to close the trading day at 1,954.50. In South Korea, the Kospi gained 0.36% on the day to 3,305.21.

Mainland Chinese stocks, on the other hand, closed lower. The Shanghai composite slipped 0.11% to 3,530.26 while the Shenzhen component fell 0.347% to around 14,667.65. Hong Kong’s Hang Seng Index fell around 0.2% as of the last hour of trading.

Meanwhile, the S & P / ASX 200 closed 0.73% lower at 7,261.80.

The largest MSCI index of Asia-Pacific equities excluding Japan rose about 0.1%.

The Reserve Bank of Australia on Tuesday announced its decision to keep the target rate target at 0.1%. Following this announcement, the Australian dollar changed hands at $ 0.7583, still above the below $ 0.752 levels seen yesterday.

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Oil prices go up

Oil prices rose in the afternoon of trading hours in Asia. US crude futures jumped 1.98% to $ 76.65 a barrel. Futures on international benchmark Brent crude rose 0.31% to $ 77.40 per barrel.

Shares of Asia-Pacific companies in the oil space rose on Tuesday, with Australian Beach Energy rising 1.96% while Santos gained 0.41%. Shares of Inpex in Japan also jumped 1.78%. In Hong Kong, CNOOC shares rose 1.56% from their last hour of trading.

Oil prices hit multi-year highs on Monday after talks between OPEC and its oil-producing allies, known as OPEC +, were postponed indefinitely following the group’s failure to reach a deal on production policy for August and beyond.


The US dollar index, which tracks the greenback against a basket of its peers, was at 92.04, above levels above 92.4 seen late last week.

The Japanese yen was trading at 110.89 per dollar after an earlier low of 110.97 against the greenback.

– CNBC’s Pippa Stevens contributed to this report.

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Felix J. Dixon