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July 6, 2021, 12:22 a.m. EDT

Asian markets mixed as oil prices push toward $80 a barrel

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By Associated Press

TOKYO — Asian shares were mixed in muted trading on Tuesday as oil prices surged higher after a meeting of oil producing nations was postponed.

Analysts said there was little else guiding markets with the U.S. closed for the Independence Day holiday.

Japan’s benchmark Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +0.58% edged up 0.4% and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.33% added 0.5%. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.76% slipped 0.3%. Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +1.03% lost 0.6%, while the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.19% slipped 0.5%. Stocks advanced in Singapore /zigman2/quotes/210597985/delayed SG:STI +0.22% , Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -0.01% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.38% .

Investors have been trimming holdings of Chinese technology company shares as Beijing tightens oversight of the industry.

Talks among members of the OPEC cartel and allied oil producing countries have broken off in the midst of a standoff with the United Arab Emirates over production levels.

In energy trading, U.S. benchmark crude rose $1.56 to $76.72 a barrel. Brent crude , the international standard, added 40 cents to $77.56 per barrel.

“Higher energy costs could fan inflationary stresses and add to the case for global central banks to temper emergency stimulus in the months ahead,” Harpreet Bhal of ActivTrades said in a commentary.

With oil prices pushing toward $80 a barrel, that “raises the risk of a price war if the conflict escalates, like in March last year,” Bhal said.

In Asia, the pandemic remains a major risk that could hinder the recovery in some countries with fresh outbreaks of COVID-19, said Yeap Jun Rong, a market strategist at IG in Singapore.

“This comes as the vaccination rate in Asia has been largely trailing behind other regions, leading to lockdowns being the go-to option to contain virus spreads,” Yeap said in a report.

Worries about health risks are growing ahead of the Tokyo Olympics, which begin later this month with 11,000 Olympic athletes and 4,400 Paralympians entering Japan from more than 200 countries. Tens of thousands of judges, sponsors, dignitaries and media also are attending.

The government is determined to go ahead with the games, despite warnings from medical experts, promising border controls and curbs on spectators to keep the events safe.

While the public remains skeptical, with a majority of people opposed to holding the Games this year, any protests have been muted in this country known for its public order and decorum.

“It’s not even true that the global pandemic is in the past. Yes, media have largely stopped putting it on the front pages: vaccinations are up; cases are down,” said a report from RaboResearch.

“However, and very regrettably, it seems another great gamble is underway here too. The vast majority of mankind has not been vaccinated.”

In currency trading, the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.2287% slipped to 110.86 Japanese yen from 110.95 yen.

JP : Nikkei
+176.71 +0.58%
Volume: 0.00
Sept. 17, 2021 3:15p
KR : Korea Exchange
+10.42 +0.33%
Volume: 589,244
Sept. 17, 2021 3:32p
-56.50 -0.76%
Volume: 1.61M
Sept. 17, 2021 5:54p
HK : Hong Kong Exchange
+252.91 +1.03%
Volume: 3.10M
Sept. 17, 2021 4:08p
CN : China: Shanghai
+6.87 +0.19%
Volume: 51.69B
Sept. 17, 2021 3:01p
SG : Singapore: SGX
+6.69 +0.22%
Volume: 0.00
Sept. 17, 2021 5:20p
TW : Taiwan Stock Exchange
-1.91 -0.01%
Volume: 0.00
Sept. 17, 2021 1:31p
ID : Indonesia Stock Exchange
+23.30 +0.38%
Volume: 0.00
Sept. 17, 2021 3:00p
US : Tullett Prebon
+0.2510 +0.2287%
Volume: 0.0000
Sept. 17, 2021 4:59p

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