Global Markets: Oil climbs, Asian shares mixed as holiday-heavy week gets underway
03/10/2022 04:07
By Sam Byford
TOKYO, Oct 3 (Reuters) - Oil jumped on Monday as OPEC+
considers a cut to output this week, while Asia shares were
mixed with holidays in the Asia-Pacific region likely to result
in thin trading.
U.S. crude CLc1 rose 3.01% to $81.88 a barrel after OPEC+
sources told Reuters oil production could be cut by between
500,000 and one million barrels a day. Brent crude LCOc1 rose
2.95% to $87.65 per barrel.
On the first trading day of the quarter, MSCI's broadest
index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was
down 0.43%, on course to decline for a fourth straight session.
In Australia, where some states are observing a public
holiday, the S&P/ASX 200 index .AXJO fell 0.15%.
Hong Kong's Hang Seng index .HSI dropped 0.64%.
Japan's Nikkei 225 index .N225 , however, was up 0.72%
after upbeat quarterly earnings from Mimasu Semiconductor
8155.T boosted chip shares.
South Korea has a national holiday on Monday, while China
has just entered Golden Week and Hong Kong has a holiday on
Tuesday.
"Given the holidays, trading is likely to be thin," ING's
regional head of research Robert Carnell said in a note.
The dollar traded flat against the yen at 144.75 JPY=EBS
after hitting a high of 144.89 overnight. Japan's finance
minister Shunichi Suzuki said this morning the government would
take "decisive steps" to prevent sharp currency moves.
Attention later in the day will be on September data for
the U.S. ISM manufacturing index.
"ISM manufacturing is unlikely to dent the optimism around
the US economy that has been building up further with positive
economic indicators released over the last few weeks," Saxo Bank
market strategist Redmond Wong wrote in a research note.
Tuesday will see the Reserve Bank of Australia meet, with
markets widely expecting another 50 basis point rate hike, as
well as the release of CPI inflation data from Japan.
Spot gold XAU= was up 0.47% to $1,667.2208 an ounce.
Leading cryptocurrency Bitcoin fell 1.15% to $19,200.
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(Reporting by Sam Byford; Editing by Edwina Gibbs)
((Sam.Byford@thomsonreuters.com;))
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