Asian stocks mixed as markets await OPEC meeting results

AP November 30,2016 - 09:17 PM

ASIAN stocks were mixed Wednesday, as investors awaited the results of a key meeting of the Organization of Petroleum Exporting Countries.

Japan’s benchmark Nikkei 225 was flat, finishing at 18,308.48, and Australia’s S&P/ASX 200 dropped 0.3 percent to 5,440.50.
South Korea’s Kospi gained 0.3 percent at 1,983.48. Hong Kong’s Hang Seng gained 0.3 percent to 22,808.41, while the Shanghai Composite slipped 1.2 percent to 3,244.86. Shares were higher in Indonesia, Taiwan and Thailand.

Oil rebounded despite mounting skepticism that oil producers will reach agreement on curbing output, which could put a floor on prices. Benchmark US crude added 33 cents to 45.56 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 64 cents to 47.96 a barrel in London.

“All eyes will be on Vienna today with Iran and Iraq both digging their respective heels in on production caps. Failure to come up with a viable solution will see oil much lower tomorrow,” said Jeffrey Halley, a senior market analyst at OANDA.

Japan’s benchmark fell back after the government reported that industrial production rose 0.1 percent from the month before in October, down from 0.6 percent in September and 1.3 percent in August. Economists said the data showed growth was sustained, but below par.

On Wall Street, the Dow Jones industrial average rose 23.70 points, or 0.1 percent, to 19,121.60. The Standard & Poor’s 500 index rose 2.94 points, or 0.1 percent, to 2,204.66; and the Nasdaq composite rose 11.11 points, or 0.2 percent, to 5,379.92.

The dollar rose to 112.71 yen from 112.20 yen. The euro rose to 1.0638 from 1.0592.

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TAGS: export, Hong Kong, Japan, nikkei, organization of petroleum exporting countries, petroleum, petroleum export, shanghai, vienna

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