Asian markets mostly lower in subdued trade

Published: May 29, 2018 12:30:24 | Updated: May 31, 2018 09:45:14

Asian share markets were mostly lower Tuesday, tracking losses in Europe, where investor confidence was sapped by political uncertainty in Italy. US markets were closed Monday for a holiday.

Japan’s Nikkei 225 slumped 0.9 per cent to 22,280.91 while South Korea’s Kospi was down 0.7 per cent to 2,460.75. Hong Kong’s Hang Seng index fell 0.7 per cent to 30,590.00.

The Shanghai Composite Index sank 0.6 per cent to 3,116.59. Australia’s S&P/ASX 200 added 0.2 per cent to 6,014.80. Stocks in Taiwan and the Philippines were lower.

Many Southeast Asian markets were closed for holidays, reports AP.

France’s CAC 40 fell 0.6 per cent to 5,508.93 on Monday and Germany’s DAX dropped 0.6 per cent to 12,863.46.

Italy’s benchmark FTSE MIB opened higher but drifted lower to close down 2.1 per cent at 21,932.69. British markets were closed for a bank holiday.

Benchmark US crude plunged $1.07, or 1.6 per cent, to $66.81 per barrel in electronic trading on the New York Mercantile Exchange. The contract settled at $67.88 per barrel, down $2.83, on Monday.

It dropped 4.0 per cent on Friday, battered by reports that OPEC countries and Russia could start pumping more oil soon.

Brent crude, used to price international oils, added 32 cents to $75.64 per barrel in London.

The dollar slipped to 109.06 yen from 109.42 yen while the euro gained to $1.1628 from $1.162.

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