Asian stocks mostly up despite weak economic news from China
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Asian shares traded in positive territory Tuesday as gains in commodity stocks helped offset weakness overnight in U.S. markets.
The Nikkei Stock Average NIK, +0.69% rose 0.2% with the S&P/ASX 200 XJO, +0.27% up 0.2% and Korea’s Kospi SEU, +0.62% up 0.3%. Hong Kong’s Hang Seng Index HSI,-0.28% was down 0.1% while the Shanghai Composite SHCOMP, +0.65% was flat.
Traders sent U.S. oil prices up 2.9% to $43.02 a barrel following news that the Organization of the Petroleum Exporting Countries planned to hold informal talks in September that could lead to production cuts.
Questions & Answers
Q.Which Asian stock markets saw gains on Tuesday?
Which Asian stock markets saw gains on Tuesday?
The Nikkei Stock Average rose 0.2%, the S&P/ASX 200 was up 0.2%, and Korea’s Kospi increased by 0.3%. Gains in commodity stocks helped these markets trade in positive territory.
Q.What caused the rise in US oil prices?
What caused the rise in US oil prices?
US oil prices went up following news that the Organization of the Petroleum Exporting Countries (OPEC) intends to hold informal talks in September. These discussions could potentially lead to production cuts.
Q.How did the Hong Kong and Shanghai stock markets perform?
How did the Hong Kong and Shanghai stock markets perform?
Hong Kong’s Hang Seng Index was down 0.1%. In contrast, the Shanghai Composite index remained flat, showing no change in its trading position during the day.
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