Asian stocks were mixed Tuesday and Treasuries weakened as traders weighed a jump in crude oil prices following the collapse of a deal among OPEC+ leaders to boost output next month.
A gauge of the dollar dipped. Japanese stocks made modest gains while those in Hong Kong and China slipped. Lingering concerns about China’s cybersecurity crackdown are shadowing the nation’s stock market.
One of the most high-profile probes is into ride-hailing giant Didi Global Inc., which only just listed in the U.S. European and S&P 500 equity futures fluctuated and Nasdaq 100 contracts fell. OPEC+ was plunged into crisis as a worsening fight between Saudi Arabia and the United Arab Emirates blocked an oil-supply increase. The breakdown of talks has sent crude climbing toward $80 a barrel.
But it also raises the risk of a price war if the conflict escalates. Australian bond yields rose as the central bank announced a slower pace of asset purchases, though the statement reiterated that interest rates are unlikely to rise before 2024. New Zealand’s currency outperformed major peers on speculation that an interest-rate hike could come this year. [Bloomberg]
