The Nikkei average rallied 598.49 points or 3.68 percent to 16,874.44, erasing the previous day’s 3.4 percent loss.
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The Korea Composite Stock Price Index (KOSPI).KS11 was up 0.1 percent after the Bank of Korea kept rates unchanged as expected.
The MSCI Asia Pacific Index climbed 1.4 percent to 132.04 as of 9:10 a.m.in Tokyo. Freeport-McMoRan gained 83 cents, or 7.5 percent, to $11.85, while Newmont Mining rose $1.33, or 4.5 percent, to $30.79. Stocks in Singapore and Indonesia were higher but markets in Taiwan and the Philippines were lower. Investors are also cautious about pushing the yen much higher given the threat of intervention and chances that Japan could ease policy further. “We will quite likely see credit spreads widen again today, as the oil price has been a major driver for high yield credit”.
Energy recovered an initial 1 percent decline to trade 1.5 percent higher as the top S&P 500 performer in midday trade. The dollar-yen pair was at 108.05, appreciating 0.63%, as of 7:31 AM GMT. Natural gas was up 4 cents, or 2.2 percent, to $1.94 per 1,000 cubic feet.
A 7.3 magnitude tremor struck early on Saturday, following a smaller quake on Thursday, centred on the region’s Kumamoto prefecture, an important manufacturing hub.
Oil prices slumped almost 4 percent after a weekend meeting of oil-producing nations failed to result in an agreement to curb production. Oil Search advanced 5.6 percent after releasing its quarterly report. On Monday, the Dow Jones industrial average.DJI climbed to its highest level since July.
Hong Kong’s Hang Seng index lost 0.7%.
Financials and materials sector weighed down on the S&P/ASX 200 as the Aussie benchmark gave up 20 points to finish down 0.40%. The euro rose to $1.1338 from $1.1309.
Russia’s energy minister says “the door is not closed” on a potential oil production freeze but he doubts all other major oil-producing nations will agree to it. The pact fell apart after Saudi Arabia demanded that Iran join in. Russian Federation is not member of the oil cartel.
“As we’re not going to sign anything, and as we’re not part of the decision to freeze output, we ultimately decided it was not necessary to send a representative”, the Iranian government said. “Traders will be closely monitoring oil prices and the knock-on effect on global equity markets”.
Elsewhere, the Brazilian real fell more than two percent on Monday following a lower house vote to impeach President Dilma Rousseff.
Most markets in Asia ended Tuesday in the black, after a settling in oil prices and a jump in Japanese stocks.
USA stocks rose overnight, as crude prices steadied after earlier losses on failed output talks and investors digested strong earnings from the likes of Morgan Stanley and Hasbro. The contract fell 58 cents, or 1.4 percent, to close at $39.78 a barrel on Monday.
Over the weekend, news reached the market that the meeting held by the oil producers in Doha had not been successful.
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“Iran has no reason to auto-sanction themselves when they are just trying to get back some of the market share they lost in recent years due to Western-imposed sanctions”, added Mr Leszczynski. But investors decided that expectations for a deal on oil production had been very modest to begin with, said Eric Wiegand, senior portfolio manager at U.S. Bank Wealth Management.
