Tuesday Morning Briefing: Asian Stocks Mixed, Gold Extends Loss
Japanese stocks rose as the yen weakened against the U.S. dollar for the first time in seven days. Asian stocks traded mixed before an appearance by the U.S. Federal Reserve Chair Janet Yellen.
The Japanese Nikkei Index rose 0.3 percent rising for the third straight day. Stocks in South Korea and New Zealand traded mixed while Australian shares declined.
Brazilian equities fund climbed in Tokyo after President Michel Temer was charged with corruption in Brazil's Supreme Court.
Investors will focus on Yellen's address ahead of a slew of reports on inflation, employment, manufacturing and housing in China and U.S.
Crude remained little changed, above the $43 per barrel mark, after gaining for three days. Gold extended losses after falling almost 1 percent on Monday.
Crude Above $43 Mark
The West Texas Intermediate swung between gains and losses, but kept its head above the $43 a barrel mark.
Oil inventories dropped by 2.25 million barrels last week, according to a Bloomberg showed before an Energy Information Administration report on Wednesday.
Oil rose to $43.36 after the commodity slipped into the bear market last week on concerns that the expanding global supply will counter output cuts from the Organization of Petroleum Exporting Countries.
Shale producers in the U.S. Permian basin will be able to make money even if the price falls to the mid-$20s, Scott Sheffield, chairman of Pioneer Natural Resources told Bloomberg News on Monday.
The Singapore traded SGX Nifty, an early indicator of Nifty 50’s performance in India, rose nearly 0.2 percent to 9,638.
Banking stocks will be in focus on Tuesday, as investors react to the Reserve Bank of India’s latest diktat on bad loan provisioning, asking lenders to make larger provisioning on accounts referred to Bankruptcy courts.