SINGAPORE – Asia-Pacific stocks were mixed in Monday morning trading, with oil prices hovering around $ 76 ahead of another meeting between OPEC and its allies. Investors are also eagerly awaiting the release of data in Australia and China.
In Japan, the Nikkei 225 slipped 0.5% at the start of the session while the Topix index lost 0.43%. South Korea’s Kospi rose 0.33%.
The S & P / ASX 200 in Australia was up 0.32%.
The largest MSCI index of Asia-Pacific equities excluding Japan traded up 0.26%.
Oil is moving
Oil prices fell on the morning of trading hours in Asia, after rising late last week as OPEC and its allies, collectively called OPEC + did not come to an agreement on production policy.
International benchmark Brent crude futures fell 0.12% to $ 76.08 a barrel after rising last week of less than $ 74.40 a barrel.
US crude futures slipped 0.1% to $ 75.09 a barrel, but still largely held last week’s gains below $ 72.80 a barrel.
The group will meet again on Monday. All members except the United Arab Emirates have agreed to relax the cuts and extend them until the end of next year, according to Reuters citing an OPEC + source.
On the economic data front, Australia’s retail sales data for May is expected to be released at 9:30 a.m. HK / SIN on Monday.
A private investigation into the activity of the service sector in China in June is also expected. The Caixin / Markit Services Purchasing Managers Index is expected to be released at 9.45am HK / SIN.
Currencies
The Japanese yen was trading at 111.14 per dollar, stronger than levels above 111.2 against the greenback seen late last week. The Australian dollar changed hands at $ 0.7513 after rallying last week below $ 0.748.
Here’s a rundown of what’s available:
- Australia: Retail sales data for the month of May at 9:30 a.m. HK / SIN
- China: Caixin / Markit Service Purchasing Managers Index at 9.45 a.m. HK / SIN
– CNBC’s Sam Meredith contributed to this report.