Asia: Stocks mixed ahead of US oil supply data as crude prices fall
Asian indices ended trading on Wednesday on a mixed note as oil prices slipped again ahead of the release of US supply data.
BHP Billiton Ltd.
$44.63
08:30 19/04/24
DJ EURO STOXX 50
4,918.09
00:00 20/04/24
IBEX 35
10,729.50
18:45 19/04/24
Rio Tinto Limited
$129.52
08:30 19/04/24
Santos Limited
$7.83
08:30 19/04/24
Telefonica
€4.01
18:16 19/04/24
At 08:15 on Wednesday, Brent front month futures contract was down 0.33% or 18 cents to $54.93 per barrel, while the WTI was down 40 cents or 0.84% at $47.11.
Shanghai composite index fell 0.83% following Tuesday's disappointing data.
A preliminary manufacturing purchasing managers’ index (PMI) data release from HSBC and Markit Economics, saw Chinese activity decline to an 11-month low of 49.2 in March, down from February’s 50.7.
China is looking to revive its economy via successive interest rate cuts in recent months. However, the monetary policy measures are yet to filter through to the wider economy.
On a more positive note, Hong Kong's Hang Seng rose 0.53%
Elsewhere in Japan, Nikkei 225 was up 0.17%, one day after releasing disappointing data. Japan's PMI hit its lowest level in 10 months at 50.4 in March against expectations of a 52.1 reading. Later on Tuesday, corporate service price index came in at 3.3% in line with expectations.
Australia's ASX gained 0.07% as the Reserve Bank said the financial stability of the country's businesses has been improving as companies have been watching their cutting their costs and borrowings.
In corporate news, Hong Kong's Hutchison Whampoa gained 2.22% after agreeing to buy Spanish Telefónica's UK mobile operator O2 for £10.5bn. The deal will allow Hutchinson to merge O2 and its own British arm Three.
The drop in commodity prices drove Australian BHP Billiton down 0.35% and Rio Tinto fell 0.94%. Santos lost 0.68% despite announcing a oil discovery in Malaysia.