Asia report: Stocks mixed as oil prices climb
Stocks finished in a mixed state in Asia on Monday, with oil prices rising ahead of an OPEC+ meeting set to take place later in the global day.
In Japan, the Nikkei 225 was down 0.11% at 27,619.61, as the yen weakened 0.16% against the dollar to last trade at JPY 140.43.
Fashion firm Fast Retailing was down 1.24%, while automation specialist Fanuc added 0.18% and technology conglomerate SoftBank Group was 0.07% firmer.
The broader Topix index ended the session 0.07% weaker at 1,928.79.
Japan’s service sector was in focus, after the au Jibun services purchasing managers’ index showed contraction for the first time since March.
It came in at a seasonally-adjusted 49.5 for August - down from 50.3 in July amid a fresh spike in Covid-19 cases in the region.
On the mainland, the Shanghai Composite added 0.42% to 3,199.91, and the technology-heavy Shenzhen Component was 0.2% lower at 11,678.69.
The Caixin services purchasing managers’ index (PMI) came in at 55.0 for August, down from 55.5 in July.
That came on the back of Beijing’s official non-manufacturing PMI, which was 52.6 for the month - both coming in above the 50-point mark that separates expansion from contraction.
Caixin’s measure is widely seen to reflect small-to-medium enterprise in China, whereas the official readings are more representative of large, state-affiliated industry.
South Korea's Kospi was off 0.24% at 2.403.68, while the Hang Seng Index in Hong Kong fell 1.16% to 19,225.70.
The blue-chip technology stocks were on the back foot in Seoul, with Samsung Electronics down 0.7% and SK Hynix losing 0.65%.
Oil prices remained in the green at the end of the Asian day, with Brent crude futures last up 2.77% on ICE at $95.60 per barrel, and the NYMEX quote for West Texas Intermediate advancing 2.57% to $89.10.
In Australia, the S&P/ASX 200 managed gains of 0.34% to 6,852.20, while across the Tasman Sea, New Zealand’s S&P/NZX 50 was off 0.08% at 11,619.04.
The down under dollars were mixed against the greenback, with the Aussie last 0.18% weaker at AUD 1.4707, while the Kiwi strengthened 0.01% to NZD 1.6385.
Reporting by Josh White at Sharecast.com.