Asia-Pacific markets traded mixed on Tuesday as oil prices rose amid concerns that the Iran conflict could drag on after the warring parties exchanged strikes over the weekend.
By 11:55 am AEST (1:55 am GMT), Australia’s S&P/ASX 200 was down 0.6%, Japan’s Nikkei 225 had gained 0.2%, while South Korea’s KOSPI 200 was 2% higher.
In Australia, the Westpac–Melbourne Institute Consumer Sentiment Index fell 5.2% to 84.4 in September from 88.9 in August.
Matthew Hassan, Head of Australian Macro-Forecasting, said:
"The fall takes sentiment back towards the deeply pessimistic levels seen earlier in the year. Both fuel prices and interest rates again look to be driving the move. Local pump prices have lifted back above $2/litre for the first time since April, reflecting higher global energy prices and the end of the temporary halving in fuel excise tax.
"Meanwhile, a stronger than expected monthly CPI read in July has stoked fears that the RBA will raise interest rates further in coming months. This has weighed on consumer expectations for finances and the economy. It has likely also added to unease about the continued weakening in housing markets."
Meanwhile, Japan’s economy grew faster than initially estimated in the April-June quarter, supported by business spending that was less weak than initially reported, revised data showed on Tuesday.
Data from the Cabinet Office showed the economy expanded at an annualised 1.4% pace in the second quarter, up from the initial estimate of 1.1%.
Major United States stock indexes remained closed on Monday for a public holiday.
In commodities, ICE Brent crude rose 0.8% on Monday to settle at US$97 a barrel, while spot gold fell 0.5% to US$4,406.13 an ounce.
Chinese markets finished higher on Monday, with the SSE Composite Index gaining 0.1% to 3,932.7 and the CSI 300 rising 0.6% to 4,575.0.
Hong Kong’s Hang Seng Index fell 0.9% to 25,413.1, while India’s BSE Sensex declined 0.5% to 76,132.8.
European markets finished mixed on Monday. The UK’s FTSE 100 fell 0.1% to 10,822.1, Germany’s DAX declined 0.2% to 26,006.5, while France’s CAC 40 gained 0.3% to 8,306.2.
