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Oil woes, global growth worries pressure Asia stocks

Oil woes, global growth worries pressure Asia stocks

Asian stocks erased some losses on Monday in morning session as investors remained wary about global risks that include a US-China trade war, soft Chinese economic data, falling oil prices and growth outlook.

Japan's Nikkei 225 was up 0.07% in early trade while the Topix index added 0.04%. In South Korea, the Kospi index declined 0.41%.

Markets in Greater China were mostly positive in early trade. Taiwan's Taiex index was up 0.35% while Hong Kong's Hang Seng Index added 0.14%. Major indexes in the mainland markets traded mostly flat. The Shanghai Composite at around 2,600 while the Shenzhen composite added nearly 0.2%.

In Australia, the ASX 200 added 0.04%, with the heavily-weighted financial subindex declining 0.66% as shares of some major banks tumbled. ANZ shares were down 3.74%, Commowealth Bank was up 0.58% and the National Australia Bank fell 0.24%. Westpac shares were up 0.13%.

A combination of weak factory-gate inflation data in China and low oil prices weighed on global stocks on Friday. However, Saudi Arabia's energy minister said on Sunday that the country plans to reduce its oil supply to world markets by 500,000 barrels per day in December.

That helped to lift oil prices, with US crude rising 0.90% to $60.73 a barrel.

In the currency market, the dollar index traded at 97.004, up from levels below 96.000 in the previous week. The British pound was off 0.3% to fetch $1.2934. The Japanese yen traded at 113.95 to the dollar while the Australian dollar traded at $0.7229.

 

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