Asian stocks mostly rise notwithstanding weak Chinese economic news
On Tuesday, Asia stocks mostly traded in positive territory as revenues in commodity shares helped ot compensate weakness overnight in American markets.
The Nikkei Stock Average edged up 0.2% and the S&P/ASX 200 demonstrating the same surge. Additionally, Korean Kospi gained 0.3%. In Hong Kong the Hang Seng Index tumbled 0.1% while the Shanghai Composite remained intact.
Aside from that, market participants sent American crude prices up 2.9%, reaching $43.02 per barrel. It’s because of news that the Organization of the Petroleum Exporting Countries was eager to hold informal talks in September, which could lead to production cuts.
According to ANZ Research, market participants shrugged off the downbeat China July crude import data and were concentrating on the OPEC meeting, thus lifting sentiment for commodities prices.
China’s poor commodity imports data had minor impact on prices, with traders focused on upbeat economic data in the G-8.