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Most Asian markets are lower, and oil prices are prolonging losses



Markets in the Greater China region were in decline, the Hang Seng Index fell 0.11 percent and the Shanghai Composite fell 0.71 percent. The Australian S & P / ASX 200 fell 0.51 percent. The decline in energy and materials prices weighed on the broader index.

However, South Korea turned out to be a ray of hope after weekend developments gave cause for optimism that a meeting between the US and North Korea could take place in June, even though it was canceled last week. The Kospi rose 0.66 percent due to gains at steelmakers and other manufacturers: Posco added 3.18 percent and Hyundai Steel jumped 16.87 percent. Large cap technology stocks traded lower at an early stage.

Geopolitical developments over the weekend, including a meeting between US delegations and North Korea on Sunday, did not appear to have a major impact on most of the region's markets The MSCI Asia-Pacific Stock Index excluding Japan has hardly changed in the morning.

Sunday's talks followed a Saturday meeting between South Korean President Moon Jae-in and North Korean leader Kim Jong Un. This happened after US President Donald Trump said he had canceled a scheduled meeting with Kim in June last Thursday, although the White House later said it would still be preparing, "the summit should take place."

Oil prices fell back after coming under pressure last week after top producers eased quotas on existing production cuts. Brent crude futures slipped 1

.84 percent to $ 75.01 a barrel, and West Texas Intermediate edged down 2.58 percent to $ 66.13 after falling 4 percent in the last session had decreased.

"This year, we demanded that oil prices be relatively high in the mid-1960s, a level that OPEC is relatively reliant on feels comfortable, "says Hannah Anderson, Global Market Strategist at JP Morgan Asset Management, said CNBC's" Squawk Box. "

"What they do not like are the prices, which are high enough that it makes sense for those marginal slate producers to go online again in 2015," Anderson said.

Mixed trade in Asia followed Friday's most-low US closing amid a mix of positive corporate earnings and geopolitical headlines over North Korea. The Dow Jones Industrial Average fell 0.24 percent and the S & P 500 fell 0.24 percent as financial and energy stocks continued to contribute to overall losses.

The euro rose nearly 0.5 percent after news of the Italian president had not been confirmed a candidate for the position of Minister of Economic Affairs. The common currency was HK / SIN at $ 1.7070 at 9:40 am, compared to its closing price of $ 1.1650 on Friday.

The dollar index, which tracks the greenback against several competitors, was 93,972. Against the yen, the dollar reached 109.42.

Not much data from the region is expected on Monday, with only April Hong Kong trade data expected at 16:30. HK / SIN. Looking to the future, China is expected to release official PMI data on Thursday.

Meanwhile, US and UK markets are closed on Monday for vacations.


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