Most Asian stock markets struggled to gain ground on Monday as pessimism persisted in the markets over concerns that global central banks will continue hiking rates until inflation is tamed, increasing the likelihood of a global recession.
As of 9.37 a.m. Thai time, Hong Kong’s Hang Seng index fell 0.91%. In Australia, the S&P/ASX 200 was fractionally lower.
Meanwhile, the Nikkei 225 in Japan gained 0.67%.
China markets are closed for the Golden Week holiday, and South Korea’s market is also closed.
Both Brent crude and West Texas Intermediate futures rose on reports that OPEC+ may cut production by more than 1 million barrels per day at its meeting this week. The price of West Texas Intermediate climbed by about 3%, setting the stage for the first increase in three sessions.
According to the Bank of Japan’s latest quarterly tankan business sentiment survey, sentiment among Japan’s large manufacturers deteriorated in the July-September quarter.
Compared to the previous quarter, the headline index for large manufacturers’ sentiment fell from 9 to 8. Reuters’ poll of economists predicted a print of 11.
Later this week, Australia’s central bank will announce its interest rate decision, while several Asian countries will release inflation data.