Asian shares mixed with traders wary
27 January 2015, Nirapad News: Asian shares were subdued on Tuesday, drawing little support from a strong performance by US and European stock markets.
Japan’s Nikkei 225 rose by 2.6% to 17,147.92 after shedding a hefty 2.4% on Tuesday, reports the BBC.
But Chinese shares were mixed with Hong Kong’s Hang Seng up 1% to 19,063.48 points, but mainland shares fell.
The Shanghai Composite dropped 0.9% to 2,725.18, adding further to Tuesday’s rout of more than 6%.
Shares in carmaker Toyota rose by 3.8% on media speculation that it was exploring a partnership with fellow car manufacturer Suzuki.
Suzuki denied the reports, but its shares rose by 9.4%.
A sharp rise in oil during US trade had boosted investor sentiment on hopes that both Opec and non-Opec producers would take action to tackle oversupply, after the oil cartel on Monday called for co-operation from oil producing nations outside the cartel.
But the price of Brent crude later lost most of its gains, trading just 1.4% higher at $30.92.
“The positive sentiment stemmed from strong US corporate earnings and talk of OPEC and Russia considering production cuts. We consider the likelihood of any agreement between these parties as extremely low,” ANZ bank said in a note on Wednesday.