Asian stocks mix, European stocks drop - GulfToday

Asian stocks mix, European stocks drop


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Gulf Today Report 

Asian stocks remain mixed on Tuesday as investors worry about higher interest rates.


Market benchmarks in Tokyo, Shanghai and Hong Kong declined. Seoul and Sydney advanced.


The Shanghai Composite Index lost 0.3% to 3,539.91 and the Nikkei 225 in Tokyo sank 0.4% to 29,554.75. The Hang Seng in Hong Kong lost 0.2% to 29,405.45.


The Kospi in Seoul advanced 1.6% to 3,060.39 after the government reported factory production increased by a better-than-forecast 7.5% in January over a year earlier, up from December's 2.5%. 



Gold prices decline over dollar gains, higher yields


Oil prices drop due to expectations of high OPEC supply


Oil prices rebound due to passing of US stimulus bill 


In a report, Stephen Innes, chief analyst at Axi said "bond markets rowed back into calmer waters. Stocks should continue to move higher to the beat of the US consumer’s capacity to spend their way out of this recession.”


European stocks 


European stocks decline on Tuesday as heavyweight mining and energy stocks fell due to weak commodity prices. 


The pan-regional STOXX 600 index fell 0.2% in early trading.


Oil majors Royal Dutch Shell, BP and Total fell between 1% and 2% as crude prices dropped on worries about slowing demand in China.



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