Market Overview

Asian Stocks Close Mixed, European Stocks Mostly Lower To Kick Off The Week


Asian stocks were mixed on Monday after finance ministers from the G-7 nations gathered in Japan over the weekend. According to The Wall Street Journal, officials at the meeting have not come to an agreement on "how to address slack in the global economy."

"The market doesn't like an impasse," WSJ quoted Andrew Sullivan, managing director at Haitong International in Hong Kong of saying on the progress at the G-7. "A lot of people are sitting on the sidelines."

Meanwhile, economy data out of Japan on Monday indicated exports fell 10 percent in April, marking an acceleration from a 6.8 percent dip the prior month.

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Japan's Nikkei index lost 0.49 percent.

Australia's ASX index lost 0.56 percent, led by a 2.2 percent decline in the index's energy sector.

India's Mumbai index lost 0.28 percent and Hong Kong's Hang Seng index lost 0.22 percent.

On the other hand, Taiwan's TSEC index surged 2.62 percent following reports that local component manufacturers involved in Apple Inc. (NASDAQ: AAPL) supply chain were told to prepare for an output of 72 million to 78 million units for the iPhone 7 by the end of 2016 - marking the highest output target level in around two years.

European stocks were mostly lower with more than four hours of trading remaining, despite a $62 billion M&A agreement in which Germany-based Bayer offered to acquire Monsanto Company (NYSE: MON) for $122 a share.

In other news, the eurozone's flash composite Purchasing Managers' Index (PMI) for May fell to a 16-month low of 52.9 from 53.0 in April.

France's CAC index was trading lower by 0.95 percent, Germany's DAX index was lower by 0.83 percent and the UK's FTSE index was lower by 0.34 percent.

Oil prices were also lower early Monday morning as the prospect for a unified decision to freeze crude output among OPEC nations diminished. Iran's Deputy Oil Minister Rokneddin Javadi told a local news agency that he has no plans to slowdown a rise in oil production and exports.

Brent crude futures were lower by $0.41 a barrel at $48.31 while WTI crude futures were down $0.50 a barrel at $47.91.

Posted-In: Asian Stocks European stocks G7News Commodities Global Pre-Market Outlook Markets


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