Asia-Pacific stocks set to slip as investors weigh tariffs, OPEC+ output hike
Investors will also be watching oil prices after OPEC+ concluded a slew of major output hikes.
Good morning from Singapore.
Investors are continuing to assess the U.S.'s latest tariffs which have now raised concerns over mounting inflation levels and an economic slowdown.
They will also be keeping a watch on oil prices after OPEC+ agreed to raise production to 547,000 barrels per day in September.
Japan's benchmark Nikkei 225 was set to open lower, with the futures contract in Chicago at 39,965, while its counterpart in Osaka last traded at 39,900, against the index's Monday close of 40,799.60.
Futures for Hong Kong's Hang Seng index stood at 24,282 pointing to a weaker open compared with the HSI's last close of 24,507.81.
Australia's S&P/ASX 200 was set to start the day lower with futures tied to the benchmark at 8,587, compared with its last close of 8,662.
— Amala Balakrishner
Oil prices slipped on Friday, weighed down by a stronger U.S. dollar and the possibility that OPEC+ will further increase its crude oil output.
Dado Ruvic | Reuters
OPEC+ agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia.
OPEC+ cited a healthy economy and low stocks as reasons behind its decision.
"Given fairly strong oil prices at around $70, it does give OPEC+ some confidence about market fundamentals," said Amrita Sen, co-founder of Energy Aspects, adding that the market structure was also indicating tight stocks.
In early Asian trade on Monday, Brent crude futures fell 43 cents, or 0.62%, to $69.24 a barrel by 2218 GMT, while U.S. West Texas Intermediate crude was at $66.94 a barrel, down 39 cents, or 0.58%, after both contracts closed about $2 a barrel lower on Friday.
Read more here.
— Reuters
Stocks closed lower on Friday, after a weaker-than-expected jobs report worried investors that the economy is meaningfully slowing down.
The S&P 500 slipped 1.6% to close 6,238.01, while the Nasdaq Composite pulled back 2.24% 20,650.13. The Dow Jones Industrial Average fell 542.40 points, or 1.23%, to finish the session 43,588.58.
— Brian Evans
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