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Asian markets subdued by falling oil prices | |
(about 1 hour later) | |
Asian shares traded mixed, following a lacklustre lead from global markets dragged down by oil prices. | |
The price of US crude oil dropped more than 3% overnight, while Brent crude was back near 11-year lows on reports that Iran plans to increase exports once sanctions are removed, which would add to the global supply glut. | The price of US crude oil dropped more than 3% overnight, while Brent crude was back near 11-year lows on reports that Iran plans to increase exports once sanctions are removed, which would add to the global supply glut. |
Lower energy shares across Asia weighed on benchmark indexes. | Lower energy shares across Asia weighed on benchmark indexes. |
Japan's Nikkei 225 index was down 0.1% to 18,850.17 in morning trade. | |
"Oil prices look likely to continue in their depressed state if Iran is able to ramp up its exports at such a rapid rate," said market analyst Angus Nicholson at trading firm IG in a note on Tuesday. | "Oil prices look likely to continue in their depressed state if Iran is able to ramp up its exports at such a rapid rate," said market analyst Angus Nicholson at trading firm IG in a note on Tuesday. |
Iran intends to increase exports by 500,000 barrels per day once the economic sanctions are removed, according to reports. | Iran intends to increase exports by 500,000 barrels per day once the economic sanctions are removed, according to reports. |
Toshiba's restructuring | |
Meanwhile, shares of Toshiba rose by 0.6% on a local report that the struggling electronics giant planned to ask for an additional $2.5bn (£1.7bn) in credit to fund its large-scale restructuring. | |
The company is reeling from a $1.3bn accounting scandal earlier this year. | The company is reeling from a $1.3bn accounting scandal earlier this year. |
Chinese shares headed higher in early trade with the Shanghai Composite up 0.4% to 3,546.38, while Hong Kong's Hang Seng index was higher by 0.1% to 21,945.33. | |
In Australia, the benchmark S&P/ASX 200 was up 0.6% to 5,238.80 after reopening from public holiday on Monday. | |
Bucking the trend were shares of Woodside Petroleum, up 0.1% despite the drop in oil prices. | |
South Korea's Kospi index was down 0.7% to 1,949.56, following the previous session's losses. |