Stocks in Asia traded lower Monday morning as the Organization of the Petroleum Exporting Countries and its allies reached an agreement on a record oil production cut.
In Japan, the Nikkei 225 slipped 1.04% in early trade while the Topix index dipped 0.94%. South Korea's Kospi also declined 0.63% as shares of automaker Hyundai Motor fell around 2%.
Markets in Hong Kong and Australia are closed on Monday for Easter Monday.
Meanwhile, oil prices rose in the morning of Asian trading hours. International benchmark Brent crude futures were up 2.32% to $32.21 per barrel. U.S. crude futures added 2.72% to $23.38 per barrel.
The moves came after OPEC and its allies, known collectively as OPEC+, finalized an agreement to cut production by 9.7 million barrels per day. That's the single largest output cut in history.
Developments surrounding the global coronavirus pandemic are also likely to continue weighing on investor sentiment, with more than 1.8 million confirmed cases globally while at least 112,241 lives have been taken, according to data compiled by John Hopkins University.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 99.505 after declining from levels above 100 last week.
The Japanese yen traded at 108.35 per dollar after seeing levels above 108.8 last week. The Australian dollar changed hands at $0.6339 after rising from levels below $0.62 in the previous trading week.
What's on tap for Monday:
- India: Consumer Price Index for March at 8:00 p.m. HK/SIN
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April 13, 2020 at 07:12AM
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Stocks in Asia trade lower; oil prices jump as OPEC and allies finalize record production cut - CNBC
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