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Asia stocks mixed as oil jumps; investors react to RBA rate decision


SINGAPORE – Stocks in Asia-Pacific were mixed on Tuesday, while Reserve Bank of Australia keep the cash rate target unchanged.

In Japan, Nikkei 225 rose 0.19% to 27,787.98 while the Topix index fell 0.23% to 1,949.12.

South Korea Kospi Its trading day ended slightly higher at 2,759.20. Elsewhere, Australian stocks rose as S&P / ASX 200 up 0.19% on the day to 7,527.90.

In Southeast Asia, Singapore Straits Times Index up 0.39%, as of 3:15 p.m. local time. Markets in Hong Kong and mainland China were closed on Tuesday for a public holiday.

MSCI’s broadest index of Asia-Pacific shares outside of Japan traded 0.37% higher.

Oil goes higher

Select stocks and investment trends from CNBC Pro:

“It’s like a little dance going on around energy sanctions,” Vandana Hari, founder of Vanda Insights, told CNBC’s “Street Signs Asia” on Tuesday. “The US bans Russian oil imports but we know that it is a much more difficult decision … for Europe. “

“We also have to think about what Putin might do in retaliation, so you know that’s another headache for the European Union,” she said.

Meanwhile, the Reserve Bank of Australia announced its decision to leave its cash rate target unchanged at 0.1% on Tuesday.

“The board wants to see real evidence that inflation is sustainable in the 2 to 3 percent target range before it raises rates,” said RBA Governor Philip Lowe. “Inflation has picked up and is expected to rise further, but labor cost growth has been below levels that would be consistent with sustained inflation at the target level.”

After that decision, Australian dollar rose more than 1% to $0.7626, continuing its upward move after yesterday’s jump from below $0.75.

Currency

The US Dollar Indextracks the greenback against its basket of currencies, at 98.886 after hitting a previous high of 99.028.

The Japanese yen was trading at 122.65 per dollar, weaker than the below 122 seen against the greenback last week.



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