Asian stocks closed the session lower Tuesday amid concerns over an OPEC oil production cut and Italy's constitutional referendum.
The Organization of the Petroleum Exporting Countries meets Wednesday to discuss output cuts to boost prices. Iraq's Oil Minister reaffirmed his intention to work toward a possible agreement boosted oil prices overnight. However, Iran's minister has warned that "politics may make an OPEC decision harder,"
Italians are to vote on constitutional changes designed to scale back the country’s legislature, speed up lawmaking and simplify the bureaucracy. Investors worry that a “no” vote and the resultant political uncertainty—including the possible resignation of Prime Minister Matteo Renzi—could derail efforts to shore up the country’s fragile banking system.
Japan’s Nikkei Stock Average ended down 0.3% adding to Monday’s 0.1% loss while Hong Kong’s Hang Seng Index fell 0.4%.
Among key decliners, insurer Dai-ichi Life Holdings ended down 1.4%, Mitsubishi Electric was down 1.8%, and investment bank Nomura declined 1.3%.
In other markets
Australia’s S&P/ASX 200 was down 0.1%.
Singapore Straits Times Index was roughly flat.
South Korea’s Kospi was flat.
The Shanghai Composite Index bucked the broader trend and closed up 0.2%.
Philippines and New Zealand fell.
