Stocks in Asia were little changed on Tuesday as oil prices continued to slip following an overnight plunge on fears that global storage capacity will soon be full as a result of weak demand caused by the coronavirus pandemic.
In Japan, the Nikkei 225 index docked 13.03 points, or 0.1%, after Monday’s massive gains to 19,771.19.
The Japanese yen traded at 107.16 per U.S. dollar after strengthening from levels above 107.4 yesterday.
In Hong Kong, the Hang Seng index added 295.82 points, or 1.2%, however, to 24,575.96.
On the earnings front, HSBC on Tuesday posted a 48% year-over-year plunge in pre-tax profit for the first quarter of 2020, That was worse than expectations of analysts at Morgan Stanley, who had projected profit before tax to plunge 35.7% year-over-year. Hong Kong-listed shares of Europe’s largest bank were last flat in Tuesday afternoon trade.
Meanwhile, oil prices fell in the afternoon of Asian trading hours. West Texas Intermediate for June delivery dropped 16.59% to $10.66 per barrel. International benchmark Brent crude futures also declined 5% to $18.99 per barrel.
Meanwhile, developments on the coronavirus front were also monitored. Globally, more than three million people have been infected while at least 208,131 lives have been taken, according to data compiled by Johns Hopkins University.
Markets have gotten a boost in recent days amid hope of an easing in lockdown restrictions that have left economies effectively frozen. Still experts remain cautious.
The Australian dollar changed hands at $0.6459 after rising from levels below $0.642 yesterday.
In other markets
In Shanghai, the CSI 300 gained 26.38 points, or 0.7%, to 3,849.15
In Korea, the Kospi index eked forward 11.32 points, or 0.6%, to 1,934.09.
In Taiwan, the Taiex Index jumped 48.79 points, or 0.5%, to 10,616.06
In Singapore, the Straits Times Index picked up 13.55 points, or 0.5%, to 2,562.95.
In New Zealand, the NZX 50 returned from a long weekend to gain 340.08 points, or 3.3%, to 10,759.56.
In Australia, the ASX 200 docked 8.34 points, or 0.2%, to 5,313.10.
