Asia Stocks Edge up as Crude Prices Stabilise

Asian stocks poked into positive territory on Tuesday, shrugging off early losses as Chinese shares stabilised a day after marking their biggest loss in a month and crude prices took back some lost ground.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 percent. But it remained on track to mark a loss of around 12 percent for 2015, a year that saw it log a more than seven-year high in April.

China’s blue-chip CSI300 index added 0.3 percent, while the Shanghai Composite Index was up 0.2 percent, after both skidded more than 2 percent in the previous session.

Japan’s Nikkei erased earlier losses and was up 0.3 percent in afternoon trade, while South Korea’s KOSPI was up 0.1 percent.

Australian stocks rose 0.9 percent, gaining for the eighth consecutive session after reopening following a four-day long holiday weekend.

Crude oil futures stabilised after both Brent and U.S. crude prices dropped more than 3 percent on Monday. Brent edged up 0.1 percent a barrel to $36.67, though it was still not far from an 11-year low of $35.98 struck last week, while U.S. crude also added about 0.1 percent to $36.85.

The overnight tumble sent U.S. energy shares down 1.8 percent, the worst performing of the major S&P sectors. Wall Street marked modest losses after trading resumed following the Christmas break, with this week’s activity is expected to remain thin until after the long New Year holiday weekend.

Reuters

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