TOKYO
(AP) — Asian stock markets were mostly higher Wednesday as investors weighed the potential outcome of a preliminary agreement between
Russia
and
Saudi Arabia
to hold off on further increases in crude oil production, possibly alleviating a growing glut in supply.
KEEPING SCORE:
Japan's
Nikkei 225 slipped 0.2 percent to 16,020.34 as investors shrugged off data showing strong machinery orders in January.
Hong Kong's
Hang Seng gained 0.7 percent to 19,249.59 and the Shanghai Composite rose 0.4 percent to 2,847.23.
Australia's
S&P/ASX 200 edged up 0.2 percent to 4,919.90 and
South Korea's
Kospi added 0.4 percent to 1,895.15.
OIL DEAL: A
Russia
-Saudi accord announced Tuesday will only take effect if other
OPEC nations agree to it, and investors are not convinced they will, so
U.S.
crude sank after a 12-percent rally on Friday.
U.S.
markets were closed on Monday. Analysts say
Iran
probably won't sign on because it wants to raise output following its period of sanctions. The slump in oil prices has been one factor unnerving stock markets recently as a sign of weak global demand.
ANALYST VIEWPOINT: "The accord, on face value, suggests more can and will be done over the coming months. However, the current agreement will have little impact on oil markets and there are glaring holes in what has been announced," Evan Lucas of IG said in a commentary. "The market clearly also believes that this an accord to nowhere."
WALL STREET: Shares were broadly higher Tuesday, lifted by gains in retailers and manufacturers following upbeat news from
China
on bank lending. Strong quarterly results gave some company stocks a boost and investors worried a bit less about
China
and
Japan
. The Dow Jones industrial average added 222.57 points, or 1.4 percent, to 16,196.41. The
Standard & Poor's 500 index rose 30.80 points, or 1.7 percent, to 1,895.58. The Nasdaq composite climbed 98.44 points, or 2.3 percent, to 4,435.96.
ENERGY:
U.S.
crude gained
27 cents to
$29.31 a barrel in electronic trading on the
New York Mercantile Exchange. It lost
40 cents, or 1.4 percent, to
$29.04 a barrel in
New York
on Tuesday. Brent crude, a benchmark for international oils, climbed
58 cents to
$32.76 a barrel. On Tuesday it lost
$1.21, or 3.6 percent, to
$32.18 a barrel in
London
.
CURRENCIES: The dollar fell to 113.89 yen from 114.23 yen the previous day. The euro rose to $1.1149 from $1.1127.
Follow Elaine Kurtenbach at twitter.com/ekurtenbach and bigstory.ap.org/journalist/elaine-kurtenbach
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