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Japan stocks set for muted open as investors watch oil prices

SINGAPORE — Shares in Japan looked set for a muted Tuesday start as investors in Asia-Pacific monitor oil prices.

Both the Nikkei futures contract in Chicago and its counterpart in Osaka sat at 28,470, against the Nikkei 225’s last close at 28,498.20.

Australian stocks were little changed in morning trade, with the S&P/ASX 200 hovering above the flatline.

Oil prices have been on a tear in recent days, with both international benchmark Brent crude futures and U.S. crude futures now sitting above $80 per barrel.

“The rise in energy prices is fuelling concerns that the transitory lift in inflation seen in the wake of the pandemic may prove to be longer lasting,” Tapas Strickland, an economist at National Australia Bank, wrote in a Tuesday note.

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Overnight stateside, the Dow Jones Industrial Average fell 250.19 points to 34,496.06 while the S&P 500 slipped 0.69% to 4,361.19. The Nasdaq Composite shed 0.64% to 14,486.20.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 94.316 after a recent bounce from below 94.2.

The Japanese yen traded at 113.36 per dollar after yesterday’s weakening from below 112.8 against the greenback. The Australian dollar changed hands at $0.7346, above levels around $0.73 seen earlier in the trading week.


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