Asian markets today: Japan, South Korea closed today; other Asian markets mostly climb

Asia-Pacific markets traded mostly with gains as investors assessed developments on the trade front between the US and other countries in the region. At around 8:11 am, the key MSCI Asia ex Japan index traded higher by 0.15 per cent.

As part of its negotiations with the US, India has reportedly proposed zero tariffs on steel, auto components and pharmaceuticals on a reciprocal basis for a certain quantity of imports.

Meanwhile, Malaysia said that the US has agreed for further negotiations and there could be a reduction in tariffs.

Asian markets performance

In thin trade amid holidays in some of the key Asian markets, including Japan and South Korea, Asian markets traded with modest gains. Singapore’s Straits Times traded with a marginal cut, while Hong Kong’s Hang Seng traded with gains. Meanwhile, Taiwan weighted was also up by a marginal 0.1 per cent.

Furthermore, Australia’s S&P/ ASX 200 also traded with tad gains of 0.2 per cent.

Oil prices

Oil prices in Monday’s session settled at over 4-year lows as concerns about growing global supply at a time when demand is uncertain were heightened by an OPEC+ decision to accelerate its output hikes.

Brent crude futures settled at $60.23 a barrel, down $1.06, or 1.7 per cent. U.S. West Texas Intermediate crude fell $1.16, or 2 per cent, to close at $57.13 a barrel. Both benchmarks closed at their lowest since February 2021.