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Private survey on Chinese services sector activity in June ahead

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SINGAPORE — Shares in Asia-Pacific were mixed in Monday morning trade as oil prices hovered about $76 ahead of another meeting between OPEC and its allies. Investors are also looking ahead to data releases in Australia and China.

In Japan, the Nikkei 225 slipped 0.5% in early trade while the Topix index shed 0.43%. South Korea’s Kospi edged 0.33% higher.

The S&P/ASX 200 in Australia was 0.32% higher.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.26% higher.

Oil moves

Oil prices dipped in the morning of Asia trading hours, after rising late last week as OPEC and its allies, collectively referred to as OPEC+, failed to reach an agreement on output policy.

International benchmark Brent crude futures 0.12% lower at $76.08 per barrel following a rise last week from below $74.40 per barrel.

U.S. crude futures slipped 0.1% to $75.09 per barrel but still largely held on to last week’s gains from below $72.80 per barrel.

The group will meet again on Monday. All the members except the United Arab Emirates agreed to an easing of cuts and their extension to the end of next year, according to Reuters citing an OPEC+ source.

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On the economic data front, Australia’s retail sales data for May is set to be out at 9:30 a.m. HK/SIN on Monday.

A private survey on China’s services sector activity in June is also expected. The Caixin/Markit services Purchasing Managers’ Index is set to be out at 9:45 a.m. HK/SIN.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.305 after a recent decline from above 92.4.

The Japanese yen traded at 111.14 per dollar, stronger than levels above 111.2 against the greenback seen late last week. The Australian dollar changed hands at $0.7513 after a recovery last week from below $0.748.

Here’s a look at what’s on tap:

  • Australia: Retail sales data for May at 9:30 a.m. HK/SIN
  • China: Caixin/Markit services Purchasing Managers’ Index at 9:45 a.m. HK/SIN

— CNBC’s Sam Meredith contributed to this report.


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