SINGAPORE – Stocks in Australia and Japan struggled for gains on Friday, where trading volume is expected to be low as many markets in the region are closed for the start of the Lunar New Year holiday.
In Australia, the benchmark ASX 200 fell 0.21%, with the financial, energy and materials sub-indices struggling to turn a profit.
The country’s so-called Big Four banks traded mixed. Shares of ANZ reversed previous losses to trade 0.12%, Commonwealth Bank shares also cleared losses to rise 0.34%, Westpac traded 0.13% lower, and National Australia Bank lost 0.12%.
The Japanese market resumed trading after it closed on Thursday due to a holiday. The Nikkei 225 fell 0.22% while the Topix index fell fractionally lower.
Currencies and oil
In the foreign exchange market, the US dollar was trading almost flat against a basket of its counterparts. The dollar index was last at 90,417, slightly higher than its previous closing rate at 90,371.
The Japanese yen traded hands at 104.74 per dollar, comparable to its last close at 104.72, while the Australian dollar traded almost flat at $ 0.7753.
Oil prices fell in the overnight session when OPEC and the International Energy Agency warned that the recovery in demand is being hampered by renewed coronavirus-related lockdowns.
The global benchmark Brent fell 0.5% to $ 61.14 a barrel, while US crude oil fell 0.8% to $ 58.24.
Reuters reported that OPEC said world oil demand will recover more slowly in 2021 than previously expected, while IEA said global oil supply still outpaces demand, but Covid-19 vaccines should help restore demand.