Asia’s markets begin to decline while oil prices increase, after Wall Street’s decline

• While oil prices increased after last week’s collapse, Asian markets are edging lower in early trade on Tuesday 
• Investors continued to weigh concerns about a downturn in the economy against worries about a loss of Russian supplies 
• “MSCI’s largest index of Asia-Pacific shares outside of Japan

While oil prices increased after last week’s collapse, Asian markets are edging lower in early trade on Tuesday as investors follow the tumultuous Wall Street session from the previous day.

Investors continued to weigh concerns about a downturn in the economy against worries about a loss of Russian supplies due to the sanctions resulting from the conflict in Ukraine, and oil prices continued to rise.

In a research report, analysts at Commonwealth Bank of Australia stated that “a seam of tight supply news supported the (oil) market.” “Supply from Libya and Ecuador, two secondary producers, may be hampered by political upheaval. The G7’s suggestion to restrict the price of Russian oil is another option.”

MSCI’s largest index of Asia-Pacific shares outside of Japan (.MIAPJ0000PUS) was down 0.7 percent early in the Asian trading day. This month, the index is down 3.8 percent. S&P 500 e-mini futures in the United States increased by 0.27 percent.

Japanese stock index Nikkei (.N225) climbed 0.5 percent, while Australian shares (.AXJO) increased by 0.25 percent.

The blue-chip CSI300 index (.CSI300) for China was down 0.4 percent in early trading. The Hang Seng index (.HSI) in Hong Kong opened down by 0.36 percent.

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As they reach the midpoint of a year in which the equity markets have been battered by increased inflation worries and tightening Fed policy, U.S. stocks closed a tumultuous trading session on Monday marginally lower with few triggers to change investor attitude.

After fluctuating earlier in the session, the major U.S. stock indices lost ground, with the biggest drag coming from megacaps that are sensitive to interest rate changes, such as Alphabet Inc. (GOOGL.O), Microsoft Corp. (MSFT.O), and Amazon.com Inc. (AMZN.O).

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