Asian stocks trade cautious ahead of OPEC decision

After witnessing an upbeat start, the Asian equity markets turned lower post-China open, as sentiment turned cautious ahead of OPEC’s final decision on the proposed output cut.

However, losses were limited as oil prices steadied in Asia, stalling a sharp drop seen overnight as OPEC strives hard to reach an output cut deal. Further, a steady US dollar against its major peers amid muted treasury yields also keeps the market supported, especially after a stellar US Q3 GDP report released yesterday.

While the Chinese stocks dropped amid a stronger yuan versus the US dollar, trading at 6.8814, climbing from its previous close at 6.8933. While a weaker consumer sentiment data also weighed on the investors’ moods.

Meanwhile, Japan’s Nikkei 225 trades +0.12% to 18,330, the Australian S&P/ASX 200 drops -0.21% to 5,446. The Chinese equities edge higher, with the benchmark Shanghai Composite index drop -0.84%, while CSI300 index declines -0.67%. Hong Kong markets trade +0.47% around 22,840 levels.