Asian markets: China Shanghai Composite slips following weak Wall Street close overnight

Asian markets: China Shanghai Composite slips following a weak Wall Street close overnight — Barring China, most Asian stock markets trade higher Reuters

While most Asian stock market indices traded higher, China's Shanghai Composite Index was down 0.35% at 3,023.31 on Tuesday, 12 April at 5.53am GMT. This followed a weak close overnight on Wall Street, ahead of the earnings season and amid comments made by Federal Reserve officials.

Robert Kaplan, Dallas Fed President, said while he was not in support of an increase in interest rates now. He was "very open-minded" to back an increase ahead of a mid-June policy meeting. "There is a point at which I will be advocating to take the next step, but it's not now, by the way," Kaplan added.

Going forward, investors seem to be concerned over the US earnings season. Sam Tuck, senior FX strategist at ANZ said: "Alcoa kicked off the earnings season in weak fashion and the US banks are reporting over the next few days, which markets typically take as a bellwether of the rest of the season. Markets are expecting a tough reporting season, which will ensure they remain sceptical on the improvements in the global backdrop."

Indices in the rest of Asia traded as follows on 12 April at 6.01am GMT:

Country	Index	Price	Up/Down	%Change
Hong Kong	Hang Seng Index	20,503.27	Up	0.31%
Japan	Nikkei 225	15,958.58	Up	1.32%
South Korea	KOSPI	1,980.63	Up	0.52%
India	CNX Nifty	7,695.65	Up	0.32%
Australia	S&P/ASX 200	4,976.90	Up	0.92%

Meanwhile, overnight on 11 April, the Dow Jones Industrial Average closed at 17,556.41, down 0.12%, while the FTSE 100 closed lower by 0.07% at 6,200.12.

Among commodities, oil prices declined over reduced hopes that the meeting between oil producers scheduled in Doha on 17 April would lead to an output freeze agreement. Goldman Sachs warned that the meeting will fail to deliver a 'bullish surprise' for oil prices. On 12 April, WTI Crude oil was down 0.45% at $40.18 (£28.23, €35.21) a barrel, while Brent was trading lower by 0.42% at $42.65 a barrel at 6.08am GMT.