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Asia-Pacific markets fall; oil up more than 2% on reports of a possible OPEC+ supply cut - CNBC

Asia-Pacific markets fall; oil up more than 2% on reports of a possible OPEC+ supply cut - CNBC

Asia-Pacific markets fall; oil up more than 2% on reports of a possible OPEC+ supply cut - CNBC
Oct 03, 2022 1 min, 3 secs

In Australia, the S&P/ASX 200 gave up early gains and closed 0.27% lower at 6,456.90.

Later in the week, Australia's central bank will announce its interest rate decision, while several countries in Asia will report inflation data.

China markets are closed for the Golden Week holiday, and South Korea's market is also closed.

A Reuters poll of economists expects the Reserve Bank of Australia to hike its benchmark interest rate by 50 basis points to 2.85%.

6 meeting, when it raised its interest rate by 50 basis points.

Analysts at Nomura are expecting the central bank to raise rates by 40 basis points, "to convey the view of RBA nearing the end of upsized hikes.".

Sentiment of Japan's large manufacturers worsened in the July-to-September quarter, according to the Bank of Japan's latest quarterly tankan business sentiment survey.

The headline index for large manufacturers' sentiment came in at 8, a decline from the previous quarter's reading of 9.

"Our expectation and market expectations were for the manufacturing reading to pick up — supply conditions had improved, you've seen fading supply impact from zero-Covid policies in China, commodity prices came down a little bit," said Stefan Angrick, a senior economist at Moody's Analytics.

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