Forex Marketz Daily Forex News – Fully Markets Update
Asian markets were mixed Tuesday as traders digest news that the United States would not extend import waivers for Iranian oil. These waivers end May 2 and the United States is demanding that countries cease all imports of oil from Iran. Many of these countries are in the Asian and Pacific Rim.
The Asian benchmark in Japan, the Nikkei 225, was down a fraction. Shares of Fast Retailing fell 2.5 percent. The broader Topix index was up 0.25 percent.
The South Korean benchmark, the Kospi composite index was flat. Shares of Samsung Electronics lost 0.3 percent after announcing they were delaying their foldable smartphone.
In China, the Shanghai composite was down 0.3 percent. The Shenzhen composite lose 0.867 percent and the Shenzhen component lost 0.7 percent.
In Australia, the markets reopened after a long Easter Holiday weekend. The S&P ASX 200 was up 0.73 percent. Most sub-sectors gained. The energy sub-sector added two percent as oil companies rose tracking crude oil prices higher,
Asian Traders React to the end of Iranian Oil Waivers
Yesterday, the United States demanded that importers of Iranian oil cease imports by May 1. If they do not comply then they could face sanctions. This has brought to an end six months of waivers that allowed Iran’s eight biggest oil importers to continue importing Iranian oil.
Before the sanctions went back into force, last year, Iran was the fourth largest producer in the Organization of the Petroleum Exporting Countries (OPEC). Iran pumped about three million barrels per day. As of April Iranian oil exports have fallen below one million barrels per day.
