Mixed Asian markets; Xi speech is trying to position China as a globalization champion

Mixed Asian markets; Xi speech is trying to position China as a globalization champion

Asian Pacific markets were mixed on Monday morning as investors were cautious on global growth prospects, while Chinese President Xi Jinping tried to position China in a major speech as a globalization champion.

Reports have been reported last week that Donald Trump's government will grant special exemptions to eight jurisdictions to continue importing oil from Tehran, with the idea that they will gradually reduce their purchases over time. The oil price fell last Friday on this news as investors continued to worry about oversupply on the market.

US crude was down 0.68 percent on Monday morning at $ 62.71 a barrel, while Brent's global benchmark fell 0.54 percent to $ 72.44.

Central banks in the United States, Australia and New Zealand are meeting this week.

"The central bank's policy is not expected to change, but we still expect the Fed to raise interest rates by 25bps to 2.50 (%) in December," said Richard Grace, head of currency strategy and head of international economics the Commonwealth Bank, wrote in the morning.

Slowing global growth remains a problem for investors. Last month, the International Monetary Fund lowered global growth forecasts and cited trade tensions between the US and its trading partners.

There are further signs of slowing growth momentum, including a decline in purchasing managers' indices, an indicator of economic health in manufacturing and services across much of Asia.

"In an environment where growth is slowing and liquidity is falling, it seems unlikely that market volatility will return to the bad days in the near future," Emmett said in a morning announcement.

On the foreign exchange market, the dollar index, which measures the US currency with a basket of its peers, was trading at 96.478, having previously reached a high of 96.490.

The Japanese yen was 113.17 against the dollar, while the Australian dollar was trading at $ 0.7185.

– Evelyn Cheng from CNBC contributed to this report.

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