Stocks in Asia struggled to acquire gains on Monday’s opening bell as investors are nervous regarding the outcome of the first round of parliamentary elections in France. The unexpected results from the election in U.K. were also a burden on the market.
Also in Japan, the nation’s machinery orders for the month of April dropped more than 3.1 percent compared to the previous month. Analyst expected a more moderate decline of around 1.3 percent.
Japanese benchmark Nikkei 225 fell as much as 0.55 percent throughout the day. Across the Korean Strait, the Kospi index went 0.52 percent lower. Meanwhile Philippine, Australian and Malaysian markets are shut on Monday due to public holidays.
According to Russian Energy minister, Alexander Novak, the OPEC-led deal to cut output in an effort to balance the bloated market, will attain its target in the first three months of 2018.
Khalid Al-Falih, Novak’s fellow minister in Saudi Arabia, suggested that global stockpiles were slipping and cuts would be quicker in the months to come. He added that the deal was working and crude inventories worldwide were slowly falling.
Global benchmark Brent crude finished $48.15 per barrel after the news about a 5 percent fall in U.S. crude inventories on June 7. Futures for U.S. West Texas Intermediate closed at $46.09 per barrel, after rising by 26 cents (0.6 percent).