Asian shares float within range of recent highs, China 19th Communist Party Congress eyed

Asian shares hover closely within reaching range of recent highs on Tuesday even as Wall Street had plummeted from record levels.

Investors are carefully monitoring China and the 19th Communist Party Congress, which will end up on Tuesday and at which president Xi Jinping is assumed to announce who will man the Standing Committee, the center of power in the country.

MSCI’s largest index of Asia-Pacific shares outside of Japan .MIAPJOOOOPUS closed at 549.71 points or a 0.1 percent - only within short distance from a 10 year high of 554.63 last week. 

European STOXX 600 shares gained 0.16 percent, while Madrid’s bourse IBEX .IBEX fell 0.6 percent as Spain’s crisis reached another week.

Political strains significantly affected the euro, which floated within distance of two-week lows at $1.1752.

The Dollar index .DXY decreased to 93.8 but is well within the range of a recent two months peak. The New Zealand dollar gained 0.2 percent climbing above imminent five-month lows.

Oil prices increase on account of decline in Iraq exports

On Tuesday, oil prices increased, backed up by decreasing exports from southern Iraq, which are stated to have decreased by 110,000 barrels a day this month. The decline in northern Iraqi shipments has backed up global prices in recent days.

The London Brent crude for the month of December rose 6 cents closing at $57.43 per barrel by 00:55 GMT after fixing down 38 cents on Monday.

Meanwhile, U.S. crude delivery for the month of December gained 3 cents ending at $51.93.

Crude oil exports through the pipeline controlled by Iraqi Kurdistan to Ceyhan, Turkish port, rose by 13 percent to 288,000 barrels a day on Monday afternoon.

Gasoline and distillate stockpiles plunged by approximately 1.5 million barrels while inventories from the U.S. crude presumably decreased by 2.5 million barrels last week.

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