Investing.com - Asian stocks were mixed in morning trade on Monday. Energy stocks underperformed as oil prices plunged to their lowest levels in more than a year last week.
Santos Ltd (AX:STO) fell 3.5%, PetroChina Co Ltd Class H (HK:0857) slid 1.3%, and Woodside Petroleum Ltd (AX:WPL) was down 2.2%. Oil prices saw a seven-week-sell-off while crude futures traded in bear market territory amid growing worries of an oversupply.
Australia’s ASX 200 slipped 0.7% by 9:50 PM ET (02:50 GMG).
Major miners declined amid worries over weaker demand from China, the largest consumer of metals.
Rio Tinto (LON:RIO) fell 3% while Fortescue Metals Group Ltd (AX:FMG) declined 1.5%. BHP Billiton Ltd (AX:BHP) also dropped 3%.
“I heard some Chinese investors are shooting (down) the nickel price. They think nickel production in Indonesia will bring the market into surplus next year, and demand for stainless will be bad,” CRU analyst Peter Peng said, adding that they expected the nickel price to fall to about $8,000.
China’s Shanghai Composite and the Shenzhen Component slipped 0.1% and 0.4% respectively. All eyes this week would be on U.S. President Donald Trump and his Chinese counterpart Xi Jinping’s planned meeting at the G-20 meeting that kicks off on Friday.
Elsewhere, Hong Kong’s Hang Seng Index was up 1.4%.
Japan’s Nikkei 225 gained 0.4%, while South Korea’s KOSPI traded 0.9% higher.
In other news, European Union leaders gave their official endorsement of U.K. Prime Minister Theresa May’s Brexit withdrawal on Sunday, and warned British politicians that it was the best deal possible for Britain because there is no “plan b.”
May needs to gain Parliamentary approval for the deal in Westminster to move forward with Brexit and failure could lead the U.K. leaving the EU without a deal, according to reports.
Looking ahead, Federal Reserve Vice Chairman Richard Clarida speaks in New York on Tuesday, and Chairman Jerome Powell addresses the New York Economic Club on Wednesday.