Asia-Pacific markets struggle; dollar index reaches new two-decade high

Asia-Pacific’s shares traded mixed on Monday as the U.S. dollar strengthened sharply in Asia trade.

Oil prices rose more than 2 percent ahead of an OPEC+ meeting scheduled to take place at fifth of September. The G-7 reached an agreement to put a cap on Russian oil prices over the weekend.

Hong Kong’s Hang Seng index decreased 1.1 percent in the final hour of trade, leading losses regionally with electric vehicle and tech stocks weighing on the index.

Nikkei 225 dropped 0.11 percent to close at 27,619.61 and the Topix index was fractionally lower at 1,928.79.

The Shenzhen Component in mainland China dipped 0.202 percent to 11,678.69, but the Shanghai Composite rose 0.42 percent to 3,199.91.

South Korea index – Kospi fell down at 0.24 percent to 2,403.68 while S&P/ASX 200 in Australia gained 0.34 percent to 6,852.20.

China’s Caixin Services Purchasing Managers’ Index losses 55.0, compared with July’s print of 55.5.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.55 percent lower.