MARKETS: Asian stock markets turned lower as oil prices rose

Tuesday’s Asian stock market rally turned to a decline as oil prices rose.

The Japanese Nikkei index, which had been rising earlier in the day, was down 0.3 percent at the time of the review, and the broader Topix was up 0.1 percent.

In mainland China, the CSI 300 was down 0.5 percent. Hong Kong’s Hang Seng, on the other hand, was up 0.2 percent.

In the oil market, at the time of the review, the price of Brent crude oil was $105 per barrel, while the price of West Texas Intermediate crude oil was around $98.

According to the news agency Bloomberg, the Chinese authorities have started restricting Chinese companies registered abroad from applying for IPOs in Hong Kong.

According to the source interviewed by Bloomberg, the actual ban has not been issued, but the authorities have recently curbed the listing projects of so-called red-chip companies. These refer to companies registered outside of China that have significant business operations and assets in China. According to sources, some of the companies have received an invitation to change their corporate structure before continuing the listing process.

Regulators are directing companies to switch to a mainland Chinese company form, which would increase the authorities’ control.

Online shopping giant Alibaba intends to consolidate its artificial intelligence operations by establishing a new business unit, the aim of which is to accelerate the company’s position in the rapidly growing artificial intelligence market.

At 8:30 a.m. one euro was worth 1.14 dollars, 182.9 yen, 0.86 pounds and 10.7 Swedish kronor. The dollar was 159 yen and the pound was 1.32 dollars.

A bearish opening is expected in the United States on Tuesday, based on index futures. A decline in Europe is also expected.