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Asian stock markets recover; oil prices remain high

Asian stocks mostly up on Tuesday, despite the fact that in early trading the shares were mostly down as oil prices rose to almost 6-month highs after the United States announced that from May 2 they would impose sanctions on all buyers of Iranian oil.

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Japan’s Nikkei lost 0.19 percent to 22,259.74, Hong Kong's Hang Seng index recovered 0.13 percent to 30,008.26, after declining at earlier hours on Tuesday. The Shanghai Composite Index in China also began climbing by 0.07 percent to 3,217.92, while the Shenzhen Composite Index fell by 0.51 percent, having reached 1,743.20.

South Korea’s Kospi index showed a 0.20 percent increase to 2,220.66, while the main indices in Taiwan - Taiex and Australia - ASX 200 increased their weight by 0.35 percent and 0.95 percent, respectively, where the first reached the line of 11.025.68 and the second 6,320.20 at 6.54 GMT.

Singapore's base index fell 0.16 percent to 3,352.23. Annual inflation in Singapore grew by 0.6 percent in March 2019 from 0.5 percent in February and above the market expectation of 0.3 percent.

A sharp jump in crude oil prices increased energy reserves while the rest of the markets were mostly closed on the occasion of the holiday.

The President of the United States decided not to exempt 8 countries from the U.S. sanctions, which expire on May 2.

Asian countries, namely China, India, Japan and South Korea, are the main importers of Iranian oil. This step will lead to the fact that Iran’s annual income will be reduced by more than 50 billion dollars, which, according to the United States, contributes to the destabilization of activities in the Middle East and beyond.

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