China and Japan Stocks Buck Trend Heading Higher

Stocks in Japan and Shanghai rose to multi-year highs on the first day of the month, while the rest of Asia’s indices declined on plunging oil prices and key Chinese data.

U.S. crude and Brent crude lost nearly $2 on Monday with U.S. crude sliding to its lowest level in over five years as last week’s sell-off continued. Prices have been in free fall following OPEC’s (Organization of the Petroleum Exporting Countries) decision to maintain production on Thursday. Both U.S. crude and Brent have declined for five straight months, their longest losing streak since 2008, Reuters reported.

Precious metals were also in focus with spot silver and spot gold prices tumbling 6 and 2 percent, respectively, after Swiss voters rejected proposals to boost gold reserves over the weekend.


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