Asian markets mixed amid fears over oil, Italy’s referendum

KUALA LUMPUR, Malaysia — Asian stocks were mixed Tuesday as concerns over an OPEC oil production cut and Italy’s constitutional referendum cast a pall on the markets.

KEEPING SCORE: The Shanghai Composite Index gained 0.4 per cent to 3,290.22 and Sydney’s S&P-ASX 200 rose 0.3 per cent to 5,482. Hong Kong’s Hang Seng index was almost flat at 22,838.06, as is Seoul’s Kospi at 1,978.06. Tokyo’s Nikkei 225 gave up 0.2 per cent to 18,322.58 and benchmarks in Philippines and New Zealand also fell.

OPEC WATCH: The Organization of the Petroleum Exporting Countries meets Wednesday to discuss output cuts to boost prices. Iraq’s Oil Minister reaffirmed his intention to work toward a possible agreement boosted oil prices overnight. However, Iran’s minister has warned that “politics may make an OPEC decision harder,” undermining sentiments. The price of the benchmark U.S. oil fell 20 cents to $46.88 a barrel in electronic trading on New York Mercantile Exchange. The contract jumped $1.02 to close at $47.08 a barrel on Monday. Brent crude, the international standard, eased 29 cents to $49.92 a barrel in London, from $48.79 on Tuesday.

ITALY VOTE: Italians vote on constitutional changes on Dec. 4 that would limit the power of the upper house and make it easier for governments to pass legislation. Prime Minister Matteo Renzi has said he will resign in case of a “no” result. New elections, if held, could bring to power the Five Star Movement, which has said it wants to hold a referendum on euro membership.