HONG KONG : Asian shares edge down in early trade on Tuesday with investors taking their cue from a volatile Wall Street session overnight, while oil prices climbed following last week's rout.
"A seam of tight supply news bolstered the market," analysts at Commonwealth Bank of Australia said in a research note."Political unrest might curtail supply from a couple of second-tier producers, Ecuador and Libya. And then there's the G7's proposed price cap on Russian oil." On Monday, U.S. stocks ended a volatile trading session slightly lower with few catalysts to sway investor sentiment as they approach the half-way point of a year in which the equity markets have been slammed by heightened inflation worries and tightening Fed policy.
The Dow Jones Industrial Average fell 0.2 per cent, the S&P 500 lost 0.30 per cent and the Nasdaq Composite dropped 0.72 per cent.