Asian markets: China Shanghai Composite gains despite oil price decline and hawkish comments by Boston Fed Reserve President
Barring China, rest of Asia was trading lower on 5 April 2016Reuters

While majority of Asian stock market indices declined, China Shanghai Composite index was up 1.44% at 3,052.83 on 5 April at 5.47am. This followed a negative close on the Wall Street overnight amid oil price decline and comments by Boston Fed Reserve president Eric Rosengren.

Oil prices declined over doubts that the nations producing this commodity would agree to freeze their production in their meeting scheduled in Qatar later in April. Evan Lucas, market strategist at IG, said: "Oil is clearly repricing on the idea that 'no deal' will be inked, showing that OPEC is just a cartel by name and not by action."

This also follows Prince Mohammed bin Salman, the deputy crown prince of Saudi Arabia, telling recently that his country would not freeze its oil production until and unless Iran and other major oil exporters join in the output freeze initiative.

Adding to this woe was Rosengren's hawkish comments on interest rates. He said it was "surprising" the futures market had priced in one or no rate hikes this year, before adding that this could prove to be "pessimistic".

Indices in the rest of Asia traded as follows on 5 April at 5.54am GMT:

CountryIndexPriceUp/Down%Change
Hong KongHang Seng Index20,209.73Down1.41%
JapanNikkei 22515,706.52Down2.58%
South KoreaKOSPI1,965.28Down0.69%
IndiaCNX Nifty7,665.60Down1.20%
AustraliaS&P/ASX 2004,910.60Down1.70%

Meanwhile, overnight on 4 April, the Dow Jones Industrial Average closed at 17,737.00, down 0.31%, while the FTSE 100 closed higher by 0.30% at 6,164.72.

Among commodities, WTI crude oil was trading 0.48% lower at $35.53 (£24.94, €31.21) a barrel, while Brent was down 0.40% at $37.54 a barrel on 5 April at 6.02am GMT.