Asian stock markets suffered losses on Tuesday after the Reserve Bank of Australia (RBA) maintained its monetary policy in its November meeting.
The ASX 200 (-0.6%) was weighed down by declines in the financial and mining sectors after the RBA kept interest rates at a record low of 0.10%, triggering risk-off sentiment.
The Nikkei 225 (-0.4%) declined after the JPY gained demand amid a negative market mood.
Hang Seng (+0.1%) while Shanghai Composite (-1.4%) due to another major liquidity decline as well as lower Chinese commodity prices.
WTI crude futures traded around $ 83 a barrel as OPEC increased production less than the target. A Reuters survey showed that OPEC increased production by 190 thousand barrels a day in October, lower than the deal set by 240 thousand.
Gold prices are around the $ 1,795 level amid a gloomy market mood.
The US dollar slipped below the 94.0 level on Tuesday driven by lower US Treasury yields but remained strong against the high-beta currency amid gloomy market sentiment.
The AUD plunged after the Reserve Bank of Australia kept interest rates unchanged at a record low of 0.10% and resumed its asset purchase program of AUD 4 billion a week in its November meeting. The central bank discontinued the 0.10% target for the 3-Year Government Bond Yield and insisted that there be no interest rate hike until 2024.
The JPY performed best across the FX market while the NZD and CAD were under pressure as investors began to turn to safe-haven currencies after market sentiment turned gloomy during the Asian session.