RBA Interest Rate Decision, Services PMI, Currencies, Oil

SINGAPORE — Shares in the Asia-Pacific region opened higher as investors await the Reserve Bank of Australia’s interest rate decision.

The Nikkei 225 in Japan gained 0.92%, while the Topix index rose 0.59%.

of South Korea Kospi rose 0.52% and the Kosdaq advanced 0.94%.

In Australia, S&P/ASX 200 was slightly higher.

The Reserve Bank of Australia is expected to raise interest rates by 50 basis points later today, a Reuters poll predicted. Retail sales data is also expected today.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.17 percent.

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Elsewhere in the region, data from South Korea released on Tuesday showed that the consumer price index rose 6% in June compared to the same period a year ago. That was slightly higher than the 5.9 percent increase expected and the fastest annual rise since November 1998, according to Reuters.

Japan and China are set to release services purchasing managers’ index readings on Tuesday.

The company’s news reports that a group of UK lawmakers are calling for a ban on Chinese CCTV manufacturers Hikvision and Dahua because of alleged links to human rights violations.

US markets were closed overnight for a holiday.

Currencies and oil

The US dollar indexwhich tracks the greenback against a basket of peers, was at 105.115.

The Japanese yen traded at 135.87 to the dollar after briefly weakening above 137 against the greenback last week. The Australian dollar was at $0.6872, after recovering from below $0.679.

US crude oil Futures gained 1.51% in morning trade in Asia to $110.07 a barrel, while Brent crude oil Futures were down 0.23% at $113.24 a barrel.

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