Asian markets struggled Wednesday as oil prices staged a mild recovery from the previous day's sharp sell-off, with investors growing uneasy over the chances of an output-cutting deal at a crunch OPEC meeting.
Asian traders moved cautiously Tuesday, with the recent Trump-fueled rally subdued by profit-taking, uncertainty over a crucial vote in Italy at the weekend and worries about an OPEC plan to cut oil production.
Russian President Vladimir Putin and his Iranian counterpart Hassan Rouhani on Monday expressed support for OPEC's plans to limit the cartel's output ahead of a crucial meeting this week.
European stock markets retreated Monday, dragged down by falling banking stocks ahead of a crucial Italian referendum at the end of week.
Asian markets headed into the weekend on a positive note Friday, with Tokyo again propelled by the weaker yen but the U.S. dollar edged back slightly in the afternoon following its recent surge against global currencies.
The U.S. dollar barreled ever higher against most currencies Thursday, sitting at an eight-month high against the yen and hitting a record high against the Indian rupee.
Most Asian markets rose again Wednesday, tracking a record close on Wall Street, while the U.S. dollar held onto its gains against the yen on expectations of a U.S. interest rate rise.
Asian and European stocks forged higher on Tuesday, as rising metals and oil prices bolstered sentiment in the mining and energy sectors, dealers said.
Donald Trump on Monday announced the United States would signal its withdrawal from the Trans-Pacific Partnership (TPP) trade deal on his first day in the White House, as one of six immediate steps aimed at "putting America first."
A Trump presidency could boost flagging oil prices in the long term but the upcoming meeting of major producers may be the bigger influence for now.