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KUALA LUMPUR, Sept 5 (Reuters) – Oil prices jumped over $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later in the day. 

Brent crude futures rose $1.88, or 2%, to $94.90 a barrel by 0345 GMT after gaining 0.7% on Friday. U.S. West Texas Intermediate crude was at $88.60 a barrel, up $1.73, or 2%, following a 0.3% advance in the previous session. 

Full coverage: REUTERS

Morning Bid: Sell The Rip

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Sept 5 (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever 

Wall Street’s lurch into the red late on Friday sets a negative tone for the open in Asia on Monday, a stark reminder that investors are still far more inclined to sell into pockets of strength in riskier assets right now than push them higher. 

August purchasing managers index (PMI) reports on Monday from Australia, Japan, China and India could deepen or alleviate the general sense of gloom, but the U.S. close last week suggests any relief might be fleeting. 

Full coverage: REUTERS

Era Of Through-the-roof House Prices In Australia Set To End: Reuters Poll

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BENGALURU, Sept 5 (Reuters) – Australian house prices will fall sharply this year and next as rising mortgage rates and cost of living pressures drag on demand, a Reuters poll found, but for many people buying a home will still remain far out of reach. 

Pandemic-related stimulus and cheap loans have nearly doubled house prices since the 2007-09 global financial crisis, increasing homeowners’ wealth, but that has also kept millennials and first-time homebuyers off the property ladder. 

Full coverage: REUTERS

Suntory Eyes U.S. Canned Cocktail Push As Young Japanese Shun Booze

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TOKYO, Sept 5 (Reuters) – Japanese drinks giant Suntory Inc last year debuted a strong, lemony brew in Australia that quickly became the top seller in the canned cocktail market there. 

Now the company is aiming to replicate that success in North America, critical to its aim in becoming the global leader in the fastest growing alcoholic drinks segment. 

Expanding overseas is also a matter of survival for Japanese drinks companies facing aging market at home and a shift away from alcohol among younger people. 

Full coverage: REUTERS

Japan’s Services Sector Shrinks For First Time In Five Months In August – PMI

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TOKYO, Sept 5 (Reuters) – Japan’s services sector activity shrank for the first time in five months in August as a resurgence of COVID-19 infections hurt demand, a business survey showed. 

The contraction shows that a recovery of the world’s third-largest economy remains fragile at best and is worrying at a time when the global growth outlook is turning increasingly pessimistic. 

The final au Jibun Bank Japan Services purchasing managers’ index (PMI) dropped to a seasonally adjusted 49.5, marking the first contraction since March. 

Full coverage: REUTERS