DHAKA: Several markets across Asia were down in early trade on Tuesday, despite an oil price rise overnight and a positive lead from Wall Street.

Brent crude rose above $40 a barrel for the first time this year, reports the BBC.

The price of iron ore also shot up, rising almost 20%, due in part to a surge in demand for the metal from China's refineries.

Japan’s Nikkei 225 was down 1.07% to 16,730.77 in mid-morning trade, despite some surprising economic numbers.

A stronger yen against the dollar was weighing on investor sentiment and hurting some of Japan's big exporters.

Toyota shares were down about 1%, Honda fell 2% and Nissan dipped about 2.5%.

Fresh official figures released on Tuesday showed Japan’s economy shrank less than previously thought in the last three months of 2015.

The annualized numbers surprised analysts, who had been expecting to see a contraction of 1.5%, compared to a previous reading of a contraction of 1.4% for the period.

Elsewhere, commodity and energy-related stocks were dragging on the Australian market, despite the price rises in oil and iron ore.

BDST: 1225 HRS, MAR 08, 2016
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