Arab Today, arab today asian share rally runs out of steam
Last Updated : GMT 21:02:53
Arab Today, arab today
Arab Today, arab today

As oil falls again

Asian share rally runs out of steam

Arab Today, arab today

Arab Today, arab today Asian share rally runs out of steam

The impact of a Chinese slowdown and the collapse in commodity prices helped push global mining giant BHP Billiton
Hong Kong - Arab Today

 Asia's share rally stalled today with markets battling a fresh fall in the price of oil and fears for the Chinese economy.

Japanese stocks fell as a stronger yen hit exporters while Shanghai also closed down, after the first indicators for Asia’s biggest economy this month showed private gauges of manufacturing and services falling to new lows, and a reading of business confidence slipped.

The impact of a Chinese slowdown and the collapse in commodity prices helped push global mining giant BHP Billiton, which counts China as a key customer, to a huge six-month net loss today.

"China's slowdown is yet to fully play out and markets are watching what policies will be rolled out to address that," said Nescyn Presinede, trader at Manila-based Rizal Commercial Banking Corporation, according to Bloomberg News.

"The environment remains volatile with investors focused on oil prices."

US crude for April, a new contract, fell 1.62% while Brent for April was down 1.56%, as traders remained doubtful that talks on an output freeze among key crude producers would lead to agreement.

The International Energy Agency warned yesterday world oil prices are unlikely to rise from current levels before 2017, and even then their recovery will be slow as massive oil stocks feed into the market.

US inventories probably expanded further from their highest levels in more than eight decades, according to a Bloomberg survey before US data tomorrow.

"The increase in stockpiles will mean oil will remain lower for longer," Evan Lucas, a market strategist at IG Ltd in Melbourne, told Bloomberg.

"The supply side is a big hurdle. We expect prices to edge up ever so slightly in the second quarter, it'll inch toward US$35 and average around that level."

Japan running out of options

Wall Street equities had enjoyed healthy gains yesterday, closing sharply higher after US oil prices surged more than 6%.

But Tokyo closed down 0.37% today after early gains fizzled out as crude prices reversed course and the yen rose, which is a negative for exporters' profitability and tends to hit demand for their shares.

Auto parts giant Takata dived on news it could be hit with tens of millions more recalls linked to a deadly airbag scandal.

Analysts warned that the Bank of Japan may be running out of policy tools after it announced a negative interest rate policy last month – a move widely seen as a desperate effort to kick-start growth.

More easing measures would tend to weaken the yen.

"It's beginning to feel like the BoJ is completely stuck," Tetsuo Seshimo, a portfolio manager at Saison Asset Management, told Bloomberg.

"It's difficult to imagine any scenarios where the BoJ can take action."

Chinese stocks lost 0.81% and the yuan declined after the People's Bank of China lowered its daily reference rate by the most in six weeks.

Hong Kong was down 0.15% in late trade.

In Australia, global mining giant BHP Billiton today posted a first-half net loss of US$5.67 billion and slashed dividends as plunging commodity prices hammered the bottom line.

The result in the six months to December 31, dogged by impairments, compared to a US$4.26 billion profit in the previous corresponding period, with revenue dropping 37% to US$15.71 billion.

But BHP's share price, which has plunged over the past 12 months, ended 2.62% higher at Aus$17.63 as analysts suggested the results were not unexpected.

Yet the dramatic fall in the price of oil since 2014 helped Australian carrier Qantas today post a huge rise in first-half net profit, which soared 234%.

Overall, Sydney closed 0.43% down while South Korean shares fell 0.11% today. – AFP, February 23, 2016.
Source: AFP

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today asian share rally runs out of steam Arab Today, arab today asian share rally runs out of steam

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach

GMT 11:14 2017 Wednesday ,22 February

Lloyds Banking Group posts surging profits

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide

GMT 09:57 2017 Tuesday ,21 February

Greece agrees to bailout reforms compromise

GMT 09:55 2017 Monday ,20 February

Thailand 2016 growth up but below junta target

GMT 09:29 2017 Monday ,20 February

Kraft Heinz withdraws bid for Unilever

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday