energy stocks hit as oil resumes losses
Last Updated : GMT 20:05:34
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Asia markets retreat

Energy stocks hit as oil resumes losses

Arab Today, arab today

Arab Today, arab today Energy stocks hit as oil resumes losses

Tokyo stocks fell 0.6% on February 2
Hong Kong - Arab Today

Oil prices on Tuesday extended their heavy losses from the previous session, hitting Asia's beleaguered energy stocks as most regional markets retreated from a recent rally.

Weak factory data in China and the United States added to the selling pressure, although Shanghai rallied on hopes of fresh economy-priming measures from Beijing and after the central bank pumped billions of dollars into financial markets.

The euphoria fuelled by Japan's shock decision Friday to adopt a negative interest rate -- effectively charging lenders to park cash with the central bank -- soon yielded to the same fears that caused a rout in global markets in January: China's slowing growth and low oil prices.

"We're in for a period of continuing caution," Angus Gluskie, a managing director at White Funds Management in Sydney, told Bloomberg News.

"It's a period of uncertainty. China remains the biggest concern for investors. If the Chinese situation develops more adversely, it could have greater ramifications."
Tokyo fell 0.6 percent after surging about 4.5 percent over the previous two sessions in response to the Bank of Japan's surprise stimulus announcement. Sydney lost one percent after Australia's central bank held off cutting interest rates, while Seoul also shed one percent.

Hong Kong lost 0.8 percent while Taipei, Jakarta and Manila also saw losses.

But Shanghai closed up 2.3 percent thanks to the People's Bank of China's liquidity injection days before the week-long Lunar New Year break.

In early European trade London and Frankfurt shed 0.4 percent and Paris was off 0.5 percent.

- Oil slides towards $30 -

Oil resumed its slide back towards $30 a barrel, with both contracts down more than 1.5 percent in Asian trade.
On Monday US benchmark West Texas Intermediate tanked almost six percent and Brent dived around five percent as the rally fuelled by last week's hopes for output talks between Russia and OPEC faded.

Among energy stocks CNOOC shed 1.1 percent in Hong Kong and PetroChina lost 0.9 percent.

Sydney-listed Santos gave up 4.3 percent and BHP Billiton was 2.2 percent lower after Standard & Poor's cut its credit rating on the firm due to falling commodity prices.

In Tokyo Inpex plunged almost five percent.

Investors are also awaiting a US stockpiles report Wednesday and are expecting to see another jump, indicating demand remains weak.

Crude was also hurt by the release of key gauges indicating manufacturing activity in China and the US continued to shrink in January. Flat US consumer spending for December also weighed.

Federal Reserve vice chair Stanley Fischer, in a speech Monday, warned the market turmoil could hit the US economy, a crucial driver of global growth.

"If these developments lead to a persistent tightening of financial conditions, they could signal a slowing in the global economy that could affect growth and inflation in the United States," Fischer said.

- Key figures at 0830 GMT -

Tokyo - Nikkei 225: DOWN 0.6 percent at 17,750.68 (close)

Sydney - S&P/ASX 200: DOWN 1.0 percent at 4,993.30 (close)

Hong Kong - Hang Seng: DOWN 0.8 percent at 19,446.84 (close)

Shanghai - Composite: UP 2.3 percent at 2,749.27 (close)

London - FTSE 100: DOWN 0.4 percent at 6,037.28

Euro/dollar: UP at $1.0900 from $1.0893 Monday

Dollar/yen: DOWN at 120.73 yen from 120.96 yen

New York - Dow: DOWN 0.10 percent at 16,449.18 (close)
Source: AFP

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