asia markets sink after us losses eyes on fed meeting
Last Updated : GMT 02:57:08
Arab Today, arab today
Arab Today, arab today

Asia markets sink after US losses, eyes on Fed meeting

Arab Today, arab today

Arab Today, arab today Asia markets sink after US losses, eyes on Fed meeting

Oil resumed its downtrend as demand weakens in the face of a slowing Chinese
Hong Kong - AFP

Asian markets retreated Monday following a fourth successive sell-off in New York, while investors await the Federal Reserve's next policy meeting looking for a handle on its plans for interest rates.

The dollar also remained weak after a disappointing read on the US housing market, while oil was also under pressure owing to a global supply glut.

Tokyo eased 0.41 percent, Hong Kong shed 1.48 percent, Shanghai gave up 1.49 percent, Seoul was 0.30 percent lower and Sydney was flat.

Investors took a lead from their US counterparts, who continued to cash out on Friday as data showing sales of new single-family homes fell in June and May sales were much lower than previously reported.

The news, which followed a downbeat Chinese manufacturing report, trumped forecast-busting earnings from Amazon.
Hong Kong (AFP) - Asian markets retreated Monday following a fourth successive sell-off in New York, while investors await the Federal Reserve's next policy meeting looking for a handle on its plans for interest rates.

The dollar also remained weak after a disappointing read on the US housing market, while oil was also under pressure owing to a global supply glut.

Tokyo eased 0.41 percent, Hong Kong shed 1.48 percent, Shanghai gave up 1.49 percent, Seoul was 0.30 percent lower and Sydney was flat.

Investors took a lead from their US counterparts, who continued to cash out on Friday as data showing sales of new single-family homes fell in June and May sales were much lower than previously reported.

The news, which followed a downbeat Chinese manufacturing report, trumped forecast-busting earnings from Amazon.
The euro changed hands at $1.0996 and 135.90 yen against $1.0977 and 135.89 yen in US trade.

Oil resumed its downtrend as demand weakens in the face of a slowing Chinese economy, weakness in Europe, oversupply and expectations of a flood of Iranian crude onto world markets.

US benchmark West Texas Intermediate (WTI) for September delivery fell 14 cents to $48.00 and Brent crude for September was down three cents to $54.59 a barrel in morning Asian trade.

The weak US data lifted gold as it pushed back expectations for an early US rate rise.

Bullion fetched $1,095.89 an ounce compared with $1,080.17 late Friday.

The precious metal has taken a hit in recent weeks as investors pull out of the safe haven looking for better returns elsewhere.

 

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