Arab Today, arab today asian stocks mostly lower as oil hits new troughs
Last Updated : GMT 20:51:54
Arab Today, arab today
Arab Today, arab today

Asian stocks mostly lower as oil hits new troughs

Arab Today, arab today

Arab Today, arab today Asian stocks mostly lower as oil hits new troughs

Investors monitor stock
Hong Kong - AFP

Asian markets mostly slipped Tuesday, following a sell-off in Europe and the United States, as oil prices plunged to more than five-year lows and data indicated Chinese manufacturing activity shrank in December.
The dollar and euro edged lower against the yen after losing pace Monday owing to the uncertainty caused by the weak crude, which has increased pressure on Russia's economy, spooking investors.
Tokyo tumbled 1.80 percent, Hong Kong lost 0.65 percent, Sydney slipped 0.39 percent and Seoul was 0.62 percent lower, while Shanghai rose 0.55 percent.
In China, banking giant HSBC said its preliminary index of manufacturing activity came in at 49.5 this month, compared with 50 in November. Anything below 50 points to contraction and anything above shows growth.
The figures are the latest in a long line that show the world's number two economy is slowing. However, Shanghai shares advanced -- extending a recent bull run -- on hopes the government will introduce new measures to spur growth.
Oil-linked firms are being hammered after crude prices plunged by about half from their June highs, weighed down by an oversupply on world markets, falling demand and OPEC's decision to maintain high output levels.
Despite the benefits cheap oil brings to some, global stock markets have been dragged down by energy giants and analysts warn there could be further falls on the way.
On Tuesday in Asia, US benchmark West Texas Intermediate for January delivery fell 38 cents to $55.53 while Brent crude for January eased 48 cents to $60.58 -- both to levels last seen in mid-2009.
- 'More pain in store' -
US shares tumbled, with the Dow off 0.58 percent, the S&P 500 falling 0.63 percent and the Nasdaq slumping 1.04 percent.
Earlier Monday, London's FTSE 100 ended down 1.87 percent, while equity markets in France and Germany fell more than 2.5 percent.
"Oil prices continue to slide, and that is now the chief worry to Russia, which is essentially an oil-exporting economy," Yoshihiro Okumura, general manager at Chibagin Asset Management, told Dow Jones Newswires.
"The creeping fear is that Russia may default, reminding investors of the prior Greek fiscal panic, and require a bailout. Beyond that, a 'domino effect' of worsening fiscal conditions at other oil-exporting nations may take hold.
"Oil prices look far from settled at the mid-$50 level, so more pain may yet be in store."
Moscow was forced to ramp up interest rates early Tuesday, to 17 percent from 10.5 percent, after the ruble plunged to a fresh record-low against the dollar.
The slide came as the Russian central bank said weak oil prices could lead to a contraction of nearly five percent next year and as tensions with the United States over the Ukraine crisis increased.
The uncertainty pushed the yen up as traders looked for safer investments. The dollar was buying 117.75 yen early Tuesday against 117.81 yen in New York
The euro was at 146.48 yen from 146.50 yen, and $1.2441 from $1.2435.
The yen is considered a safe haven in times of turmoil.
Gold was at $1,198.07 an ounce compared with $1,210.54 late Monday.

 

arabstoday
arabstoday

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 stocks mostly lower as oil hits new troughs Arab Today, arab today asian stocks mostly lower as oil hits new troughs

 



Arab Today, arab today

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 stocks mostly lower as oil hits new troughs Arab Today, arab today asian stocks mostly lower as oil hits new troughs

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
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