Asian stock indexes mostly lower as oil prices sink

TOKYO  — Shares were mostly lower in Asia on Wednesday, as crude oil prices dipped and mainland Chinese markets were hit by sell-offs late in the day.

KEEPING SCORE: Japan’s benchmark Nikkei 225 edged up 0.2 percent to finish at 16,906.54 and Australia’s S&P/ASX 200 added 0.5 percent to 5,216.00. But most other regional markets fell. South Korea’s Kospi fell 0.3 percent to 2,005.83. Hong Kong’s Hang Seng fell 1.3 percent to 21,164.78, while the Shanghai Composite slipped 2.6 percent to 2,964.89, dipping by over 4 percent before recovering some of those losses.

OIL PRICES: Benchmark U.S. crude fell $1.00, or 2.4 percent, to $41.47 a barrel in electronic trading on the New York Mercantile Exchange. At one point it fell by 2.8 percent to $41.30 a barrel. It rose 84 cents on Tuesday. Brent crude, the international benchmark, slipped $1.02 cents to $43.01 a barrel in London.

EUROPE FOCUS: The European Central Bank’s governing council is meeting, and investors are closely watching for what President Mario Draghi might say at the news conference later this week. Doubts persist whether the stimulus measures the bank has taken are really working, such as cutting interest rates and expanding a government bond-buying.

THE QUOTE: “Sentiments will be driven by the ECB President Draghi when he speaks,” said Alex Wijaya, senior sales trader at CMC Markets in Singapore. “In his previous speech, Mr. Draghi hinted that the deposit rate won’t be cut further into negative territory. However with persistent low inflation and the euro now trading at six-month highs, Mr. Draghi could possibly backtrack on his previous statement and consider a further rate cut to fight deflationary pressure.”

source: business.inquirer.net

Asian indexes little changed as Belgian attacks worries ease

TOKYO — Asian stock indexes fell Wednesday in cautious trading, following the deadly bombings in Belgium.

KEEPING SCORE: Japan’s benchmark Nikkei 225 fell 0.3 percent to 17,000.98. South Korea’s Kospi edged 0.1 percent lower to 1,995.12. Hong Kong’s Hang Seng fell 0.7 percent to 20,524.41, while the Shanghai Composite dropped 0.5 percent to 2,983.86. Australia’s S&P/ASX 200 lost 0.5 percent at 5,204.30. Southeast Asian markets were mostly lower.

ATTACK WOES: News of the attacks in Belgium, which killed at least 34 people, had pulled global markets lower, and airlines and travel companies continued to slip in Asia. Major Japanese carrier ANA fell 0.6 percent, while Australia’s flagship carrier Qantas Airways was down nearly 0.3 percent. HIS Co., a major Japanese travel company, slipped 2.3 percent.

WALL STREET: The Dow Jones industrial average lost 41.30 points, or 0.2 percent, to 17,582.57. The Standard & Poor’s 500 index dipped 1.80 points, or 0.1 percent, to 2,049.80. The Nasdaq composite added 12.79 points, or 0.3 percent, to 4,821.66.

THE QUOTE: “The Brussels explosions gave the market a shock yesterday,” said Margaret Yang Yan, market analyst at CMC Markets Singapore. “This attack, together with a series of terrorist attacks believed to have been perpetrated by ISIS since last year, will have an impact on investors’ confidence.”

ENERGY: U.S. crude slipped 52 cents to $40.93 a barrel in electronic trading on the New York Mercantile Exchange. It fell 7 cents to $41.45 a barrel on Tuesday. Brent crude, the benchmark for international oils, fell 38 cents to $41.41 a barrel in London.

CURRENCIES: The euro rose slightly to $1.1206 from $ $1.1200, while the dollar rose to 112.34 yen from 111.65 yen. TVJ

source: business.inquirer.net