Asian stocks fall lower alongside oil

SEOUL, Korea, Republic Of - Asian stock markets were mostly in the red Thursday, surrendering early gains as oil drifted lower and sentiment remained fragile following big swings on Wall Street.

See Full Article

KEEPING SCORE: Tokyo's Nikkei 225 lost 2.4 per cent to 16,017.26 and South Korea's Kospi inched down 0.3 per cent to 1,840.53. Hong Kong's Hang Seng was down 1.3 per cent to 18,641.56. Australia's S&P/ASX 200 gained 0.5 per cent to 4,864.00. China's Shanghai Composite fell 0.8 per cent to 2,951.49. Markets in Taiwan, Singapore and Thailand also were lower. Indonesia rose.

GLOBAL TURBULENCE: Stock markets have taken a beating along with the price of oil as investors believe stock prices have risen too high at a time when the near-term global economic outlook is for modest growth rather than a strong upswing. The IMF lowering its forecast for global growth this year to 3.4 per cent, oil falling below $30 a barrel and China's growth slowing to a 25-year low last year have all contributed to the sell-off this week. The European Central Bank is expected to keep interest rates on hold at ultra-low levels when its governing council meets later in the day as it monitors risks from turmoil in global markets.

THE QUOTE: "It is not advisable to interpret any rallies as evidence that we have seen a near-term bottom," Bernard Aw, a market strategist at IG in Singapore, said in a report. "As disciples of technical analysts know very well, a downtrend is typically marked by periods of rebounds."

WALL STREET: On Wednesday, U.S. stocks closed down but off their lows. The Dow closed down 1.6 per cent to 15,766.74. The S&P 500 index fell 1.2 per cent to 1,859.33, its lowest closing level since April 2014. At one point, it was down nearly 4 per cent. The Nasdaq composite lost 0.1 per cent to 4,471.69, closing at its lowest since October 2014.

ENERGY: The price of oil fell again after a brief pause. Benchmark U.S. crude for March delivery was down 12 cents to $28.23 a barrel in electronic trading on the New York Mercantile Exchange. The February contract, which expired Wednesday, dived 6.7 per cent, or $1.91, its worst daily drop since September, to close at $26.55 in New York. It was U.S. oil's lowest since May 2003. Brent crude, a benchmark for international oils, lost 2 cents to $27.85 per barrel in London.

CURRENCIES: The dollar fell to 116.98 yen from 117.19 yen in the previous trading session. The euro rose to $1.0895 from $1.0874.



Advertisements

Latest Economic News

  • Ex-Fiat Chrysler exec pleads guilty in union payoff scheme

    Economic CTV News
    Al Iacobelli, former Vice President Employee Relations at Chrysler Group LLC is seen on the right, answering a media question, at a news conference on July 25, 2011. (AP / Paul Sancya) Source
  • Netflix shares jump after earnings show subscriber growth

    Economic CBC News
    Netflix Inc added more global subscribers than expected in the fourth quarter, as the video streaming service provider kept viewers hooked with critically acclaimed shows such as "The Crown" and "Stranger Things," sending its shares up 7 percent in aftermarket trading to a record. Source
  • Media mogul Rupert Murdoch says Facebook should pay for news

    Economic CBC News
    Media mogul Rupert Murdoch says Facebook should pay fees to "trusted" news producers for their content. Facebook said last week that it will boost news sources that its users rank as most trustworthy , while shrinking the percentage of news posts overall in users' news feeds. Source
  • Quebec judge refuses to end trial for former Amaya CEO and others

    Economic CTV News
    MONTREAL -- A Quebec judge has refused to stay insider trading charges against former Amaya CEO David Baazov and other accused. Provincial court Judge Salvatore Mascia rejected defence motions to end the case because of the length of time it has taken to reach the trial stage and late filing of prosecution documents. Source
  • Quebec judge rejects Jordan motion to end trial of ex-Amaya CEO and others

    Economic CTV News
    MONTREAL -- An insider trading trial against former Amaya CEO David Baazov and his co-accused is set to get underway in the coming weeks after a Quebec judge rejected a defence motion to stay the process over unreasonable delays. Source
  • Corporate Canada urged to up its game in promoting NAFTA with Americans

    Economic CTV News
    OTTAWA -- For all of Canada's efforts to promote the North American Free Trade Agreement on U.S. soil, there are concerns one important voice from the north has been a little quieter than the rest: Canadian business. Source
  • Sears employees, pensioners alarmed by insolvency fees, lawyers say

    Economic CTV News
    TORONTO -- Sears Canada pensioners, former and current employees say the nearly $52.9 million in professional fees paid by the shuttered retailer during the insolvency process is alarming and concerning, their lawyers told an Ontario court today, noting they reserve the right to challenge them at a later date. Source
  • Apple CEO Tim Cook discusses Malala Fund in exclusive interview

    Economic CTV News
    In a Canadian first, Apple CEO Tim Cook sits down with CTV’s Your Morning for an exclusive interview to discuss his company’s new partnership with Nobel Peace Prize winner Malala Yousafzai. The interview is slated to air on Tuesday morning. Source
  • Ontario landlords call for right to immediately ban pot in rentals despite tenant laws

    Economic CTV News
    TORONTO -- Ontario landlords want the right to immediately ban the use of pot in rental properties when recreational weed is legalized this summer, arguing they should be allowed to change tenants' existing leases to stop the drug from being consumed in their units. Source
  • Rogers Media cuts ties with Vice Canada, pulls Viceland channel off the air

    Economic CTV News
    TORONTO - Rogers Media and Vice Canada have announced the end of their three-year-old partnership, with TV channel Viceland slated to cease broadcasting on Rogers cable as of March 31 and Rogers giving up its interest in Vice StuRogers Media cuts ties with Vice Canada, pulls Viceland channel off the airdio Canada. Source