Asian stocks mostly weaker as oil slips

SEOUL, Korea, Republic Of - Asian stock markets were mostly weaker on Tuesday as the price of crude oil turned lower following a surge overnight.

See Full Article

KEEPING SCORE: Japan's Nikkei 225 drifted 0.2 per cent lower to 16,074.71 while South Korea's Kospi was 0.2 per cent lower to 1,912.71. Hong Kong's Hang Seng index fell 0.6 per cent to 19,346.46 and Shanghai Composite Index in mainland China dropped 1.3 per cent to 2,890.29. Australia's S&P/ASX 200 was down 0.4 per cent to 4,983.90. Stocks in Singapore and the Philippines were higher but stocks in Taiwan and Indonesia were lower.

ENERGY FORECAST: On Monday, the International Energy Agency said it does not expect oil prices to recover significantly until 2017, but it expects slower growth in global supplies. Fatih Birol, executive director of the IEA, said oil would rise gradually to about $80 a barrel. The comments by the group of major oil-importing countries triggered a surge in crude oil prices and rallies in global stock markets overnight but they could not be sustained.

ANALYST'S TAKE: Despite the forecast that the glut of crude will be gradually reduced, "we remain cautious at this juncture, since so far, Iran and Iraq remained non-committal in terms of production cuts though both countries welcomed the initiative," Mizuho Bank said in a daily commentary.

OIL: Benchmark U.S. crude lost 53 cents or 1.6 per cent at $32.86 per barrel in New York. On Monday the contract jumped $1.56 to close at $33.39 a barrel. Brent crude, which is used to price international oils, fell 50 cents to $34.19 per barrel in London.

WALL STREET: U.S. stocks jumped on Monday as a surge in the price of oil lifted energy stocks. The Dow Jones industrial average gained 1.4 per cent to 16,620.66. The Standard & Poor's 500 index climbed 1.5 per cent to 1,945.50. The Nasdaq composite index added 1.5 per cent to 4,570.61.

CURRENCIES: The dollar fell to 112.10 yen from 112.89 yen while the euro rose to $1.105 from $1.103.


Latest Economic News

  • Ont. electricity system operator reports $80M loss after accounting change

    Economic CTV News
    TORONTO -- Ontario's efforts to ease the upward pressure on electricity rates has been dealt a setback by a change in accounting practices. In the government's public accounts for 2015-16, the Independent Electricity System Operator reported a "previously unrecognized actuarial loss and past service costs" of just over $80 million. Source
  • Asian stocks mixed after manufacturing reports offset by weak South Korea data

    Economic CTV News
    SEOUL, South Korea -- Asian stocks were mixed on Tuesday as upbeat reports on manufacturing in the U.S. and Europe were followed by weak growth data from South Korea, Asia's fourth-largest economy. KEEPING SCORE: Japan's Nikkei 225 rose 0.7 per cent to 17,354.68 while South Korea's Kospi fell 0.5 per cent to 2,036.86. Source
  • Galaxy Note recall, Hyundai strike hurting South Korea's economy

    Economic CTV News
    SEOUL, South Korea -- South Korea's third-quarter economic growth has slipped to its lowest level in more than a year, with Samsung's Galaxy Note 7 recall having an impact. The country's central bank said Tuesday that Asia's fourth-largest economy expanded 2.7 percent during the July-September quarter over a year earlier, the slowest pace since the second quarter of 2015. Source
  • Toronto lawyer Galati files constitutional challenge against EU trade deal

    Economic CTV News
    OTTAWA -- The Toronto lawyer who successfully challenged the previous Conservative government over one of its Supreme Court judge nominees is setting his sights on a new target: Canada's free trade deal with the European Union. Source
  • Federal deficit likely to come in smaller than predicted in budget: PBO

    Economic CBC News
    The federal government is on track to post smaller deficits in the coming years than the Liberals are currently forecasting, Canada's non-partisan parliamentary budget watchdog said on Monday. The Parliamentary Budget Officer said in a report Monday it expects Ottawa to post a deficit of just over $22 billion this year. Source
  • Quebec carbon market not changing behaviours so far, but experts are hopeful

    Economic CTV News
    OTTAWA -- As politicians across the country worry about the consequences of a national carbon tax on family incomes, many experts say the much-touted carbon market in Quebec has so far had little effect on changing citizens' habits. Source
  • Jared Fogle's ex-wife sues Subway

    Economic CTV News
    NOBLESVILLE, Ind. -- The ex-wife of former Subway pitchman Jared Fogle is suing the restaurant chain for damages, saying the company received three reports indicating his sexual interest in children but failed to take proper action and continued promoting him as their spokesman. Source
  • Lexus, Toyota, Buick top Consumer Reports' reliability list

    Economic CBC News
    Lexus, Toyota and Buick are the most reliable brands in Consumer Reports' latest survey, a reward for their conservative approach to new technology. It's the fourth straight year that Lexus came in first and Toyota came in second. Source
  • Capital Power pushes back Genesee 4 and 5 power plant

    Economic CTV News
    CALGARY - Capital Power has once again delayed a final go-ahead on its new natural gas-fired power plant because of continued uncertainty about Alberta's coal phase-out and power market. The proposed $1.4-billion Genesee 4 and 5 power plant, half-owned by utility Enmax Corp. Source
  • Trump Hotels ditches Trump name for new brand

    Economic CBC News
    The Trump name is likely to be everywhere for the next 14 days, with one notable exception: it won't be associated with any new hotels owned by the Republican presidential candidate's eponymous company. Trump Hotels will use the brand name Scion for new projects targeted at young, urban travellers, the hotel chain said in a press release. Source