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| Shanghai dive leads Asian stock markets lower | |
| (about 1 hour later) | |
| TOKYO — Asian stock markets sank Tuesday, led by a plunge in the Shanghai index, after a renewed slump in the price of oil kept investors on edge about the global economy. | |
| KEEPING SCORE: The Shanghai Composite dropped 6.4 percent to finish at 2,749.78, the lowest since December 2014, when the index was beginning a rally that peaked last June. Japan’s Nikkei 225 lost 2.4 percent to 16,708.90. South Korea’s Kospi slipped 1.2 percent to 1,871.69. Hong Kong’s Hang Seng was down 2.3 percent at 18,904.23. Other regional markets were also mostly down. | |
| OIL CONCERNS: Plunging oil prices have been hitting profits at energy companies and getting investors worried the fall in energy costs could add to deflationary pressures in major economies. Slower growth in China is one reason for oil prices to fall. The slide also reflects oversupply including new sources of production such as shale oil in the U.S. Oversupply is set to be compounded by the lifting of sanctions on Iran, allowing it resume oil exports. | OIL CONCERNS: Plunging oil prices have been hitting profits at energy companies and getting investors worried the fall in energy costs could add to deflationary pressures in major economies. Slower growth in China is one reason for oil prices to fall. The slide also reflects oversupply including new sources of production such as shale oil in the U.S. Oversupply is set to be compounded by the lifting of sanctions on Iran, allowing it resume oil exports. |
| THE QUOTE: “Concerns about a supply glut in global oil markets, with Iran oil adding to existing stock along with uncertainties in China were probably the key factors” in the oil price drop, said Cynthia Jane Kalasopatan of the Singapore Treasury Division of Mizuho Bank. “Sentiment remains fragile; thus on and off shift in sentiment is not so surprising.” | THE QUOTE: “Concerns about a supply glut in global oil markets, with Iran oil adding to existing stock along with uncertainties in China were probably the key factors” in the oil price drop, said Cynthia Jane Kalasopatan of the Singapore Treasury Division of Mizuho Bank. “Sentiment remains fragile; thus on and off shift in sentiment is not so surprising.” |
| WALL STREET: The Dow Jones industrial average fell 208.29 points, or 1.3 percent, to 15,885.22 on Monday. The Standard & Poor’s 500 shed 29.82 points, or 1.6 percent, to 1,877.08. The Nasdaq composite index lost 72.69 points, or 1.6 percent, to 4,518.49. | WALL STREET: The Dow Jones industrial average fell 208.29 points, or 1.3 percent, to 15,885.22 on Monday. The Standard & Poor’s 500 shed 29.82 points, or 1.6 percent, to 1,877.08. The Nasdaq composite index lost 72.69 points, or 1.6 percent, to 4,518.49. |
| ENERGY: Benchmark U.S. crude was down 79 cents to $29.55 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.85, or 5.7 percent, to $30.34 a barrel in New York on Monday. Brent crude, a benchmark for international oils, lost 89 cents to $29.61 a barrel in London. It lost $1.68, or 5.2 percent, to $30.50 a barrel the previous day. | |
| CURRENCIES: The dollar fell to 117.84 yen from 118.23 yen in the previous trading session. The euro inched up to $1.0856 from $1.0850. | |
| Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. | Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |