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Asian stock indexes mostly lower as oil prices sink Global stocks meander after strong start to week
(about 4 hours later)
TOKYO — Shares fell in early European trading Wednesday after crude oil prices dipped and mainland Chinese markets were slammed by sell-offs late in the day. Investors were looking ahead to comments from a meeting of the European Central Bank. LONDON — Global stock markets meandered round fairly narrow ranges Wednesday following a stellar start to the week that its roots in a rebounding oil prices.
KEEPING SCORE: Germany’s DAX slipped 0.2 percent to 10,325.35 and the CAC 40 of France lost 0.4 percent to 4,550.55. The FTSE 100 of Britain shed 0.4 percent to 6,377.22. Wall Street also looked due for a downbeat start, with Dow and S&P 500 futures both down 0.3 percent. KEEPING SCORE: In Europe, Germany’s DAX rose 0.2 percent to 10,366 while the CAC- 40 of France was up 0.1 percent at 4,571. The FTSE 100 of leading British shares was down 0.2 percent to 6,392. Wall Street was set for a flat opening, with Dow futures and the broader S&P 500 futures up 0.1 percent.
OIL PRICES: Benchmark U.S. crude fell 95 cents, or 2.2 percent, to $41.53 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 87 cents to $43.16 a barrel in London. OIL PRICES: Crude has been at the heart of stock market moves this year and their rebound this week have been viewed as a sign that the global economic outlook has improved. On Wednesday, the benchmark New York rate was down 61 cents at $41.86 a barrel while the international standard, Brent, fell 54 cents to $43.49.
EUROPE FOCUS: Investors are closely watching for what ECB 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. ANALYST TAKE: “After such an incredible start to the week, the ability to maintain such an intense pace of stock market gains was always questionable,” said Joshua Mahony, market analyst at IG. “For now, it feels like where oil prices go, everything follows.”
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.” EUROPE FOCUS: Investors are also turning their eyes to Thursday’s policy meeting of the European Central Bank. Though the bank is not expected to announce any further stimulus measures, investors will be interested to hear what ECB President Mario Draghi might say at the news conference. Doubts persist whether the stimulus measures the bank has taken are really working, such as cutting interest rates and expanding a government bond-buying.
ASIA’S DAY: 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 5,281.20. But most other regional markets fell. South Korea’s Kospi fell 0.3 percent to 2,005.83. Hong Kong’s Hang Seng fell 0.9 percent to 21,236.31, while the Shanghai Composite slipped 2.3 percent to 2,972.58, after dipping by over 4 percent toward the end of the day.ASIA’S DAY: 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 5,281.20. But most other regional markets fell. South Korea’s Kospi fell 0.3 percent to 2,005.83. Hong Kong’s Hang Seng fell 0.9 percent to 21,236.31, while the Shanghai Composite slipped 2.3 percent to 2,972.58, after dipping by over 4 percent toward the end of the day.
CURRENCIES: In currency markets, the dollar rose to 108.96 yen from 109.43 yen. The euro also rose, to $1.1365 from $1.1336. CURRENCIES: In currency markets, the euro was up 0.2 percent at $1.1382 while the dollar fell 0.1 percent to 109.18 yen.
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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.