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Asian shares continue to fall on oil worries Asian shares continue to struggle on oil worries
(about 7 hours later)
Asians stocks continued to lose ground on Wednesday as further falls in oil prices, together with concerns over the eurozone's economy, fuelled investor worries. Asian stocks struggled to make any headway on Wednesday as further falls in oil prices, together with concerns over the eurozone's economy, fuelled investor worries.
Following its worst day since March, the Nikkei opened 0.44% lower, while the euro hit a fresh nine-year low against the dollar. Following its worst day since March, the Nikkei opened down 0.4%, but finished the trading day barely changed at 16,885.33.
The price of benchmark Brent crude oil fell 4.10% to $50.93. The price of benchmark Brent crude oil fell to $50.93 a barrel.
The price of US oil fell even further below the symbolic $50 level to $47.92. The price of US crude fell even further below the symbolic $50 level to $47.92.
Known as West Texas Intermediate crude, its price has now lost more than half of its value since mid-2014. The US crude price has now lost more than half of its value since mid-2014.
In addition to worries over oil prices and the political turmoil in Greece, a survey published on Tuesday indicating the eurozone saw anaemic growth in December, and suffered its worst quarter for more than a year, has further fuelled investor concerns. In addition to worries over oil prices and the political turmoil in Greece, a survey published on Tuesday indicating the eurozone saw anaemic growth in December further fuelled investor concerns.
Negative territory Energy shares hit
In Greater China, shares also opened lower with the Shanghai Composite down 0.51% to 3,334.41. In Greater China, shares also opened lower with the Shanghai Composite down 0.5% in early morning trade. The index later regained some ground, rising 0.4% to 3,366.02.
In Hong Kong, the Hang Seng was down 0.59% in morning trade to 23,347.60 points. In Hong Kong, the Hang Seng opened down, but had moved into positive territory in afternoon trade, up 0.4% at 23,583.10.
Australia's share market continued to lose ground on Wednesday, too, with the S&P/ASX 200 down 0.62% to 5,331.60 points, as investors continued to worry about falling oil prices and shares in energy firms fell. Australia's share market remained in negative territory all day, with the S&P/ASX 200 closing down 0.2% at 5,353.61 points, with shares in energy firms bring hit by the falling oil prices.
Shares in Santos, one of the nation's major oil and gas exploration firms, were down more than 1% in mid-morning trade, while resource giant BHP Billiton's shares were down 0.5%. Shares in Santos, one of the nation's major oil and gas exploration firms, were down more than 1.3% at the end of the trading day, while resource giant BHP Billiton's shares finished flat.
Kara Ordway, a market strategist at City Index, said the Australian market looked weak but that it was "kind of a follow through from what we've seen in the US overnight".Kara Ordway, a market strategist at City Index, said the Australian market looked weak but that it was "kind of a follow through from what we've seen in the US overnight".
Leading US stock indexes closed lower for the fifth consecutive day on Tuesday, with the S&P 500 clocking its worst losing streak since late 2013. Leading US stock indexes closed lower for the fifth consecutive trading session on Tuesday, with the S&P 500 clocking its worst losing streak since late 2013.
In Korea, the benchmark Kospi was also down 0.32% in early morning trade to 1,876.47 points. In South Korea, the benchmark Kospi reversed earlier losses and moved into positive ground by the end of the day, closing up 0.7% at 1,883.83.
The nation's largest flag carrier, Korean Airlines, saw its shares plunge more than 6% on Tuesday after announcing it would sell more than 500 billion won ($455m) worth of new shares as it seeks to reduce its debt. Shares in Korean Air Lines continued to fall, sliding 4.7%. Its shares had dropped more than 6% on Tuesday after announcing it would sell more than 500bn won ($455m) worth of new shares as it seeks to reduce its debt.