Asia Shares Hit 3-1/2-Year Lows as Oil Resumes Fall
Tokyo/Singapore: Asian stocks surrendered earlier gains to hit 3-1/2-year lows on Friday as renewed pressure on oil prices and disappointing Chinese data kept investors on edge.
MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.3 per cent to the lowest level since June 2012, and was on track for a loss of 2.7 per cent for the week.
Japan’s Nikkei rose 0.7 per cent, but was set for a weekly loss of 1.9 per cent.
Oil prices rebounded on Thursday, with international benchmark Brent futures rising 2.4 per cent to $31.03 a barrel, recovering from its 12-year low of $29.73 hit earlier in the day.
But that rally, largely driven by short-covering after a 20 per cent fall since the start of year, proved to be shortlived. The collapse in oil prices has spooked financial markets as investors worried about the health of the global economy, with a slowdown in China and volatility in its markets making for a nervous start to the year.
“Market sentiment was cautious to begin with, as overnight gains in US equities were complicated by losses by European indices,” said Bernard Aw, market strategist at IG in Singapore. “Furthermore, oil prices were under pressure once again, constraining any relief rally in energy and material stocks.”
Read full article: NDTV
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