Asian mar­kets slip on oil con­cerns

The Myanmar Times - - International Business -

ASIAN mar­kets mostly re­treated yes­ter­day, with en­ergy firms hit by sink­ing oil prices as fresh fears about a planned out­put cut by ma­jor pro­duc­ers was fanned by a report Rus­sia will not take part.

Crude has been in the as­cen­dancy since last month when the Or­ga­ni­za­tion of Petroleum Ex­port­ing Coun­tries, and later Moscow, agreed to out­put cuts in a bid to sup­port prices.

But both con­tracts tum­bled more than 1 per­cent on Oc­to­ber 25 as the In­ter­fax news agency said Rus­sia’s en­voy at OPEC, Vladimir Voronkov, had said out­put cuts are not “an op­tion for us”.

And it ex­tended losses in Asia yes­ter­day, put­ting pres­sure on re­gional en­ergy firms, while eyes are on the re­lease later in the day of US stock­piles fig­ures.

Syd­ney-listed Oil Search sank 3pc while CNOOC lost around 2pc in Hong Kong and Tokyo’s In­pex shed more than 1pc.

Broader mar­kets were also well into neg­a­tive ter­ri­tory, with Hong Kong end­ing down 1pc and Shang­hai clos­ing 0.5pc off.

Syd­ney tum­bled 1.5pc as a surge in in­fla­tion tem­pered ex­pec­ta­tions that Aus­tralia’s cen­tral bank will cut in­ter­est rates any time soon.

Seoul, Welling­ton and Manila each fell more than 1pc, while Sin­ga­pore was also sharply lower.

How­ever, Tokyo re­versed morn­ing sell­ing to end slightly higher.

Ap­ple sup­pli­ers were mixed de­spite the US ti­tan an­nounc­ing a fall in rev­enue and prof­its, then is­su­ing a be­low-par sales out­look for the cru­cial hol­i­day pe­riod.

The seoul-based SK Hynix ral­lied 4pc while Ja­pan Dis­play was up 1.4pc in Tokyo but Hon Hai Pre­ci­sion in Taipei and TSMC both turned lower. –

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