Most Asian markets down on oil concerns
HONG KONG: Energy firms led a
markets on Tuesday a day after supply fears sent oil prices plunging, while confidence remains fragile owing to ongoing
After hitting three- and- ahalfyear highs at the start of the month, crude has dropped
perfect storm of issues that have
Worries about the impact on demand caused by a possible trade war between the US and China took their toll last week, as did news that Libya was exporting
That all came just weeks after major producers Saudi Arabia, Russia and OPEC agreed to lift a
The latest spark for selling came Monday on reports the US may tap its Strategic Petroleum Reserve to lower prices, and speculation Riyadh was considering increasing output
Also Monday US Treasury Secretary Steven Mnuchin indicated the Trump administration could allow some exceptions to a ban
“It very much seems like a continued reaction to potential supply increases,” Bart Melek, head of global commodity strategy at TD Securities in Toronto,
“The combination of the supply- side effect and the potential for less demand as a result of trade woes that we’re seeing are prompting people to take some of the long bets off
Oil fell on Tuesday, extending losses of more than four percent
IMF trade warning
- - roChina down more than three percent in Hong Kong, while Woodside Petroleum was more than two percent off in Sydney and Tokyo-listed Inpex lost more
Broader stock markets were also mostly down with Hong -
also losses
In
early
for Seoul, Welling-
However, Tokyo -- which was closed for a holiday Monday --
a weaker yen and Singapore edged
Fears about a China-US trade war continue to nag investors, with both sides filing countercomplaints at the World Trade Organization after recently imposing and threatening further tariffs on
And on Monday the International Monetary Fund warned about the effects of a stand- off between the world’s two eco-
“The risk that current trade tensions escalate further -- with adverse effects on confidence, asset prices, and investment -- is the greatest near-term threat to global growth,” IMF chief econo-
Attention is now on the start of the corporate earnings season, with hopes strong reports will de
- eral Reserve chief Jerome Powell is to give two days of congressional
trade London was