Global equities, oil stabilise
hong kong — Global stock markets recovered their poise on Thursday and the price of oil came off three-year highs as investors digested US President Donald Trump’s defiant comments on the conflict in parts of the Middle East.
Britain’s FTSE 100 was down less than 0.1 per cent to 7,257 and France’s CAC 40 edged 0.3 per cent higher to 5,290. Germany’s DAX gained 0.4 per cent to 12,348. Wall Street was poised for small gains on the open. Dow futures rose 0.4 per cent and the broader S&P 500 futures were up 0.5 per cent.
In a tweet, Trump suggested that he wanted to retaliate against Russia after the recent suspected chemical attack in Syria. Separately, Saudi Arabia said it intercepted missiles fired by rebels in Yemen as well as drones that targeted an oil facility. The prospect of escalating conflict in the Middle East has sparked fears about tighter oil supplies, driving crude prices to their highest since December 2014.
Japan’s benchmark Nikkei 225 stock index dipped 0.1 per cent to close at 21,660.28 while the Kospi in South Korea ended 0.1 per cent lower at 2,442.71. Hong Kong’s Hang Seng fell 0.2 per cent to 30,831.28 and the Shanghai Composite in mainland China slid 0.8 per cent to 3,180.16. Australia’s S&P/ASX 200 lost 0.2 per cent to 5,815.50. Indexes in Taiwan, Singapore and Indonesia also lost ground but shares in Thailand and the Philippines rose.
Oil futures eased after hitting a three-year high. Benchmark US crude lost 11¢ to $66.71 a barrel in electronic trading on the New York Mercantile Exchange. The contract climbed 2 per cent to settle at $66.82 a barrel on Wednesday. Brent crude shed 18¢ to $71.88 a barrel in London.
The dollar rose to ¥107.12 from ¥106.79 in late trading on Wednesday. The euro slipped to $1.2345 from $1.2369. —