Global stocks dip as Fed zest fades; dollar off ‘early’ highs

Oil prices stable; gold drops to 3-week low

of each other in December.

The ECB last week signalled its readiness to inject more stimulus to boost prices and the People’s Bank of China followed with its sixth interest rate cut in less than a year. net profit during July-September, providing support to Seoul’s broader index.

However, Nintendo in Tokyo slumped after announcing the release of an eagerly awaiting smartphone game would be delayed.

Investors are also keeping tabs on Beijing, where they hope the ruling Communist Party will unveil fresh measures to support the stuttering Chinese economy after a four-day meeting draws to a close.

However, Asian investors were less enthralled, with Hong Kong closing down 0.60 percent in the afternoon, Sydney losing 1.3 percent.

Bourses in Indonesia, Thailand and the Philippines — where foreign investment is crucial — also tumbled, while Tokyo edged up 0.17 percent and Shanghai added 0.38 percent.

Seoul ended down 0.4 percent. Market heavyweight Samsung soared 4.9 percent at one point on news of its huge buyback, which flagged growing confidence at the South Korean titan. It ended up 1.3 percent.

Favourable exchange rates and a renewed focus on components were behind the company’s 30 percent net profit jump in July-September compared to a year earlier.

But videogame giant Nintendo closed nine percent lower after announcing its first phone app game — Miitomo — would not come out until March, after initially aiming for the end of this year.

Oil Crude oil traded little changed on Thursday in a volatile session, with the Brent benchmark hovering around $49 per barrel as short-covering by hedge funds prevented the market from testing new lows amid relatively bearish data.

Brent and US crude fell by around 80 cents in Asian and European trading but later jumped into positive territory with the opening of the US markets, following a pattern observed on Wednesday.

In the previous session, Brent and US crude jumped by 5-6 percent but traders and analysts struggled to identify one driving force.

“The rally in oil prices was likely amplified by short-covering as hedge fund futures positions remain excessively bearish,” said the head of commodities research at Julius Baer, Norbert Ruecker.

On Thursday, gains were capped by a series of bearish data releases.

US economic growth braked sharply in the third quarter as businesses cut back on restocking warehouses to work off an inventory glut.

Gold Gold fell on Thursday, hitting its lowest level in three weeks after the Federal Reserve hinted at a possible US interest rate rise in December.

Spot gold, stronger initially due to a retreat in the dollar, fell 0.5 percent to its lowest since Oct 9 at $1,150.45 an ounce. It was down 0.3 percent at $1,152.50 by 1426 GMT, having slid 1 percent in the previous session.