Asia slumps in holiday-thinned trade
- Asian shares sagged on Wednesday as oil prices sank again due to fading hopes of a deal to curb a global supply glut, prompting investor to seek shelter in safe-haven assets and lifting bonds and gold to multi-month highs.
Japan's Nikkei .N225 looks set to open down about 2.0 percent, based on the pricing of futures <0#NIY:>. Overnight, the U.S. S&P 500 index fell 1.9 percent .SPX.
"I think the market will test the downside today," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.
As the global economy falters, sapping demand for everything from consumer electronics to cars to commodities, investors are anxiously awaiting surveys on the services sector in China and the Unites States - the world's biggest two economies - due later in the day.
- Tokyo stocks plunged from the off in Tokyo on Wednesday as Wall Street's overnight decline and a continued slide in oil prices ensured investors were in a risk-off mood.
As of 9:15 a.m., the 225-issue Nikkei Stock Average dropped 369.02 points, or 2.08percent, from Tuesday to 17,381.66.
- US stock indices tumbled on Tuesday, as weakness in Energy and Financial companies offset strength in Google parent Alphabet toy maker Mattel, and fashion retailer Michael Kors.
Alphabet officially surpassed Apple to become the most valuable company in the world.
Meanwhile, crude oil futures fell below US$30 per barrel, down 5.5% on the day following a 6% slide on Monday.
The Dow Jones Industrial Average sank 295.64 points, or 1.8%, to end at16,153.54.
The energy sector registered the worst performance on the S&P 500, down 3.3%, followed by financials, which were down 2.6%.
Reference: Reuters
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