Asian markets go down as crude prices fall
On Thursday, a dip in crude prices weighed on Asian stocks, ahead of jobs, inflation and exports data expected from American and Fed Chairwoman Janet Yellen’s testimony on the economic outlook to Congress a bit later in the day.
Australian S&P/ASX 200 XJO recovered to trade flat after staying in the red for most of the morning trading session, with BHP Billiton BHP up 0.8% as well as Rio Tinto RIO, reviving to trade higher by 0.8%. Meanwhile, Oil SearchOSH sank 0.9% with Woodside Petroleum WPL, diving 2.5%.
The surging greenback is actually buffeting commodity prices. Stock market dips in American and Europe also applied pressure on equities in Asia.
In Japan, the Nikkei Stock Average NIK went 0.1% with Japan Petroleum Exploration 1662 sinking 0.2%, reviving from a sag of 1.2%. A 0.1% revenue in the Japanese yen against the greenback hurt equities as a stronger currency weighs on corporate revenues.
Korean Kospi index SEU dipped by 0.1%, Hong Kong’s Hang Seng HIS lost 0.1%, while the Shanghai Composite SHCOMP dived 0.3%.
Crude prices edged down following the news from the US Energy Information Administration on Wednesday that oil inventories in America were higher than expected the previous week on an ascending buildup and imports in Oklahoma.