Asian Stocks Drop on Weaker Oil, Global Growth Concerns

Asian Stocks Drop on Weaker Oil, Global Growth Concerns

4 May 2016, 05:04
Roberto Jacobs
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Asian Stocks Drop on Weaker Oil, Global Growth Concerns

The Asian stocks snapped the previous rebound and fell sharply this Wednesday, tracking steep losses booked on the Wall Street overnight. While tumbling oil prices combined with resurfacing global growth concerns also weighed heavily on the resource and energy stocks on the regional indices.

Meanwhile, a lack of fresh fundamental drivers except for the NZ jobs data, fails to offer support to the Asian equities. Japan’s markets remain closed until Friday in observance of public holidays.

The Australian stocks fell back in the red after a brief relief rally triggered by RBA’s surprise rate cut decision on Tuesday. The Australian benchmark index dropped to the lowest in a month largely on the back of a retreat in the industrial metals. The benchmark ASX 200 index slides -1.28% to 5,285 points.

While the Chinese equities follow suit and drift lower, with the benchmark Shanghai Composite index modestly flat just below 3k mark, the CSI300 index drops -0.22%, while Kong’s Hang Seng extends the previous drop, now down -1.04%.


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