Asian Markets Mixed But Traders On Edge, Pound Holds Ground 15 November 2018
Faizan Hashmi Published November 15, 2018 | 12:37 PM
Asian investors moved nervously Thursday as they struggled in the face of multiple headwinds, while oil prices resumed their drop and the pound struggled to hold its gains.
Hong Kong, (UrduPoint / Pakistan Point News - 15th Nov, 2018 ) :Asian investors moved nervously Thursday as they struggled in the face of multiple headwinds, while oil prices resumed their drop and the pound struggled to hold its gains.
Fears about the China-US trade war, rising Federal Reserve interest rates, tensions within the European Union and slowing growth in most economies have helped drive stocks south for the past few months.
And this week it has been the turn of the crude market to drive the sell-off, dragging energy firms as it dropped like a stone on slowing demand and high output, while US sanctions on major producer Iran were not as severe as expected.
While OPEC and its kingpin Saudi Arabia have said they will tighten the taps to put an end to the recent sell-off -- both main contracts have fallen around a fifth from their early October highs -- the US has pushed up production.
Calls from Donald Trump for lower prices, a stronger US Dollar against emerging market units and soft Chinese growth have also been factors in depressing the market.
And despite a brief rise in oil prices Wednesday, observers do not expect a rebound any time soon.
"The toxic elixir of weakening global demand and oversupply suggests upticks (in oil prices) will run into substantial selling as numerous bearish factors are weighing on sentiment," said Stephen Innes, head of Asia-Pacific trade at OANDA.
Energy firms were mixed Thursday as traders took a breather from the heavy selling of the past few days, with Hong Kong-listed CNOOC up 1.5 percent but Inpex down 0.3 percent in Tokyo.
On broader markets, Hong Kong edged up 0.5 percent, Shanghai was 0.8 percent higher, while Seoul and Taipei each added 0.2 percent.
However, Tokyo ended the morning down 0.3 percent, Sydney eased 0.4 percent and Singapore was off 0.1 percent.
Related Topics
Recent Stories
Rock-solid Ruud racks up season-leading win in Barcelona
At UN, Iran says it will make Israel 'regret' reprisals
G7 hears calls for 'critical' Ukraine aid
EU seeks to leverage might to confront China, US challenge
5 Customs officials martyred as their vehicle ambushed by terrorists in D I Khan
Pak-New Zealand match called off due to rain
NHA restores traffic on roads affected by recent rains in Balochistan
China to fully support Pakistan's efforts against terrorism: Ambassador Jiang
U.S. envoy calls on Foreign Minister Ishaq Dar
Poland arrests man over suspected plan to kill Zelensky
EU wants to ease youth movement to and from UK
Police foils attempt of supply mainpuri raw material
More Stories From Business
-
Pakistan's total liquid foreign reserves reach $ 13.37 billion
3 hours ago -
Stock markets rise as traders consider US rate outlook
4 hours ago -
Business community alarmed by alleged Cigarette tax violations
4 hours ago -
High FED on cigarettes demonstrates positive impact
4 hours ago -
PTCL posts 14 % revenue growth
4 hours ago -
Prudent policies, reforms poised to result in sustainable economic growth: Governor State Bank of Pa ..
5 hours ago
-
ICCI resolute to turn Islamabad an ecofriendly city: Khalid Malik
5 hours ago -
Beijing's GDP up 6 pct in Q1
7 hours ago -
China's Q1 goods, services trade surplus exceeds 60 bln USD
7 hours ago -
Pakistan Stock Exchange (PSX) loses 43 points
7 hours ago -
KP Govt decides to establish Gem Processing & Export Centre
7 hours ago -
Rupee sheds 04 paisa against dollar
7 hours ago