Asian markets fall after weak showing on Wall St, oil tumbles

21/1/2022 5:30:00 AM

Asian markets fall after weak showing on Wall St, oil tumbles

Asian markets fall after weak showing on Wall St, oil tumbles

SINGAPORE : Asian share markets and U.S. futures fell on Friday, after U.S. stocks took a knock overnight, hurt by lingering concerns over the Federal Reserve's tightening and weaker-than-expected economic and earnings data. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.8per cent,

SINGAPORE : Asian share markets and U.S. futures fell on Friday, after U.S. stocks took a knock overnight, hurt by lingering concerns over the Federal Reserve's tightening and weaker-than-expected economic and earnings data.MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.8per cent, and Japan's Nikkei slid 1.66per cent. Oil prices fell sharply and were on track for their first weekly loss this year.

"The selloff of U.S. stocks yesterday was brutal and will dominate Asia this morning," said Rob Carnell, chief economist at ING in Singapore."But there are pockets of optimism like China's more accommodating moves on monetary policy," he added.

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The quality of CNA journalists: « Oil dropped as OPEC+ struggled to meet its scheduled increases » So oil dropped today because Opec cannot produce enough 🤣😂😅 Seriously.. stick to forwarding us Reuters or NYT articles and do not write urself.

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Myanmar clubs withdraw from Asian competitionsMyanmar's Shan United and Hantharwady United have pulled out of this season's Asian Champions League and AFC Cup respectively, the Asian Football Confederation (AFC) said on Wednesday.The AFC did not give a reason for the withdrawals. Neither club participated in the competitions in 2021 either, du

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LinkedIn SINGAPORE : Asian share markets and U.LinkedIn SHANGHAI : Asian share markets broke a five-day slide to edge higher on Thursday, shrugging off drops in Europe and on Wall Street overnight as China underscored its diverging monetary and economic picture by cutting benchmark mortgage rates.Myanmar's Shan United and Hantharwady United have pulled out of this season's Asian Champions League and AFC Cup respectively, the Asian Football Confederation (AFC) said on Wednesday..

S. futures fell on Friday, after U. "Markets may soon start to take into account a greater risk of a conflict flare-up between Russia and Ukraine, which is one reason why stocks may continue to sell and why Treasury yields aren't on a one-way ticket higher.S. Shan United were due to take part in the preliminary round of the Champions League while Hantharwady United were drawn in Group I of the AFC Cup. stocks took a knock overnight, hurt by lingering concerns over the Federal Reserve's tightening and weaker-than-expected economic and earnings data.S. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.

8per cent, and Japan's Nikkei slid 1." Expectations that the U.66per cent. Oil prices fell sharply and were on track for their first weekly loss this year. Federal Reserve will move more quickly to hike interest rates to combat inflation hit technology shares particularly hard overnight, pushing the Nasdaq down more than 1per cent into correction territory. "The selloff of U.S.S.

stocks yesterday was brutal and will dominate Asia this morning," said Rob Carnell, chief economist at ING in Singapore. "But there are pockets of optimism like China's more accommodating moves on monetary policy," he added. "There comes a point when you've offloaded, you might want to stop offloading. The Nasdaq dropped late in the U.S.S. session, to close 1.

3per cent lower, as investors anxiously await the Fed's policy meeting next week for details on how it intends to tackle inflation.. Nasdaq futures were down 1per cent in Asian trading, hurt by Netflix Inc forecasting weak first-quarter subscriber growth after the close. The moves extended to Chinese shares with the Hong Kong benchmark losing 0. we might actually not get a follow-through today," said Matt Simpson, senior market analyst at City Index in Sydney.24per cent after posting its best day in six months the day before and Chinese blue chips losing 0.5per cent also after gains the day before. The move followed a surprise cut to the central bank's rate for one-year medium-term loans on Monday.

China cut its benchmark mortgage rates on Thursday, the latest move in a round of monetary easing aimed at propping up an economy soured by the country's troubled property sector and worries over the Omicron variant of coronavirus. "The main divergence in equity market performance between the U. Data released on Monday showed weakness in consumption and the property sector darkening the outlook despite a strong headline growth figure.S. and Greater China can be attributed to a bifurcation in monetary policies," said David Chao, global market strategist for Asia Pacific (ex-Japan) at Invesco.7per cent on Thursday morning and Hong Kong's Hang Seng added more than 1. China's moves were"a very encouraging sign" but the Fed's actions could add near-term market volatility, he said.

Oil dropped as OPEC+ struggled to meet its scheduled increases in production targets and the spectre of Russia invading Ukraine sent jitters through global markets. The rise in Chinese shares boosted MSCI's broadest index of Asian shares outside Japan which added 0. "Getting product out to market is a major factor weighing right now, because demand remains firm as the world slowly reopens," ING's Carnell, said. U. Seoul's Kospi edged 0.S. crude fell 2. In Tokyo, the Nikkei added 0.

44per cent to $83.46 per barrel on Friday morning and Brent crude lost 2. The modest gains in Asia came after investors on Wall Street looked past robust earnings at the outlook for inflation and rate rises.55per cent to $86.14.96per cent and the S&P 500 lost 0. [O/R] U.

S. The Nasdaq Composite dropped 1. Treasury yields were slightly lower along the curve on Friday, having risen sharply earlier in the week as investors positioned themselves for the likelihood that the Federal Reserve will tighten monetary policy more aggressively to stave off inflation. [US/] Yields on benchmark 10-year notes were last at 1. 19 record closing high to confirm a correction.7791per cent, their lowest in a week, having hit a two-year high of 1.902per cent on Wednesday.S.

Rising yields had helped the dollar to gain earlier in the week, although on Friday the dollar index remained largely flat against a basket of six major currencies. The greenback did, however, lose ground on the safe haven yen, falling to a one-week low of 113. The benchmark 10-year yield rose to 1.8 per dollar, while the risk friendly Australian dollar AUD=D3> shed 0.39per cent.S. Spot gold remain mostly unchanged at $1,838.

41 an ounce.827per cent, and the policy-sensitive two-year yield touched 1. (Reporting by Kanupriya Kapoor and Stella Qiu; additional reporting by Alun John; editing by Richard Pullin) Source: Reuters .