Japan's Shares Fall Sharply
February 02 2016 - 8:50PM
Dow Jones News
Markets in Asia fell sharply Wednesday, as a steep drop in crude
prices rekindled concerns that global growth is slowing.
Energy stocks in Australia were down 3%, putting the broader
S&P/ASX 200 off 1.7%.
Losses on Japan's Nikkei Stock Average deepened by 2.8% in early
trading, while South Korea's Kospi slipped 1%.
Futures for the Hang Seng Index sunk 1.5%. The Australian
dollar, whose movement is closely tied with fluctuations in
commodities, was off 0.2% against the U.S. dollar. A nearly
300-point fall in the Dow Jones Industrial Average overnight and
drops in quarterly profits from Exxon Mobil and BP quickly raised
investor expectations for more losses, after a volatile start to
the year for financial markets around the world.
Brent crude oil was recovering by 1% to $33.03 barrel early in
Asia, but New York-traded crude oil fell 5.5% to $29.88 a barrel
Monday, taking its two-day losses to 11%.
It was the second day of declines for most of the Asia region,
which had rallied at the end of last week amid more easing from the
Bank of Japan. Chinese markets have yet to open, although the
Shanghai Composite Index has fared better than its neighbors, with
the help of liquidity injections from China's central bank. It
finished up 2.3% on Tuesday.
Write to Chao Deng at Chao.Deng@wsj.com
(END) Dow Jones Newswires
February 02, 2016 20:35 ET (01:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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