Low Oil Prices Dragged Down Asian Stocks

Asian stocks fell, dragged down by energy-related shares as oil prices hit their lowest levels since 2009.
The price of West Texas crude dropped 5.8% to $37.65 a barrel, while Brent Crude fell 5.3% to $40.73.

Oil prices have been hit after Opec – the oil producers’ cartel – failed to cut production last week.

Japan’s Nikkei 225 closed down 1% at 19,492.6, despite figures showing that Japan’s economy avoided a technical recession in the third quarter.

Shares in troubled Japanese tech giant Toshiba ended 3% lower following the news that the firm could face a record fine of 7.37bn yen ($60m; £39m) for its multi-billion dollar accounting scandal.

Fifty individual Toshiba shareholders are also seeking $2.45m in damages from the firm after its stock plunged following the accounting scandal.

via BBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza