Asian markets limp into the weekend

Asian markets limped into the weekend, with energy firms still struggling after a bruising few days, while investors eye Donald Trump’s revised healthcare bill hoping its success will open the way for his economic agenda.

Crude enjoyed a rare positive day on Thursday after hefty selling that sent it to a 10-month low, but the gains were small change as concerns over a global supply glut and US production overshadow output cuts by OPEC and Russia.

The sharp losses — oil is down around 25 percent from its recent highs seen in January — has bloodied energy firms and, despite another pick-up in the commodity, they continue to struggle.

In Hong Kong, CNOOC and PetroChina were in retreat, while Sydney-listed Woodside Petroleum and Inpex in Tokyo were also down.

“Falling oil prices continue to temper sentiment in global macro markets and while the Nervous Nellies take solace as oil prices base overnight, don’t get too comfortable as the oil patch narrative will likely be the primary catalyst in the coming months,” said Stephen Innes, senior trader at OANDA.

Tokyo’s Nikkei ended the morning marginally lower, while Shanghai and Sydney each lost 0.1 percent, Singapore fell 0.3 percent and Wellington was off 0.2 percent. Seoul was barely changed.

AFP

 

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Senior Currency Trader and Analyst at OANDA
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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