Asian markets dip over tumult on Wall Street
Shares in Asian stock markets open sharply lower on Tuesday after another tumultuous day on Wall Street, attributed in part to a global oil supply glut.
Japan's benchmark Nikkei 225 dropped 2 percent to 16,763.23. South Korea's Kospi slipped 0.9 percent to 1,876.60. Hong Kong's Hang Seng was down 1.8 percent at 18,992.58 and the Shanghai Composite slid 2.1 percent to 2,877.11. Markets in Southeast Asia were mixed. Taiwan fell.
The Asian market downturn followed similar trend on Wall Street, where the Dow Jones industrial average fell 208.29 points, or 1.3 percent, to 15,885.22 on Monday. The Standard & Poor's 500 shed 29.82 points, or 1.6 percent, to 1,877.08. The Nasdaq composite index lost 72.69 points, or 1.6 percent, to 4,518.49.
Plunging oil prices have been hitting profits at energy companies and getting investors worried the fall in energy costs could add to deflationary pressures in major economies.
Slower growth in China is one reason for oil prices to fall. The slide also reflects oversupply of oil on the global market.
Benchmark US crude was down 53 cents to $29.81 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.85, or 5.7 percent, to $30.34 a barrel in New York on Monday. Brent crude, a benchmark for international oils, lost 47 cents to $30.03 a barrel in London. It lost $1.68, or 5.2 percent, to $30.50 a barrel the previous day.
On the currencies market, the US dollar fell to 118.09 Japan’s yen from 118.23 yen in the previous trading session. The euro was little changed at $1.0853 from $1.0850.
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