- GM reports US sales dip, but says EVs grew
- Sheinbaum takes office as Mexico's first woman president
- Webb telescope detects carbon dioxide on Pluto's largest moon
- Stock markets slump, oil jumps on Middle East concerns
- French PM vows more taxes and spending cuts ahead of budget fight
- Germany inaugurates IBM's first European quantum data centre
- Stock markets diverge as eurozone inflation drops further
- France's richest man takes control of Paris Match magazine
- Anger meets tear gas as Nigeria hardship protests fizzle out
- US dockworkers launch mass strike month before election
- Evacuations from Lebanon: what we know
- Feathers fly at Chanel's Paris fashion return
- UAE oil giant ADNOC swoops on German chemicals firm Covestro
- Eurozone inflation falls under 2% for first time since 2021
- Coldplay ticket scalping fiasco sparks backlash in India
- Droughts drive Spanish boom in pistachio farming
- Tokyo recovers some losses to lead Asian markets higher
- Rural schools empty in North Macedonia due to exodus
- US dockworkers launch strike after labor contract expires
- Thousands evacuated as Super Typhoon Krathon approaches Taiwan
- Kenya airport whistleblower fears for his life
- Sheinbaum to take office as Mexico's first woman president
- Scientists fear underfunded Argentina research on verge of collapse
- US port officials gird for strike despite last-minute bargaining
- With 118 dead from Hurricane Helene, Biden defends US government response
- Breeder who tried to create enormous trophy sheep jailed in US
- Qatar Airways seeking 25% stake in Virgin Australia
- US port officials gird for strike as labor talks stay stuck
- As toll crosses 100, Trump puts Hurricane Helene at election center stage
- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
RBGPF | 4.79% | 63.86 | $ | |
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BP | 2.18% | 32.091 | $ | |
RELX | -0.18% | 47.375 | $ | |
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BTI | -0.58% | 36.37 | $ | |
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VOD | -0.86% | 9.935 | $ | |
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Asian stocks open mixed as investors fret over oil prices
Asian stocks opened mixed on Wednesday, following a volatile day on Wall Street that had investors concerned about surging inflation and sent global oil prices retreating.
Equities have been on a roller coaster ride in recent weeks, fuelled by inflationary pressures, Russia's war in Ukraine and concerns about China's Covid-19 lockdowns affecting the global supply chain.
The mainland's sinking April exports -- the lowest in almost two years -- have not reassured global investors, and on Tuesday it reported that its consumer inflation had risen at its quickest pace in nearly half a year.
But while the tea leaves remain far from clear for market readers, many are preparing for the worst.
"Equity investors are positioning for a recession; that pressure will remain acute until they see calming in rate volatility," said Stephen Innes of SPI Asset Management.
"The market seems to be fighting too many things to find its footing... The unavoidable growth concerns related to China are leaving a colossal contagion footprint across a plethora of global assets."
Millions across China -- particularly in its economic engine Shanghai -- have been under a Covid-spurred lockdown for weeks, while restrictions have crept up in the capital Beijing.
The World Health Organization on Tuesday said Beijing's zero-Covid strategy is not sustainable given the behavior of recent ultra-contagious variants.
But it is also wreaking havoc on the political and economic fronts, stopping up ports and factories, while inciting rare outrage from residents forced to stay at home with no end in sight.
In New York, the Dow fell for the fourth straight day at Tuesday's close, while the broader S&P 500 edged back up above 4,000 points and Nasdaq jumped one percent.
European markets were more positive -- London, Paris and Frankfurt ended on slight gains.
But Asia's equities on Tuesday showed deep uncertainty with Tokyo, Hong Kong and Korea opening slightly up, while Singapore, Sydney and Seoul volleyed in the negatives.
Crude was sent on a ride, with benchmark US crude contract WTI falling below $100 a barrel on Tuesday. By Wednesday morning, it crept up to about $101.
Despite it being a temporary dip, "energy traders won't forget how tight the oil market is", said Edward Moya, senior market analyst at OANDA.
"Everything in the past 48 hours seems to have turned bearish for oil prices as EU sanctions on Russian energy have completely stalled and as the US dollar rallies over economic growth concerns."
- Key figures at around 0230 GMT -
Hong Kong - Hang Seng Index: UP 0.8 percent at 19,801.05
Shanghai - Composite: UP 1.2 percent at 3,073.11
Tokyo - Nikkei 225: UP 0.3 percent at 26,249.83 (break)
Brent North Sea crude: UP 1.5 percent at $104.03 per barrel
West Texas Intermediate: UP 1.5 percent at $101.22 per barrel
Euro/dollar: DOWN at $1.0534 from $1.0534 on Tuesday
Pound/dollar: FLAT at $1.2319 from $1.2332
Euro/pound: DOWN at 85.41 pence from 85.49 pence
Dollar/yen: DOWN at 130.34 yen from 130.41 yen
New York - Dow: DOWN 0.3 percent at 32,160.74 (close)
London - FTSE 100: UP 0.4 percent at 7,243.22 (close)
X.Wong--CPN