- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
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- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
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- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
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- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
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RBGPF | 100% | 58.93 | $ | |
SCS | -1.98% | 12.62 | $ | |
BCC | -0.9% | 138.29 | $ | |
CMSD | -0.16% | 24.89 | $ | |
GSK | -2.81% | 38.37 | $ | |
RIO | -1.42% | 69.83 | $ | |
RELX | -1.46% | 46.61 | $ | |
JRI | -0.6% | 13.3 | $ | |
BCE | -1.77% | 33.84 | $ | |
CMSC | -0.16% | 24.74 | $ | |
NGG | -2.7% | 66.97 | $ | |
RYCEF | 1.15% | 6.98 | $ | |
VOD | -0.52% | 9.69 | $ | |
AZN | -2.12% | 77.93 | $ | |
BTI | -2.45% | 35.11 | $ | |
BP | 0.28% | 32.46 | $ |
Asian markets fail to extend rally, focus turns to Europe
Asian investors on Thursday struggled to maintain momentum from the previous day's equity rally and keep up with another Wall Street advance as growth fears continue to haunt trading floors and sap risk sentiment.
While data last week suggested US consumer resilience appeared to be holding up despite surging inflation and rising interest rates, a closely watched oil stockpile report indicated elevated prices were keeping drivers off the road.
The figures highlighted the fluctuating landscape dealers are having to navigate as the global economy is rattled by a range of issues including the Ukraine war, an energy crisis and China's slowdown and supply chain snarls.
And while corporate earnings have provided some much-needed relief so far, analysts remain cautious about the near-term outlook.
Focus is now on events in Europe, where the European Central Bank is set to hike rates for the first time in more than a decade, with most observers expecting a quarter-point lift and some speculating about a half-point move.
However, officials are walking a tightrope, as they must try to tame red-hot inflation while not tipping the economy over a cliff, all against the backdrop of an energy crisis sparked by Russia's invasion of Ukraine.
Added to the mix is a fresh political crisis in Italy that could see Prime Minister Mario Draghi ousted, leading to months of uncertainty.
Europe is also awaiting the return of Russian gas supplies after 10 days of maintenance, with many fearing Moscow will keep the taps fully or partially shut -- hammering the economy -- as retaliation for sanctions imposed over its Ukraine invasion.
Vladimir Putin has said the Nord Stream 1 pipeline will be turned back on, but added that they would be limited unless a row over some elements of the sanctions is resolved.
- Energy as a weapon -
Western leaders remain cynical over his plans ahead of the northern hemisphere winter.
"Moscow is not shying away from using grain and energy deliveries as a weapon," German Chancellor Olaf Scholz said this week, referring to allegations Moscow was also deliberately blocking food exports from Ukraine.
The IMF warned Wednesday that a halt in supplies could slash 2022 GDP by 1.5 percent.
The European Commission has urged EU members to reduce demand for natural gas by 15 percent over the winter to counter Russia's "blackmail".
After Wednesday's bounce across Asian markets, uncertainty returned to trading floors.
Hong Kong, Shanghai, Tokyo, Sydney, Singapore and Jakarta all fell, though Seoul, Taipei and Manila eked out gains.
There was little reaction to Joe Biden's comments that he would hold talks with Xi Jinping "within the next 10 days" as he decides whether or not to remove some Trump-era tariffs on Chinese goods.
And Cameron Dawson, of NewEdge Wealth, said the recent gains could not yet be taken as a sign of a recovery.
He warned that many equities were "still in very distinct downtrends so you can see a rally off maybe an oversold level, but really if you are not starting to recover and break into a better uptrend it really remains to be seen if this can continue".
"So it's more a relief at this point and not necessarily a trend change."
Oil markets extended Wednesday's drop -- with WTI below $100 -- after data showed US stockpiles rose more than expected last week as Americans opted not to pay for expensive petrol.
The figures come despite being at the height of the high-demand summer driving season.
- Key figures at around 0230 GMT -
Tokyo - Nikkei 225: DOWN 0.1 percent at 27,657.53 (break)
Hong Kong - Hang Seng Index: DOWN 1.2 percent at 20,644.13
Shanghai - Composite: DOWN 0.5 percent at 3,288.51
Euro/dollar: DOWN at $1.0208 from $1.0175 Wednesday
Pound/dollar: DOWN at $1.1986 from $1.1975
Euro/pound: DOWN at 85.16 pence from 84.96 pence
Dollar/yen: DOWN at 138.30 yen from 138.26 yen
West Texas Intermediate: DOWN 0.9 percent at $99.00 per barrel
Brent North Sea crude: DOWN 0.8 percent at $106.10 per barrel
New York - Dow: UP 0.2 percent at 31,874.84 (close)
London - FTSE 100: DOWN 0.4 percent at 7,267.97 (close)
St.Ch.Baker--CPN