Market Report – Asia Stocks Slip

Posted by admin on November 28th, 2009 filed in Gold against Oil

Oil prices push Asia markets lower; euro hits two-month low against dollar.

ZHANG:
Asia stocks slipped on Thursday due to oil’s push to another record high.

Crude prices struck another record above $123 a barrel, lifting shares of oil producers but weighing on oil refiners and airlines.

In China, investors are especially concerned that rising oil prices are adding to the country’s already serious inflationary pressures.

Japan’s benchmark Nikkei fell 1.1 percent, slipping from its highest level in almost 4 months. Banking shares such as Mitsubishi UFJ were among the worst hit.

The euro slumped to a two-month low against the dollar. Fresh economic data sparked concerns that the European Central Bank may cut interest rates. Gold also dropped in response to a firmer dollar.

In corporate news, China’s biggest telephone firm China Mobile said it was interested in entering the South African mobile market. The telecom giant has a mixed track record in making acquisitions. It came close to buying an emerging market operator based outside China 2 years ago.

Duration : 0:1:44

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