Asia Shares Decline As Rising Oil Prices Outweigh Corporate Earnings
· Business · The Independent, AP News, 朝日新聞
Asian shares declined in early Tuesday trading as rising oil prices and inflation concerns weighed on markets, countering optimism from strong corporate earnings reports. Japan's Nikkei 225 dipped 1.6% to 68,098.54, while South Korea's Kospi dropped 0.6% to 6,933.60. Hong Kong's Hang Seng lost 0.6% and the Shanghai Composite shed 0.5%. Meanwhile, U.S. benchmark crude added 34 cents to $84.84 a barrel, and Brent crude rose to $91.08 a barrel amid ongoing concerns over the flow of crude from the Persian Gulf. The rally in oil prices pushed the 10-year Treasury yield up to 4.72%, amplifying pressure on the economy and driving expectations of Federal Reserve interest rate hikes.
Why it matters
Rising global crude prices and climbing bond yields threaten to increase inflation and borrowing costs, impacting Asian economies that rely heavily on energy imports.
Read the original report — The Independent
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.