Oil market turmoil sends Asian stocks spiralling

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Benchmarks in Tokyo, Hong Kong and Southeast Asia retreated

Benchmark U.S. crude slipped but still was near this week’s all-time low. Brent crude, the international standard, retreated further. The fall has rattled investors because it adds to evidence of the depth of a global economic downturn with factories idled and consumers ordered to stay home.The plunge in oil prices “has stirred wider concerns of a sharp economic slowdown,” Hayaki Narita of Mizuho Bank said in a report.

The Kospi in Seoul tumbled 1 per cent to 1,861.04 and Sydney’s S&P-ASX 200 lost 0.7 per cent to 5,185.10.The price of a barrel of the benchmark grade of U.S. oil to be delivered in June lost 23 cents to $12.34 in electronic trading on the New York Mercantile Exchange. It plunged 43 per cent the previous session to $11.57.

“Global markets are struggling mightily with a temporary but overwhelming demand drop,” said Stephen Innes of AxiCorp in a report. He said the June contract also could “fall prey to storage infrastructure saturation.”Some 94 per cent of stocks in the index declined. That included winners in the new stuck-at-home economy. Netflix slipped 0.8 per cent before it announced its quarterly results that included a 23 per cent rise in global memberships.

 

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Asian stocks mixed after Wall St hit by oil market turmoilAsian stock markets were mixed Wednesday as oil prices edged lower amid anxiety about the coronavirus pandemic's mounting economic damage. mixed with what
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