Stock market today: Asian shares slide after retreat on Wall Street as crude oil prices skid
Shares have fallen in Asia after a retreat on Wall Street as crude oil prices slipped on expectations that supply might outpace demand
BANGKOK — Shares fell Thursday in Asia after a retreat on Wall Street as crude oil prices slipped on expectations that supply might outpace demand.
Benchmarks fell more than 1% in Tokyo and Hong Kong. On Wednesday, the S&P 500 fell 0.4% in its third straight loss though the index remains near its best level in 20 months.
A barrel of benchmark U.S. crude tumbled roughly 4%, to 4,549.34, on Wednesday as expectations built that the world has too much oil available for the slowing global economy’s demand. It sank below $70, down more than $20 since September. Brent crude, the international standard, fell 3.8% to $74.30 per barrel.
Early Thursday, U.S. crude was up 29 cents at $69.67 per barrel. Brent crude rose 31 cents to $74.61 per barrel.
China reported that its exports rose 0.5% in November, the first year-on-year month of increase since April, but imports fell.
China has been grappling with sluggish foreign trade this year amid slack global demand and a stalled recovery, despite the country’s reopening after its strict COVID-19 controls were lifted late last year. Economists said a holiday season rush of shipping likely helped push exports higher.
Tokyo's Nikkei 225 index fell 1.7% to 32,858.31. South Korea's Kospi edged 0.1% lower to 2,491.64.
The Hang Seng in Hong Kong fell 1% to 16,295.83 on renewed heavy selling of technology and property shares. The Shanghai Composite index dropped was flat at 2,969.49.
Australia's S&P/ASX 200 slipped 0.1% to 7,173.30. Bangkok's SET lost 0.6% and the Sensex in India fell 0.1%.
Wednesday on Wall Street, the Dow Jones Industrial Average fell
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