Overseas Trading: China Sits Out Asia Rally; Oil Drills Europe

Stocks in Asia were mostly higher on oil's bounce, but the commodity's reversal lower is weighing on European markets

by Alex Eppstein

Published on Jan 27, 2016 at 8:35 AM
Updated on Jun 24, 2020 at 10:16 AM

Asian markets finished higher for the most part, helped by a positive lead on Wall Street and an overnight bump in oil futures. Japan's Nikkei soared 2.7% to pace the region, while South Korea's Kospi and Hong Kong's Hang Seng added a respective 1.4% and 1%. The lone outlier was China's Shanghai Composite, pressured lower by a seventh straight monthly drop in industrial profits, concern over steep capital outflows, and a weaker yuan. The index finished on a loss of 0.5% -- after being down over 4% at its intraday low -- and is on pace for its worst single-month performance since October 2008.

Stocks in Europe are struggling after crude oil reversed lower, with traders digesting a downbeat round of earnings reports and bracing for the Fed's policy statement, due out this afternoon. Germany's DAX was last seen 0.5% lower, as chemical giant BASF gets drilled on a sharper-than-forecast drop in full-year earnings. Meanwhile, London's FTSE 100 has slipped 0.3%, and the French CAC 40 is down 0.4%.


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