Overseas Trading: Asia, Europe Hit By Sliding Crude

Crude futures have resumed their trek lower, weighing on global markets

by Karee Venema

Published on Feb 19, 2016 at 8:39 AM

It was a mostly lower finish in Asia today, as oil prices declined, although the major benchmarks logged weekly wins. In Japan, the Nikkei sunk 1.4%, as a strengthening yen applied pressure to exporters, while Hong Kong's Hang Seng gave back 0.4%. Elsewhere, China's Shanghai Composite settled 0.05% lower, after the People's Bank of China (PBOC) reportedly injected a fresh $1.53 billion into the market. Additionally, reports circled that the central bank will increase the reserve ratio for a number of regional banks after new loans reached record levels last month. South Korea's Kospi, meanwhile, added 0.4%, as the won hit a new five-year low against the dollar.

European markets are lower at midday, as crude futures and automakers slide. At last check, the German DAX and the French CAC 40 are both off 0.5%, while London's FTSE 100 is down 0.3%, as Prime Minister David Cameron holds a second day of talks with European Union (EU) leaders over the country's potential exit from the EU.


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