Overseas Trading: European Stocks Sink on Data, Oil

The yen surged to a 17-month high against the U.S. dollar, pressuring exporters in Japan

by Karee Venema

Published on Apr 5, 2016 at 8:46 AM

Asian markets finished mostly lower amid declining crude futures. In Japan, the Nikkei plunged 2.4%, as the yen climbed to a 17-month high against the U.S. dollar. Additionally, bank stocks tumbled after Bank of Japan Governor Haruhiko Kuroda said the central bank could "undertake additional monetary easing without hesitation," if deemed appropriate. Elsewhere, Hong Kong's Hang Seng gave back 1.6%, and South Korea's Kospi dropped 0.8%. China's Shanghai Composite, meanwhile, bucked the regional bearish bias to tack on 1.5%.

European stocks are swimming in red ink at midday, as oil prices fall. Also weighing on stock markets is a global growth warning from International Monetary Fund (IMF) Managing Director Christine Lagarde, as well as disappointing manufacturing data for the eurozone and a drop in German industrial orders. At last check, the German DAX is off 2.3%, the French CAC 40 is down 2.2%, and London's FTSE 100 is 1.3% lower.

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