Overseas Trading: Oil Weighs on Global Stocks

Traders are awaiting more economic data from China later this week

Kirra Fedyszyn
Aug 10, 2016 at 8:40 AM
facebook twitter linkedin


Stocks in Asia finished the day mixed as traders await another round of economic data out of China later in the week. Crude oil put pressure on the markets today, with oil prices dipping on initial estimates from the American Petroleum Institute which pointed to a rise in U.S. stockpiles, adding to existing oversupply concerns. China's Shanghai Composite closed 0.2% lower, while Hong Kong's Hang Seng added 0.1%, and the South Korean Kospi finished essentially flat.

Meanwhile, Japan saw better-then-predicted data in the manufacturing and service sectors, but the news failed to translate into major gains as the yen strengthened against the dollar, weighing on exporters, including major automakers. As such, the Nikkei finished the day down 0.2%.

European stock markets are in the red at midday, with lower oil weighing on stocks. Corporate earnings remained in focus today, but strong gains from insurance stocks and British security firm G4S Plc were offset by losses in the energy sector. So far London's FTSE 100 has given back 0.1%, while France's CAC 40 and the German DAX are each off 0.2%.

overseas stocks august 10

Sign up now for Schaeffer's Market Recap to get all the day's big stock movers, must-know technical  levels, and top economic stories straight to your inbox. 


A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earnings guide for Q3 before it's too late!


  
 
Special Offers from Schaeffer's Trading Partners