Fast Asia Open: India inflation, BoK monetary policy

© Bloomberg

A slide in the oil price turned into a dive late on Wednesday, leaving the global crude benchmark with its biggest one-day decline in more than two years.

Brent crude sank by $5.46, or 6.9 per cent, to settle at $73.40 a barrel. It was the largest percentage fall since February 2016. The sharp move reflected widespread weakness in commodity markets as trade tensions between the world’s two biggest economies went up a notch. 

Metals from copper to zinc and agricultural commodities from soyabeans to hogs were also lower, after US President Donald Trump started a process to impose tariffs on a further $200bn of imports from China. 

The mounting concerns over a global trade war also cast a shadow over world stock markets overnight. Futures tipped the Hang Seng in Hong Kong to drop 0.2 per cent at the open and the Topix in Tokyo to gain 0.4 per cent. 

Corporate earnings scheduled for Thursday include Fast Retailing and FamilyMart. The economic calendar could hold some late surprises (all times London): 

  • 12.00 Malaysia industrial production 
  • 19.30: India consumer price index, industrial production 
  • Bank of Korea monetary policy statement is also scheduled for today
The Financial Times Limited 2018. All rights reserved.

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