TOKYO - Asian shares fell on Thursday following a dismal day on Wall Street, while crude oil futures gave back some of their overnight gains after jumping on an unexpected fall in US crude inventories.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.2 percent in early trading, in the wake of the worst day for US share markets since February, following downbeat quarterly retail reports.
All of the 10 major S&P 500 .SPX sectors fell except for utilities .SPLRCU, which gained 0.24 percent.
Japan's Nikkei stock index .N225 percent skidded 0.9 percent.
Crude oil futures were lower in Asian trading after getting a lift when the US government unexpectedly said crude inventories fell for the first time since March. [O/R]
US crude CLc1 slipped 0.8 percent to $45.85 per barrel after adding 3.5 percent on Wednesday. Brent crude LCOc1 shed 0.8 percent to $47.22 after settling up 4.6 percent overnight and gaining 4.3 percent in the previous session.
"At this point, investors see oil extending its rally as a sign of improvement in global growth," said Jennifer Vail, head of fixed-income research at US Bank Wealth Management in Portland, Oregon.
But the weak retail reports offset any lift in sentiment, she said. In light of the murky economic outlook, US Federal Reserve policymakers remain concerned about whether the market could stomach another interest rate hike.
"They (the Fed) really want to raise the policy rate so that they have some flexibility should the domestic economy need it, but given this highly unusual slow-growth environment, it's been difficult for there to be clear signals that it can digest policy normalization," Vail said.
Wall Street's top banks now see the US central bank's next hike coming in September, according to a Reuters survey conducted on Friday after a weaker-than-expected rise in US payrolls.
Later on Thursday, the Bank of England is expected to say that its nine Monetary Policy Committee members voted to keep rates on hold at a record low of 0.5 percent, where they have remained for more than seven years.
BOE Governor Mark Carney will tread carefully back into Britain's debate on whether to leave the European Union, when he sets out the central bank's latest forecasts.
The dollar index .DXY, which tracks the greenback against a basket of six other currencies, was steady at 93.836, but remained below a two-week high of 94.356 set on Wednesday as investors took profits on the US currency's recent gains.
The euro was steady at $1.1426 EUR=, while the dollar edged down 0.1 percent to 108.30 yen JPY=. It had notched a two-week high of 109.37 yen on Wednesday. -Reuters
About 92 News HD Live Main TV Channel of Pakistan:
92 News (also known as 92 News HD Plus (Channel 92) is a conservative Urdu language TV channel based in Lahore, Pakistan.
Mian Muhammad Hanif is the chairman of the channel.
This TV channel is a subsidiary of Madinah Group under Galaxy Media Group.
The channel's name, 92, is to celebrate the 1992 Cricket World Cup won by Pakistan. The number 92 is also the telephone country calling code of Pakistan, which is another major reason behind the channel's name.
92 News HD is Pakistan’s first HD Plus News Channel. Aims to bring credible & responsible News & important stories from Pakistan & around the World
We bring you Latest Pakistani and International News at 92 News Hd Plus to Read and Watch
We believe in genuine and true journalism, we do not prevail sensation just for ratings.
We do not hide news but never tend to add any unethical content or angling that goes against the norms of our religion Islam and Pakistan's culture.
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