SYDNEY - All the air was sucked out of Asian shares on Wednesday as oil prices took a fresh spill on news Kuwaiti oil workers ended a three-day strike, leaving markets suddenly directionless.
The deflating mood was reflected in a 0.3 percent drop in EMINI futures for the S&P500 ESc1 and broad demand for safe-haven US Treasuries US10YT=RR.
Oil prices again led the way by reversing much of Tuesday's sharp gains. Brent crude LCOc1 shed 83 cents to $43.20 (30 pounds) a barrel, while US crude oil CLc1 sank $1.02 to $40.11.
"In the near term we are going to see more downward pressure than upward," said IHS analyst Victor Shum.
The retreat dulled risk appetites and dragged MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS down 0.5 percent. It had started at its highest since early November.
Chinese markets were no help as stocks in Shanghai .SSEC slipped 2.5 percent, with every sector from financial to telecoms in the red.
Japan's Nikkei .N225 clung to a 0.3 percent gain thanks to the recent pullback in the yen but was running into profit taking above the 17,000 barrier.
On Wall Street the Dow .DJI ended Tuesday with gains of 0.27 percent, while the S&P 500 .SPX rose 0.31 percent to close above 2100 for the first time in 2016.
The Nasdaq .IXIC eased 0.4 percent, while Intel (INTC.O) shed 3 percent after hours as its results disappointed. The chipmaker lowered its revenue forecast and said on Tuesday it would cut 12,000 jobs globally.
Copper, iron ore, gold and silver still held gains, with gold reaching $1,252.30 an ounce XAU=. That helped lift commodity currencies, and the Australian dollar briefly notched a high not seen since June at $0.7827 AUD=D4.
The US dollar steadied on the yen at 108.93 JPY=, but remained near recent lows against a basket of currencies .DXY.
The euro firmed to $1.1369 EUR=, from a low of $1.1234 set last week. Traders said much now depends on the outcome of the European Central Bank (ECB) policy meeting on Thursday.
In March, ECB chief Mario Draghi unleashed an aggressive package but muted its impact by suggesting there would be no further cuts, giving the euro an unwelcome boost.
"Outside of some verbal discomfort at the euro's strength and reiteration that the ECB stands ready to take further action if necessary, it is difficult to see what he can do," analysts at ANZ wrote in a note to clients. "The risks of a further squeeze higher in EUR/USD are significant," they added. -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.
تازہ ترین خبریں حاصل کرنے کے لیے فوری اطلاع کی اجازت دیں
آپ کسی بھی وقت دائیں طرف نیچے بیل آئیکن پر صرف ایک کلک کے ذریعے آسانی سے سبسکرائب کر سکتے ہیں۔