Asian stocks uneven as oil falls, China concerns loom

AP News
Posted: May 11, 2016 12:25 AM
Asian stocks uneven as oil falls, China concerns loom

SEOUL, South Korea (AP) — Asian stock markets were uneven on Wednesday as the price of oil fell and concerns about Chinese recovery weighed.

KEEPING SCORE: Japan's Nikkei 225 rose 0.6 percent to 16,676.16 while China's Shanghai Composite Index added 0.6 percent to 2,850.05. But South Korea's Kospi fell 0.4 percent to 1,975.13 and Hong Kong's Hang Seng index lost 0.5 percent to 20,132.68. Stocks in Australia and the Philippines were higher but markets in Singapore and India were lower.

ANALYST'S TAKE: "Things seem a little quiet in Asia-Pacific as markets take a breather from some recent volatility," Stephen Innes, a senior trader at OANDA Asia Pacific, said in a commentary. "The danger of these calmer waters is always that sudden shock of a tidal wave from the Fed, China or another central bank tinkering with its monetary policies. For now, it looks like markets are heading for a mid-week nap."

WALL STREET: U.S. stocks surged to their biggest gain in two months on Tuesday. The Dow Jones industrial average jumped 222.44 points, or 1.3 percent, to 17,928.35. The Standard & Poor's 500 gained 25.70 points, or 1.3 percent, to 2,084.39. The Nasdaq composite index rose 59.67 points, or 1.3 percent, to 4,809.88.

OIL: Benchmark U.S. crude fell 20 cents to $44.46 per barrel on electronic trading on the New York Mercantile Exchange. The contract rose $1.22, or 2.8 percent, to $44.66 a barrel on Tuesday. Brent crude, the benchmark for international oil prices, fell 21 cents to $44.45 a barrel in London.

CURRENCIES: The dollar fell to 108.83 yen from 109.25 yen while the euro rose to $1.138 from $1.137.