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The Financial Express

Asian stocks clam; Shanghai tumble

| Updated: November 24, 2017 12:58:43


Evaly and Fianancial Express Evaly and Fianancial Express
File Photo (AP) File Photo (AP)

Asian share markets were calm Thursday after the Fed minutes largely met investor expectations that it will soon raise interest rates for a third time next month, but Shanghai stocks fell sharply.

China’s Shanghai Composite Index sank 2.0 per cent to 3,359.92, its lowest level since August, while Hong Kong’s Hang Seng index slipped 0.4 per cent to 29,886.99.

South Korea’s Kospi finished flat at 2,540.71 and Australia’s S&P/ASX 200 also finished unchanged at 5,986.20. Stocks in Singapore and other Southeast Asian countries were mixed.

Japan was closed on a holiday, reports Reuters.

US stocks finished mostly lower on Wednesday retreating from their latest record highs. The S&P 500 index dipped 1.95 points, or 0.1 per cent, to 2,597.08. The Dow Jones industrial average slid 64.65 points, or 0.3 per cent, to 23,526.18. The Nasdaq composite rose 4.88 points, or 0.1 per cent.

The price of oil retreated after a jump on reports that key oil producers might extend the cuts in production they made at the start of this year.

US crude fell 11 cents to $57.91 per barrel on New York Mercantile Exchange. Brent crude, used to price international oils, lost 11 cents to $63.21 per barrel in London. It gained 75 cents, or 1.2 per cent, to $63.32 a barrel.

The dollar rose to 111.26 yen from 111.24 yen. The euro rose to $1.1829 from $1.1819.

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