Japanese
stocks fell for a third day after the yen reached a four-week high as
investors bought haven assets amid plunges in oil and the Russian ruble
that are deepening concerns that the global economy is faltering.
The
Topix slipped 0.5 percent to 1,346.98 at 9:01 a.m. in Tokyo, after
closing yesterday at a six-week low. All but seven of the 33 Topix
industry groups retreated. The Nikkei 225 Stock Average lost 0.5 percent
to 16,675.87. The yen traded at 116.61 per dollar after advancing 1.2
percent yesterday. Investors are awaiting the conclusion of a Federal
Reserve meeting today for signals on the outlook for U.S. interest
rates.
Brent
crude slipped below $60 for the first time in five years while U.S. oil
was near its lowest since May 2009. Russias biggest interest-rate
increase since 1998 failed to arrest the rubles slide amid the plunge in
oil. The ruble sank beyond 80 per dollar for the first time, even after
the Bank of Russia boosted its key rate by 6.5 percentage points.
Futures
on the Standard & Poors 500 Index added 0.2 percent today. The
underlying U.S. equity measure dropped 0.9 percent yesterday, lashing
investors with the biggest stock swings in two months.
Source : Bloomberg
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