Japanese
stocks swung between gains and losses as textile makers led gains on
lower commodity prices and energy producers dropped as oil continued its
plunge.
The
Topix added 0.1 percent to 1,362.22 as of 9:15 a.m. in Tokyo after
falling as much as 0.6 percent. The Nikkei 225 Stock Average was little
changed at 16,881.10. The yen fell 0.3 percent to 118.76 per dollar
after yesterday gaining 1 percent, the most in three weeks. Crude oil
plunged yesterday and is down about 10 percent this year. U.S. stocks
dropped after data showed the nation™s services industry expanded at the
slowest pace in six months.
The
Institute for Supply Management™s non-manufacturing index fell to 56.2,
below analyst estimates of 58. Ten-year U.S. treasury notes slid below 2
percent, the lowest level since May 2013. The Federal Reserve will
release minutes today from its last policy meeting at which it pledged
patience in raising interest rates.
West
Texas Intermediate crude oil sank 4.2 percent to $47.93 per barrel
yesterday, down 55 percent from a peak of $107.26 in June. The pace of
declines is putting pressure on energy companies, oil-related investment
projects and the economies of oil-exporting nations.
Futures
on the Standard & Poor™s 500 Index rose 0.2 percent today after the
underlying gauge lost 0.9 percent yesterday. The Chicago Board Options
Exchange Volatility Index jumped 6 percent, rising above 20 for the
first time since mid-December as U.S. stocks extended the longest losing
streak in more than a year.
Source : Bloomberg
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