Japanese stocks fell, led by energy explorers, after crude oil plunged below $40 a barrel.
The
Topix index dropped 0.2 percent to 1,599.12 as of 9:01 a.m. in Tokyo as
all but eight of its 33 industry groups retreated. The Nikkei 225 Stock
Average lost 0.3 percent to 19,988.35. The yen traded at 123.24 per
dollar after weakening 0.3 percent on Wednesday as Federal Reserve Chair
Janet Yellen laid the groundwork for the first U.S. rate increase since
2006 just as Europe braces for higher borrowing costs.
West
Texas Intermediate oil traded at $40.14 in early Thursday after
slumping 4.6 percent in the previous session in New York to $39.94, the
lowest close since Aug. 26.
The
selloff was sparked by signs of discord in the Organization of
Petroleum Exporting Countries as ministers arrive in Vienna for a
meeting. A majority of OPEC members agree on an output cut, with the
exception of Saudi Arabia and Gulf Arab countries, the Iranian Oil
Ministry’s Shana news agency said.
E-mini
futures on the Standard & Poor’s 500 Index were little changed
after the underlying gauge dropped 1.1 percent on Wednesday, its
steepest one-day loss since Nov. 13.
Source: Bloomberg
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