Japanese
stocks fell on the first trading day of the year as the yen traded near
the highest in more than two months and investor appetite waned for
risky assets after Saudi Arabia cut diplomatic ties with Iran.
The
Topix index declined 0.9 percent to 1,533.78 as of 9:01 a.m. in Tokyo
as tire makers led losses, while energy explorers rose. The index
climbed 9.9 percent last year, its fourth straight year of gains. The
Nikkei 225 Stock Average lost 1 percent to 18,838.87. The yen traded at
120.31 per dollar as crude oil surged after Saudi Arabia expelled the
Islamic Republic’s diplomats from the country following an attack on its
embassy in Tehran to protest the Saudis’ execution of a prominent
Shiite cleric. The move marks the worst crisis in relations between the
nations since the late 1980s.
West
Texas Intermediate crude rose 2.4 percent on the first trading day of
the year after tumbling more than 30 percent in 2015. Saudi Foreign
Minister Adel al-Jubei announced the expulsion of Iran’s diplomats after
Iranian protesters set the Saudi embassy on fire following the
execution of Nimr al-Nimr, a critic of the kingdom’s treatment of its
Shiite minority.
Source: Bloomberg
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