TOKYO, Nov 15 — Asian stocks edged up today as a steep slide in crude oil prices which had chilled investor sentiment slowed, while the pound and euro were supported after British Prime Minister Theresa May gained cabinet support for a Brexit deal.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.15 per cent. The index had declined 0.4 per cent the previous day as plunging oil prices heightened anxiety about the outlook for broad demand and global growth.
Australian stocks rose 0.15 per cent while Japan’s Nikkei shed 0.5 per cent.
The S&P 500 fell for a fifth straight day overnight as financial stocks were hit by fears that banking industry regulations would tighten once the Democratic Party takes control of the House of Representatives.
US equities were also pressured by lingering concerns that earnings growth might be peaking, intensifying trade tensions and a slowing global economy — factors that had triggered a rout in riskier assets in October.
“Immediate focus will be on today’s US retail sales data, which will provide a view of how private consumption — the main component of economic growth — is faring.”
US retail sales for October will be released at 1330 GMT.
US crude was a shade lower at US$55.92 (RM234.34) per barrel after gaining 1 per cent overnight, snapping a 12 day losing run on growing prospects that the Organization of the Petroleum Exporting Countries and allied producers would cut output.
With global demand concerns also causing the steepest one-day loss for oil in more than three years on Tuesday, the market reversed course after Reuters reported that Opec and its partners were discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), more than officials had mentioned previously. — Reuters
Source: The Malay Mail Online