Spot gold edges lower on Aug. 14th    Egyptian pound ticks up vs. US dollar at Thursday's close    Egypt condemns Israeli plan to build 3,400 settler homes in West Bank    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Egypt, Namibia explore closer pharmaceutical cooperation    Egypt, China ink $1bn agreement for Sailun tire plant in SCZONE    Egyptian, Jordanian ministers talk cooperation at 33rd Joint Higher Committee session    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's Electricity Minister discusses progress on Greece power link    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Korean Cultural Centre in Cairo launches folk painting workshop    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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Asian shares slip as crude prices fall 1%
Published in Amwal Al Ghad on 08 - 02 - 2017

Asian markets traded mostly lower on Wednesday morning, as oil prices remained under pressure after data overnight showed a build-up in U.S. crude inventory.
In Japan, the Nikkei Stock Average fell 0.19 percent, while across the Korean Strait, the Kospi was down 0.83 percent.
Hong Kong's Hang Seng Index was down 0.46 percent, while Chinese mainland shares were also lower.
The Shanghai composite was down 0.37 percent and the Shenzhen composite fell 0.29 percent.
Australia's ASX 200 bucked the generally downward trend in the region to trade up 0.24 percent, but the energy sector declined 0.86 percent.
Oil plays in the country were mostly lower, with Santos shares losing 1.16 percent, oil Search down 0.65 percent, and Beach Energy lower by 2.32 percent.
Oil prices declined on Wednesday, extending Tuesday's more than 1 percent drop after data showed a build-up in U.S. crude inventory.
Reuters reported weekly data from the American Petroleum Institute (API) estimated U.S. crude stockpiles surged 14.2 million barrels last week.
U.S. crude fell 1.17 percent to $51.56 a barrel by 10:58 a.m. HK/SIN on Wednesday, while global benchmark Brent lost 0.84 percent to $54.59.
Some analysts had expected the decline in oil prices following the API numbers.
"The herd, already nervous from the previous days-price action, turned in masse and ran off the cliff," Jeffrey Halley, a senior market analyst at OANDA, said in a note.
Halley expects crude prices to remain under pressure.
"Clearly increased shale production is now taking its toll," he said, adding if the Energy Information Administration's crude inventory numbers, due later in the global day, show a large build, prices could fall further.
Resources producer BHP Billiton fell 0.71 percent, after reports said the miner planned to halt production at a Chilean copper mine due to a workers' strike on Thursday.
It is reported that BHP said it could not guarantee the safety of the 80 workers the Chilean government had authorized to remain at the Escondida mine to perform critical duties like equipment upkeep and adherence to environmental protocols.
In the currency market, the dollar traded relatively higher against a basket of currencies at 100.35 at 11:03 a.m. HK/SIN, climbing from levels below 100 in previous sessions.
"Over the past few days…slowly but surely the dollar has managed to crawl its way back up," said Rodrigo Catril, a currency strategist at the National Australia Bank, in a note.
"To some extent, the dollar has won the least-ugly contest as the focus appears to have shifted away from the U.S. towards political and fiscal uncertainty in Europe," said Catril.
Among other major currency pairs, the yen traded at 112.10 against the dollar, strengthening from levels above 113.4 last week.
The stronger yen likely pressured Japanese exporters, with Toyota shares down 0.30 percent, Mazda down 1.35 percent and Sony off by 1.33 percent.
Fujitsu shares declined 3.29 percent, after Reuters reported the electronic conglomerate's biggest shareholder, Fuji Electric, planned to sell about $1 billion worth, or about 8.2 percent, of stock.
Elsewhere, the Australian dollar fetched $0.7635, while the euro traded at $1.0684.
Source: CNBC


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