• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Oil at new multi-year highs, Asian shares fall

October 6, 2021 by David Barret Leave a Comment

October 6, 2021

By Alun John

HONG KONG (Reuters) – Asian shares dropped on Wednesday, reversing early gains, after an overnight rebound in U.S. and European stocks as investors shrugged off worries about a potential U.S. government debt default, while oil paused near new multi-year highs.

The gains in oil are driven by concerns about energy supply, and come two days after the OPEC+ group of producers stuck to its planned output increase rather than raising it further.

U.S. crude rose to its highest level since 2014 on Wednesday but pared gains and was last off 0.09% to $78.87 a barrel. Brent crude lost 0.08% to $82.49 per barrel, having hit a three-year high in the previous session.

“OPEC’s outlook suggests further reductions in global oil stockpiles. That’s a problem given that oil inventories are already low,” wrote analysts at CBA in a note.

Rising prices could threaten the global economic recovery as global oil demand growth was picking up as economies re‑opened on the back of rising vaccination rates, they added.

In equity markets, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6%, reversing early gains, while Japan’s Nikkei lost 0.78%.

Traders say markets are jittery due to worries about China’s real estate market as well as approaching higher interest rates around the world.

There were falls in Hong Kong off 1%, Korea down 0.9% and Australia down 0.45%.

U.S. stock futures, the S&P 500 e-minis shed 0.44%.

Chinese markets remained closed for a public holiday, and shares of cash-strapped Chinese developer China Evergrande were suspended having stopped trading on Monday pending an announcement of a significant transaction.

Uncertainty about Evergrande’s fate roiled Chinese property developers’ bonds and Hong Kong-listed shares and bonds on Tuesday following fresh credit rating downgrades.

Elsewhere, New Zealand’s central bank raised interest rates by 25 basis points but reaction was muted as the move to increase the cash rate to 0.50% was widely expected.

The announcement caused the New Zealand dollar to rise about 0.1%, before falling 0.34%.

Overnight the Dow Jones Industrial Average rose 0.92%, the S&P 500 gained 1.05% and the Nasdaq Composite climbed 1.25%, despite worries that the United States will default on its debt. [.N]

The Senate will vote on Wednesday on a Democratic-backed measure to suspend the U.S. debt ceiling, a key lawmaker said on Tuesday, as partisan brinkmanship in Congress risks an economically crippling federal credit default.

These fears, however, did help push the dollar back towards its 12-month highs and benchmark treasury yields to near their highest level since mid June.

In Asian trading, the dollar hovered close to its highs for the year against a basket of its peers, while the euro EUR=EBS stayed near its 14-month low struck last week.

The safe-haven yen JPY=EBS fell about 0.5%, reflecting a positive mood in equity markets.

The yield on benchmark 10-year Treasury notes rose to 1.5466%, nearing a four-month high of 1.5670% hit in late September.

Spot gold shed 0.15% to $1757.3 an ounce, with the non-interest bearing asset hurt by higher yields.

(Editing by Stephen Coates)

Source Link Oil at new multi-year highs, Asian shares fall

David Barret
David Barret

Related posts:

  1. Open source backend-as-a-service startup Supabase raises $30M
  2. Soccer – Liverpool’s Klopp says Van Dijk fit, Keita fine after return to club
  3. Apollo to sell Italy’s Amissima Vita to life insurer Athora
  4. Turkish central bank surprises with rate cut sought by Erdogan

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • World’s Oldest Pots: 20,000-Year-Old Vessels May Have Been Used For Cooking Clams Or Brewing Beer
  • “The Body Is Slowly And Continuously Heated”: 14,000-Year-Old Smoked Mummies Are World’s Oldest
  • Pizza Slices, Polaroid Pictures, And Over 300 Hats: What’s Left Behind In Yellowstone’s Hydrothermal Areas?
  • The Mathematical Paradox That Lets You Create Something From Nothing
  • Ancient Asteroid Ripped Apart In Collision Had Flowing Water
  • Flying Foxes Include The World’s Biggest Bat And The Largest Mammal Capable Of True Flight
  • NASA Responds To Claims That Interstellar Object 3I/ATLAS Is An Advanced Alien Spacecraft
  • Millions Of Tons Of Gold Are In Earth’s Oceans, Potentially Worth Over $2 Quadrillion
  • The Race Back To The Moon: US Vs China, Will What Happens Next Change The Future?
  • NOAA Issues G3 Geomagnetic Storm Warning As 500,000 Kilometer Hole Sends Solar Wind At Earth
  • Lasting 776 Days, This Is The Longest Case Of COVID-19 Ever Recorded
  • Living Cement: The Microbes In Your Walls Could Power The Future
  • What Can Your Earwax Reveal About Your Health?
  • Ever Seen A Giraffe Use An Inhaler? Now You Can, And It’s Incredibly Wholesome
  • Martian Mudstone Has Features That Might Be Biosignatures, New Brain Implant Can Decode Your Internal Monologue, And Much More This Week
  • Crocodiles Weren’t All Blood-Thirsty Killers, Some Evolved To Be Plant-Eating Vegetarians
  • Stratospheric Warming Event May Be Unfolding In The Southern Polar Vortex, Shaking Up Global Weather Systems
  • 15 Years Ago, Bees In Brooklyn Appeared Red After Snacking Where They Shouldn’t
  • Carnian Pluvial Event: It Rained For 2 Million Years — And It Changed Planet Earth Forever
  • There’s Volcanic Unrest At The Campi Flegrei Caldera – Here’s What We Know
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version