TOKYO: Japanese stocks tumbled for a second day as yen climbed high against the dollar.
The Topix index lost 0.6 per cent to 1,365.67 as of 9.02am in Tokyo, with all of its 33 industry groups falling. The Nikkei 225 Stock Average dropped 0.8 per cent to 16,956.80. The yen added 0.1 per cent per cent to 117.81 per dollar, rising for a fourth day after yesterday touching its strongest level since December 17. US stocks swung between gains and losses amid surging volatility as crude fluctuated near the lowest level in five years.
“The drop in oil prices is quite severe, so whenever there’s some weakness in oil we tend to see risk aversion,” said Hiroichi Nishi, an equities manager at SMBC Nikko Securities Inc. in Tokyo. “Risks abroad are a burden on investor sentiment.”
West Texas Intermediate crude oil dipped below US$45 a barrel yesterday for the first time since April 2009 amid speculation data today will show an increase in US stockpiles, fuelling concern over the global supply glut. Copper sank to its lowest price since 2009.
US stocks swung as the fourth-quarter earnings season begun, with analysts cutting profit estimates for Standard & Poor’s 500 Index companies on the slump in oil. Futures on the S&P 500 were little changed today after the underlying gauge closed 0.3 per cent lower yesterday. The Chicago Board Options Exchange Volatility Index, which tracks expectations of US stock swings, climbed 4.9 per cent
shanghai shares start week with losses 25 june 2018
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