Asian stocks extend losing streak, after falling oil prices hit Wall Street
Tokyo — Asian stocks slipped on Wednesday after weaker crude oil prices took a toll on Wall Street, while the euro kept the big gains it made on news of robust German economic growth.MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.45%. China’s Shanghai index was off 0.7%, Australian stocks dropped 0.3% and South Korea’s Kospi shed 0.3%. Japan’s Nikkei lost 0.9%."The decline by US equities led by energy shares is having a knock-on effect, damping sentiment in sectors related to energy and industry," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo."Broadly speaking equities had enjoyed an almost uninterrupted run for the past few months, so we are seeing a bit of a correction finally emerging." All three major US stock indices dipped on Tuesday as an extended drop in crude oil prices hit energy shares and as General Electric plunged for a second straight day.The euro stood little changed at $1.1794 after rising 1.1% overnigh...
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