{"id":70924,"date":"2016-09-28T05:50:20","date_gmt":"2016-09-28T03:50:20","guid":{"rendered":"http:\/\/www.arabtelegraph.com\/?p=70924"},"modified":"2016-09-28T05:50:20","modified_gmt":"2016-09-28T03:50:20","slug":"asia-stocks-edge-down-on-europe-bank-woes-lower-oil","status":"publish","type":"post","link":"https:\/\/www.arabtelegraph.com\/?p=70924","title":{"rendered":"Asia stocks edge down on Europe bank woes, lower oil"},"content":{"rendered":"<p dir=\"ltr\"><strong>Asian stocks were mostly lowe with European banking sector concerns and lower crude oil prices dulling investors&#8217; appetite for riskier assets.<\/strong><\/p>\n<p dir=\"ltr\">Equities in Asia had gained the previous day on a perceived win by Democrat Hillary Clinton at the first presidential debate over Republican Donald Trump, who is seen as creating greater uncertainty for the U.S. and global economies.<\/p>\n<p dir=\"ltr\">But the relief gave way to angst about the European financial sector, which is gripped by worries over the health of Deutsche Bank \u00a0whose shares hit a record low overnight.<\/p>\n<p dir=\"ltr\">Sagging oil, weighed down by waning hopes that a meeting of producers would reduce oversupply, also soured sentiment.<\/p>\n<p dir=\"ltr\">MSCI&#8217;s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.1 percent, erasing earlier modest gains.<\/p>\n<p dir=\"ltr\">South Korea&#8217;s Kospi\u00a0fell 0.4 percent and Shanghai\u00a0lost 0.2 percent. Australian stocks were flat.<\/p>\n<p dir=\"ltr\">Japan&#8217;s Nikkei\u00a0underperformed and was last down 1.5 percent. Japanese stocks were dogged by threats of a robust yen, which hurts exporters&#8217; earnings.<\/p>\n<figure id=\"attachment_70940\" aria-describedby=\"caption-attachment-70940\" style=\"width: 300px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2016\/09\/download-1014.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-medium wp-image-70940\" src=\"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2016\/09\/download-1014-300x200.jpg\" alt=\"Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US \" width=\"300\" height=\"200\" srcset=\"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2016\/09\/download-1014-300x200.jpg 300w, https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2016\/09\/download-1014.jpg 702w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-70940\" class=\"wp-caption-text\">Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US<\/figcaption><\/figure>\n<p dir=\"ltr\">&#8220;By looking at the current dollar-yen levels, companies will likely have no choice but to lower their dollar-yen assumptions at their mid-year earnings releases,&#8221; said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities in Tokyo.<\/p>\n<p dir=\"ltr\">Overnight, the Dow\u00a0rose 0.7 percent and Nasdaq\u00a0added 0.9 percent on broader support to equities following the presidential debate, though gains were capped by weakness in the energy sector.<\/p>\n<p dir=\"ltr\">Oil fell about 3 percent on Tuesday after Saudi Arabia and Iran dashed market expectations that the two major OPEC producers would find a compromise this week at a meeting in Algiers to help ease a global glut of crude. [O\/R]\n<p dir=\"ltr\">U.S. crude CLc1 had crawled up 0.1 percent to $44.72 a barrel on Wednesday, the final day of the Sept. 26-28 International Energy Forum gathering.<\/p>\n<p dir=\"ltr\">With oil prices having dropped to less than half of their 2014 highs, the Algiers talks are OPEC&#8217;s second attempt at an output agreement after a failed round in Qatar in April.<\/p>\n<p dir=\"ltr\">&#8220;The market currently does not expect any agreement at this meeting, so no agreement should have only limited negative impact on the oil price,&#8221; wrote Marshall Gittler, head of investment research at FXPRIMUS.<\/p>\n<p dir=\"ltr\">&#8220;Expectations are now so low though that if by some miracle they did come to even a half-hearted agreement, that would probably send prices up sharply.&#8221;<\/p>\n<p dir=\"ltr\">In currencies, the dollar crawled up 0.2 percent to 100.585 yen\u00a0but was still in reach of a one-month low of 100.085 seen the previous day.<\/p>\n<p dir=\"ltr\">It had popped up to 100.990 yen on Tuesday when Clinton was seen to have emerged as the winner of the debate. But the rise petered out with the market reminded that Clinton also favors a weaker dollar.<\/p>\n<p dir=\"ltr\">The euro was steady at $1.1207\u00a0after losing about 0.4 percent overnight on Europe&#8217;s banking sector worries.<\/p>\n<p dir=\"ltr\">The near-term market focus was on comments European Central Bank President Mario Draghi and Federal Reserve Chair Janet Yellen.<\/p>\n<p dir=\"ltr\">Draghi will face tough questions from German lawmakers later on Wednesday about the central bank&#8217;s monetary policy, while Yellen will deliver semi-annual testimony before the U.S. House Financial Services Committee.<\/p>\n<p dir=\"ltr\">The Mexican peso, which jumped against the dollar following Clinton&#8217;s perceived debate win, held onto its gains.<\/p>\n<p dir=\"ltr\">It was little changed at 19.39 pesos to the dollar, having rallied on Tuesday from a record low of 19.92 hit earlier on worries that a Trump win would threaten Mexico&#8217;s exports to the United States.<\/p>\n<p dir=\"ltr\">The 10-year U.S. Treasury note yield hovered near a three-week low of 1.546 percent US10YT=RR touched overnight amid speculation that Europe&#8217;s banking woes could delay the Fed&#8217;s next interest rate hike.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Asian stocks were mostly lowe with European banking sector concerns and lower crude oil prices dulling investors&#8217; appetite for riskier assets. Equities in Asia had gained the previous day on a perceived win by Democrat Hillary Clinton at the first presidential debate over Republican Donald Trump, who is seen as creating greater uncertainty for the &hellip;<\/p>\n","protected":false},"author":3,"featured_media":70939,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-70924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-te-public"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Asia stocks edge down on Europe bank woes, lower oil - Arab Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.arabtelegraph.com\/?p=70924\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asia stocks edge down on Europe bank woes, lower oil - Arab Telegraph\" \/>\n<meta property=\"og:description\" content=\"Asian stocks were mostly lowe with European banking sector concerns and lower crude oil prices dulling investors&#8217; appetite for riskier assets. 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