• Contact Form
  • Submit Article
  • Terms of Use
  • Cookie Privacy
  • Privacy Policy
Sunday, January 17, 2021
Daily Oil Gas newspaer online market news
Advertisement
  • Home
  • NewsDaily
    • All
    • Asian Oil & Gas
    • Equipment & Services
    • gas prices
    • Latest News
    • oil company
    • oil jobs
    • oil price
    • Production
    • Russia Oil & Gas News
    • saudi arabia Oil & Gas
    • Transport
    • USA Oil & Gas
    Union Jack Oil PLC, United Oil & Gas PLC, 88 Energy Ltd, Genel Energy PLC …

    Union Jack Oil PLC, United Oil & Gas PLC, 88 Energy Ltd, Genel Energy PLC …

    Equinor to Test Floating Solar Off Froya  | Rigzone

    Equinor to Test Floating Solar Off Froya  | Rigzone

    Column: Rapid oil price rise divides fund managers

    Column: Rapid oil price rise divides fund managers

    Ghana’s Political Meddling Could Derail Its Oil Boom

    Ghana’s Political Meddling Could Derail Its Oil Boom

    Fluor Updates Structure and Sells Stork  | Rigzone

    Fluor Updates Structure and Sells Stork  | Rigzone

    Exporting U.S. shale boom changed oil markets forever | Business

    Exporting U.S. shale boom changed oil markets forever | Business

    Lukoil can work comfortably in Russia at an oil price of $ 9-11 per barrel — Alekperov – Business & Economy

    Russia’s Antimonopoly Service says oil products prices will be below inflation – Business & Economy

    UN Says Breakthrough Achieved in Libya Transition Talks | Voice of America

    UN Says Breakthrough Achieved in Libya Transition Talks | Voice of America

    President Biden Won’t Unlock a Wave of Iranian Crude – Bloomberg

    Trending Tags

    • oil price
    • Oil
    • Energy
    • Asian Oil & Gas News
    • Russia Oil & Gas News
    • USA Oil & Gas News
    • europe Oil & Gas News
    • saudi arabia Oil & Gas News
  • Production
  • oil price
  • Equipment
  • oil company
  • Transport
  • gas prices
  • oil jobsNews
No Result
View All Result
  • Home
  • NewsDaily
    • All
    • Asian Oil & Gas
    • Equipment & Services
    • gas prices
    • Latest News
    • oil company
    • oil jobs
    • oil price
    • Production
    • Russia Oil & Gas News
    • saudi arabia Oil & Gas
    • Transport
    • USA Oil & Gas
    Union Jack Oil PLC, United Oil & Gas PLC, 88 Energy Ltd, Genel Energy PLC …

    Union Jack Oil PLC, United Oil & Gas PLC, 88 Energy Ltd, Genel Energy PLC …

    Equinor to Test Floating Solar Off Froya  | Rigzone

    Equinor to Test Floating Solar Off Froya  | Rigzone

    Column: Rapid oil price rise divides fund managers

    Column: Rapid oil price rise divides fund managers

    Ghana’s Political Meddling Could Derail Its Oil Boom

    Ghana’s Political Meddling Could Derail Its Oil Boom

    Fluor Updates Structure and Sells Stork  | Rigzone

    Fluor Updates Structure and Sells Stork  | Rigzone

    Exporting U.S. shale boom changed oil markets forever | Business

    Exporting U.S. shale boom changed oil markets forever | Business

    Lukoil can work comfortably in Russia at an oil price of $ 9-11 per barrel — Alekperov – Business & Economy

    Russia’s Antimonopoly Service says oil products prices will be below inflation – Business & Economy

    UN Says Breakthrough Achieved in Libya Transition Talks | Voice of America

    UN Says Breakthrough Achieved in Libya Transition Talks | Voice of America

    President Biden Won’t Unlock a Wave of Iranian Crude – Bloomberg

    Trending Tags

    • oil price
    • Oil
    • Energy
    • Asian Oil & Gas News
    • Russia Oil & Gas News
    • USA Oil & Gas News
    • europe Oil & Gas News
    • saudi arabia Oil & Gas News
  • Production
  • oil price
  • Equipment
  • oil company
  • Transport
  • gas prices
  • oil jobsNews
No Result
View All Result
Morning News
No Result
View All Result
Home oil price

Tech rout roils Asian shares, oil futures extend slump

September 9, 2020
in oil price
Tech rout roils Asian shares, oil futures extend slump
Share on FacebookShare on Twitter


TOKYO/NEW YORK: Asian shares fell on Wednesday and oil prices hit lows not seen since June after a rout of technology shares sank Wall Street for a third consecutive day and a major drugmaker delayed testing of a coronavirus vaccine.

MSCI‘s broadest index of Asia-Pacific shares outside Japan slid 1.12%. Australian stocks dropped 2.24%, while shares in China fell 1.16%.

Japan’s Nikkei skidded by 1.69%.

U.S. S&P 500 E-mini stock futures fell 0.01%, but Nasdaq futures rose 0.72%.

Sentiment for equities and other risky assets also took a hit after AstraZeneca Plc paused a late-stage trial of one of the leading COVID-19 vaccine candidates due to an unexplained illness in a study participant.

Treasury yields fell further in Asia as investors sought the safety of holding government debt. Risk aversion also pushed the yen to a one-week high against the dollar.

A sell-off in high-flying U.S. technology shares, fueled partly by concerns about excess purchases of call options, has increased the risk of a larger correction across other markets.

“The performance of Wall Street is going to leave a heavy residue, and most noteworthy is how the tech names dropped down quite aggressively. Investors will take a close note of that,” said Tom Piotrowski, a markets analyst at Australian broker CommSec.

“The dramatic fall in oil prices in the last day is being seen as a proxy for global growth expectations. That 7.6% fall will certainly be resonating.”

The Dow Jones Industrial Average fell 2.25%, the S&P 500 lost 2.78%, and the Nasdaq Composite dropped 4.11% on Wall Street on Wednesday.

Among U.S. technology names, electric-car maker Tesla plunged 21.06% on Tuesday, its biggest daily percentage drop, after it was excluded from a group of companies being added to the S&P 500.

SoftBank Group Corp shares fell 5% on Wednesday due to worries about the Japanese conglomerate’s trading in call options on U.S. tech stocks.

SoftBank has fallen 12% since sources told Reuters and other media late last week that it built up stakes in major U.S. tech companies worth around $4 billion and bought a similar amount of call options for the underlying shares.

Counterparties who sold the call options to SoftBank would have to hedge their exposure by buying the underlying shares, which likely contributed to the Nasdaq and S&P 500 reaching record highs only days ago, some traders say.

U.S. 10-year Treasury yields fell to 0.6722%, while the yield curve between two-year and 10-year notes flattened slightly, highlighting declining appetite for risk.

The British pound fell to six-week lows against both the dollar and the euro.

Escalating concerns over Britain leaving the European Union without a trade agreement are weighing on sterling.

The dollar index against a basket of six major currencies stood near a four-week high as Wall Street’s sell-off and renewed fears about Brexit boosted safe-harbour demand for the greenback.

Oil futures extended their sharp decline in Asian trading to the lowest levels since June due to concern about weak global energy demand and excess supply.

Brent fell 0.53% to $39.57 a barrel, while U.S. crude lost 0.68% to trade at $36.51 per barrel.

(Reporting by Jessica DiNapoli; Editing by Stephen Coates)





economictimes.indiatimes.com

Related Posts

Column: Rapid oil price rise divides fund managers

Column: Rapid oil price rise divides fund managers

by OIl News
January 17, 2021
0

LONDON (Reuters) - Hedge fund managers are starting to diverge over the likelihood of further oil price increases as...

Ghana’s Political Meddling Could Derail Its Oil Boom

Ghana’s Political Meddling Could Derail Its Oil Boom

by OIl News
January 17, 2021
0

Ghana has been one of the bright stars of the oil and gas market in the 2010s, ramping up...

Strengthening dollar stalls oil price rally’s momentum

Strengthening dollar stalls oil price rally’s momentum

by OIl News
January 17, 2021
0

By Saket Sundria and Alex Longley on 1/11/2021 (Bloomberg) --Oil fell as the dollar strengthened, with the steam coming...

With oil revenue down, North Dakota approves budget forecast as legislators hope for 2022 production boost

With oil revenue down, North Dakota approves budget forecast as legislators hope for 2022 production boost

by OIl News
January 17, 2021
0

The Legislature has historically relied heavily on oil and gas taxes as a central driver of the state's revenue,...

Oil prices rise to near 1-year highs as vaccines, stimulus and Saudi Arabian production cuts lift the energy outlook

Oil prices rise to near 1-year highs as vaccines, stimulus and Saudi Arabian production cuts lift the energy outlook

by OIl News
January 16, 2021
0

US oil producers stand to benefit from Saudi Arabia's promised cut in output, which has already lifted prices Angus...

Global shares, oil prices falter as US stimulus buzz fades – Arab News

Global shares, oil prices falter as US stimulus buzz fades – Arab News

by OIl News
January 16, 2021
0

Global shares, oil prices falter as US stimulus buzz fades Arab News www.arabnews.com

Leave a Reply

avatar
This comment form is under antispam protection
avatar
This comment form is under antispam protection
  Subscribe  
Notify of

POPULAR NEWS

The great Texas oil shutdown has begun

The great Texas oil shutdown has begun

April 26, 2020
Oil Market Offers Wrong Type of Wow Factor

Oil Market Offers Wrong Type of Wow Factor

April 25, 2020
which companies are still paying dividends

which companies are still paying dividends

April 25, 2020
Tullow Oil PLC names former Cairn India boss, Rahul Dhir as new chief executive

Tullow Oil PLC names former Cairn India boss, Rahul Dhir as new chief executive

April 25, 2020
London Stock Exchange Group PLC, Associated British Foods PLC and unemployment claims in focus on Tuesday

London Stock Exchange Group PLC, Associated British Foods PLC and unemployment claims in focus on Tuesday

April 25, 2020

EDITOR'S PICK

Oil price, Touchstone. And finally… – Proactive Investors UK

Oil price, Touchstone. And finally… – Proactive Investors UK

August 14, 2020
What is fracking? Fact-checking oil industry job claims, Biden

What is fracking? Fact-checking oil industry job claims, Biden

October 24, 2020
Shell Eyes Looming UK Fuels Ban  | Rigzone

Shell Eyes Looming UK Fuels Ban  | Rigzone

July 20, 2020
How U.S. Shale Can Survive The Oil Crash

How U.S. Shale Can Survive The Oil Crash

May 13, 2020
  • Contact Form
  • Submit Article
  • Terms of Use
  • Cookie Privacy
  • Privacy Policy

© 2020 Oil Newspaper.com

No Result
View All Result
  • Home
  • News
    • Asian Oil & Gas News
    • Russia Oil & Gas News
    • USA Oil & Gas News
    • europe Oil & Gas News
    • saudi arabia Oil & Gas News
  • Production
  • oil price
  • Equipment
  • oil company
  • Transport
  • gas prices
  • oil jobs

© 2020 Oil Newspaper.com

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.