Sun, 28 Nov 2021

Oil price jumps, stocks and U.S. Treasuries fall

Lola Evans
06 Oct 2021, 16:40 GMT+10

SYDNEY, NSW, Australia - Stocks in Asia fell on Wednesday as oil prices rose and U.S. Treasury yields firmed.

"OPEC's outlook suggests further reductions in global oil stockpiles. That's a problem given that oil inventories are already low," analysts at Commonwealth Bank Australia said in a note.

Oil prices were hovering at seven-year highs Wednesday.

In Japan, the Nikkei 225 dropped 293.25 points or 1.05 percent to 27,528.89.

The Australian All Ordinaries fell 40.30 points or 0.53 percent to 7,496.20.

The Hang Seng in Hong Kong let go 137.66 points or 0.57 percent to close Wednesday at 23,966.49.

In China, the Shanghai Composite did not trade due to a continuing public holiday.

Overnight on Wall Street, the Nasdaq Composite gained 178.35 points or 1.25 percent to 14,433.83.

The Dow Jones industrials advanced 311.75 points or 0.92 percent to 34,314.67.

The Standard and Poor's 500 added 45.26 points or 1.05 percent to 4,345.72.

The U.S. dollar gained ground during the Asian session as Treasury yields rose and stocks fell. The euro slipped to 1.1576 around the Sydney close Wednesday. The British pound dipped to 1.3606. The Japanese yen was sharply weaker at 111.76. The Swiss franc declined to 0.9301.

The Canadian dollar edged down to 1.2599. The Australian dollar was weaker at 0.7260. The New Zealand dollar shed half a cent despite the Reserve Bank of New Zealand hiking official interest rates to 0.50 percent.

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