Asian stocks decline as Oil tumbles, Nikkei down 4%

By FXStreet FXStreet (Mumbai) – The stocks on the Asian bourses snapped previous rebound and fell back into the red zone, as the rout resumes tracking the overnight negative close on the Wall Street and oil price decline.

Brent slips back below $ 30 mark, hurts sentiment

The Japanese stocks witnessed steep losses, with the Nikkei plunging as much as -4% to test 17k barrier, the lowest levels since Sept last year. Heavy losses seen in the exports, retail and auto stocks on the back of a stronger yen and tumbling oil prices led the decline in the index. Moreover, sentiment was also badly hit after the Japanese core machinery orders data showed a worse than expected drop in Nov. Japan’s core machinery orders plunged 14.4% month-on-month in November, surging 10.7% in October and against a drop of -7.3% expected.

The Chinese markets also followed suit and extend the previous drop amidst a neutral yuan fix. The benchmark, the Shanghai Composite index is now losing -1.20% and trades below 3000 levels, Shenzhen’s CSI 300 index drops -0.60%. While Hong Kong’s Hang Seng falls sharply to 19,627, -1.55%% on the day.

While, the Australian stocks also a sharp decline as energy and resource stocks remain under …read more

Source:: FX Street