Asia stocks subdued as oil resumes fall

Monday, the NZ dollar rose 0.07 percent against the US dollar, 0.19 percent against the yen, 0.08 percent against the euro and 0.53 percent against the Australian dollar. The Canadian unit plumbed an 11-year low of C$1.4003 against the dollar earlier this month.

The Australian dollar was down 0.1 percent at $0.7276 AUD=D4 but still within distance of a two-week peak of $0.7295 scaled on Friday when relatively high Australian yields worked in favor of the currency.

Chinese shares were lower, with the Shanghai Composite ending the day down 2.6% at 3,533.78, while Hong Kong’s Hang Seng index closed 1% lower at 21,919.62.

Among the other major gainers, Oki Electric Industry is gaining more than 4 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan gave up early modest gains to fall 0.57, putting it on track for a 12-percent loss this year.

The Nikkei was flat at 18,873.27 points at the midday break, and looked set for a gain of around 8 percent for 2015.

Crude oil futures had fallen below the $37 per barrel line in NY overnight, reviving concerns over cheap oil as a potential sign of a global growth slowdown. Spot gold was changed at $1,070.05 an ounce by 0116 GMT, after losing 0.6 percent in the previous session.

At the end of the market close, three Japan Post stocks, Japan Post Bank Co, Japan Post Holdings Co and Japan Post Insurance Co, which debuted in November, will be added to the Topix index.

The Nikkei in Japan was up 0.7% with soft retail and domestic production data offset by the increase of prices in crude oil.

Brent was at $36.60 a barrel, near an 11-year low of $35.98 struck last week.

The yen’s 0.5 percent decline versus the greenback would be the smallest move in either direction over the course of a year since the 0.03 percent advance of 1992.

WALL STREET: U.S. stocks closed modestly lower on Monday as a deepening slump in crude oil prices pulled down energy and mining stocks on a lighter than usual day of trading.

New Zealand government bonds eased a tad, sending yields half a basis point higher across the curve. Republication or redistribution of content provided by EconoTimes is expressly prohibited without the prior written consent of EconoTimes, except for personal and non-commercial use.