Breaking News

Safe-haven yen hovers near 1-1/2 year high as markets flail

News Date: 5/4/2016 02:03:56
Asian markets tumbled on Tuesday, following the steps of Wall Street after oil prices shed over two percent yesterday, while investors remain worried about a possible interest rate hike this month from the Federal Reserve, which would sap liquidity from the markets and lead to steeper falls for stocks across the world.

The yen jumped half a percent against the dollar to trade at 110.81, near a 1-1/2 year high at 110.71. Gold futures similarly advanced eight dollars, or 0.70% to trade at $1,227 an ounce, while silver futures tagged along, powering up 18 cents, or 1.21% to move around $15.12 an ounce.

Asian shares suffered wide losses, with Japan's Nikkei tumbling to a six-week low at 15,728, down a hefty 2.47% on the day, while Australian shares gave up 1.70%. South Korea's KOSPI index lost 0.70%, but China's Shanghai index bucked the trend, rising 1.28% on hopes of government stimulus.

Wall Street closed lower yesterday, dragged down by energy shares in particular, with Dow Jones retreating 55 points, or 0.31% to end at 17,737. NASDAQ Composite skidded 22 points, or 0.46% to close at 4,891. S&P 500 slid six points, or 0.32% to 2,066, after hitting its highest in 2016 last week.

Investors wait for an array of important economic data today, with Britain's services PMI expected to surge to 53.9 in March from February's 52.7, which would be very positive for the pound.

From the U.S., the Final Services PMI is forecast to have stayed the same in March at 51.0 as February, which wouldn't roil the markets, while the dollar is expected to remain pressured due to expectations of delayed rate hikes by the Fed.

Latest news

Crude oil futures declined. According to the New York Stock Exchange, crude oil futures were traded in November at a price of 86.12 dollars a barrel, ie, it decreased by 0.46%. And in light of OPEC
10-2022 05 04:16:02

The US dollar fell to its lowest level in two weeks at the beginning of trading on Tuesday, due to the high risk sentiment, while the sterling pound maintained its recent gains after the British gove
10-2022 04 07:12:28

Japanese stocks opened today’s trading on a positive note, dragging its indices to the upside, especially chips and energy stocks. So, the Nikkei index rose by 1.07% to reach 26,215.79 points,
10-2022 03 03:36:24

Wall Street closed yesterday evening sharply lower, because of some economic concerns related to inflation, which could reflect negatively on the US economy, not also this, but also the investor's c
09-2022 30 03:07:57

The futures contracts for oil witnessed an increase, as it rose by 0.16%. According to the New York Mercantile Exchange, the futures contracts for crude oil were traded in November at 82.02 dollars p
09-2022 29 02:42:06

More News