Asian stocks decline after Wall Street falls

FILE - This Monday, Aug. 24, 2015, file photo shows the New York Stock Exchange. Stocks are edging lower in early trading on Wall Street, Monday, Feb. 6, 2017, led by declines in banks and materials companies. (AP Photo/Seth Wenig, File)

BEIJING — Asian stock markets were mostly lower Tuesday and oil prices rebounded after declines that dragged Wall Street lower.

KEEPING SCORE: Tokyo's Nikkei 225 index lost 0.3 percent to 18,929.75 and Sydney's S&P-ASX 200 retreated 0.1 percent to 5,612.10. The Shanghai Composite Index lost 0.3 percent to 3,147.20 and Hong Kong's Hang Seng shed 0.2 percent to 23,310.59. Seoul's Kospi lost 0.1 percent to 2,074.55 most benchmarks in Southeast Asia fell, though shares rose in New Zealand and Singapore.

WALL STREET: Energy companies led the price slide as oil declined, snapping a three-day winning streak for the Standard & Poor's 500 index. Phone company and real estate stocks were also fell. Technology and industrial companies eked out tiny gains. With just over half of all the companies in the S&P 500 having reported quarterly results, most have posted annual earnings growth. The Dow Jones industrial average fell 0.1 percent to 20,052.42. The S&P slid 0.2 percent to 2,292.56. The Nasdaq composite index gave up or 0.1 percent to 5,663.55.

ANALYST'S TAKE: "The exuberance demonstrated in the wake of Trump ordering a review of regulation faded in a lackluster session," Alex Furber of CMC Markets said in a report. "Markets are still waiting to hear more from the Trump administration on tax cuts, deregulation and infrastructure," Furber said. "Rising political uncertainty in Europe is also influencing sentiment."

ENERGY: Benchmark U.S. crude gained 17 cents to $53.18 per barrel in electronic trading on the New York Mercantile Exchange. The contract slumped 82 cents on Monday to close at $53.01. Brent crude, used to price international oils, rose 19 cents to $55.91 in London. It plunged $1.09 in the previous session to $55.72.

FRENCH ELECTIONS: Francois Fillon refused to drop out of the presidential race despite a scandal over possible no-show jobs for his relatives knocked him out as favorite in the April-May voting. A former premier in 2007-12, Fillon has a reputation as low-key and reliable but has been hurt by an investigation into whether political jobs he gave to his wife, son and daughter were genuine. Fillon has rejected the accusation and said the hiring was "legal and transparent." Officials of the far-right National Front, including leader Marine Le Pen, also are under investigation for their use of aides in the European parliament.

CURRENCY: The dollar gained to 111.83 yen from Monday's 111.74 yen. The euro declined to $1.0724 from $1.0738.

People also read these

Global markets mixed after Wall Street loss

Dec 23, 2016

Asian markets are mostly lower while Europe has gained in early trading ahead of the Christmas...

China plans 30,000-km high speed rail network by 2020

Dec 29, 2016

The Chinese government is planning to expand the country's high-speed rail network to 30,000...

Business group: China preparing to retaliate on trade

Jan 18, 2017

An American business group says China is preparing to retaliate if U.S. President-elect Donald...

China manufacturing activity in January close to 2-year high

Feb 1, 2017

A government survey shows China's manufacturing activity expanded in January at close to its...

Global stocks rise on robust US jobs report

Feb 3, 2017

Global stocks are up after the U.S. employment report showed a strong increase of 227,000 jobs in...

AseanCoverage is a next-gen news site focusing exclusively on online news from South East Asia.

Contact us: sales[at]aseancoverage.com