Wednesday, 28 October 2015

Oil declines weigh on Asia markets, but Japan shares rise

Asian markets traded mixed Wednesday, with losses in energy plays amid fresh oil-price declines counterbalanced by gains in Japan shares as traders hoped for more stimulus from the central bank. 
Oil shares around the region lost ground after crude oil futures settled at a two-month low of USD 43.20 a barrel, down 78 cents, in US trade overnight. 
Japan's Inpex shed 1.1 percent. In Australia, major resources plays dropped sharply. BHP fell 2.2 percent, AWE lost 1.4 percent, LNG lost 4.5 percent and Woodside shed 1.2 percent. 
That weighed on the S&P ASX 200 index, which lost 0.3 percent. Jeff Powell, chief investment officer at Polaris Greystone Financial blamed much of oil's decline on OPEC's failure to cut production.

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