HomeMarketsAsia stocks lower as oil prices slip

Asia stocks lower as oil prices slip

Stocks markets suffered in Asia as oil prices gave up recent gains and Japan’s yen rallied following a lukewarm lead-in from Wall Street and more political tumult from Washington.

Tokyo’s Topix index was down 0.6 per cent as equities suffered from a firmer yen and energy stocks fell 2 per cent on slipping oil prices. The Nikkei 225 was down 0.7 per cent as well, further diminishing the odds it could cross the 20,000-point mark for the first time in two years this week.

Shares in Australia’s Wesfarmers were down 1.3 per cent after the DIY-to-retail conglomerate blamed a poor IPO climate for its decision to scrap a proposed float of its office stationary and equipment division. The benchmark S&P/ASX 200 was down 0.9 per cent.

In Hong Kong the Hang Seng was down 0.2 per cent as gains of 0.6 per cent in real estate were offset by a 0.5 per cent dip from the energy segment. Alibaba Health, the Chinese e-commerce conglomerate’s Hong Kong-listed health arm, was up 5.2 per cent despite reporting net losses widened during the year ended March. Its parent is due to report annual earnings on Thursday.

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