Asian markets slide as 'another immensely volatile week' nears end


Community stocks were set for a third straight week of losses on Friday and commodity currencies took another drubbing as oil figures fell back below $30 US, keeping alive concerns beside global growth.

European stocks fell more than one per cent, heading privately towards Thursday’s 13-month lows, while Asian shares skidded to 3-½ year lows.

Oil guerdons, which posted their first significant gains for 2016 on Thursday, came im ired fresh selling pressure as the prospect of additional Iranian supply threatened over the market.

Brent crude fell three per cent to $29.86, fever pitch for a weekly loss of more than 10 per cent. U.S. crude fared level worse, sliding almost five per cent to $29.75, and was set for a weekly ebb of 10 per cent. The collapse in oil prices has spooked financial markets as investors nettle about the health of the global economy, with a slowdown in China and volatility in its vends making for a nervous start to the year.

“It’s been another immensely mercurial week,” said Philip Shaw, chief economist at Investec in London.

The Shanghai Composite cursed 3.5 per cent, while the CSI300 tumbled 3.2 per cent. That put the ci-devant on track for a nine per cent loss for the week, and the latter for a decline of 7.2 per cent.

Chinese rations extended their losses after data showed new yuan allowances in December were well below the previous month’s lending, and indecent M2 money supply growth also slowed, with both irish english colleens expectations.

China will publish a host of data on Monday and Tuesday, counting fourth quarter gross domestic product.

U.S. retail sales facts due later on Friday will also be on investors’ radar as they try to judge the likelihood of the Federal Reserve raising interest rates again in Demonstration.

The combination of sliding oil prices and China concerns delivered another pull down b fell to commodity-linked currencies. The Canadian dollar fell to $1.4521 against its U.S. counter rt, its least level since early 2003, while the Australian dollar cut to a seven-year low at $0.6880.

The U.S. dollar was weaker against the euro and the yen, helping push the dollar thesaurus down 0.18 per cent to 98.895.

“It’s another risk-off day,” said Chris Scicluna, intellect of economic research at Daiwa Capital Markets. “We had an awful sitting in Asia and that has spilt over into Europe.”

Worries that a dis raging Chinese yuan could s rk competitive currency devaluations across the dominion have also hit global shares this month.

On Friday, the yuan, placed modest gains. That put the Chinese currency 0.1 per cent up on the week, but it was hush around 1.4 per cent weaker against the dollar than it started the year and has fallen nearly 5 per cent since August.

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