Japan stocks enter bear territory as oil falls below $28

Laura Miller
clock • 1 min read

Asian markets took a tumble overnight as the price of crude oil continued to sink.

US oil sank below $28 a barrel in Asian trading after the International Energy Agency warned that the market for crude could "drown in oversupply". In Tokyo the Nikkei 225 Index lost 3.71%. The fall follows sustained losses over the last two months for the bourse, pushing it into bear territory. In Shanghai the main index fell just over 1%. Axel Weber, chairman of UBS, told Bloomberg TV that various factors contributing to the slide mean he doesn't expect oil prices to bottom out anytime soon. He said he thinks current levels will continue for some time. Mining giant BHP Billito...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Why investors 'can't outrun' slow-moving demographics

Why investors 'can't outrun' slow-moving demographics

'Demographic change is a key megatrend'

Darius McDermott
clock 07 March 2024 • 5 min read
Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

British ISA, Office for Budget Responsibility, tax cuts

Valeria Martinez
clock 07 March 2024 • 4 min read
Spring Budget 24: Chancellor unveils long-term UK growth plan

Spring Budget 24: Chancellor unveils long-term UK growth plan

Includes British ISA launch and further NI cut

clock 06 March 2024 • 1 min read