AUTO REFRESH ON Oil check Oil prices followed equities down, tumbling more than 6 per cent to the lowest level in over a year. US crude futures settled at $42.53 a barrel, down $3.06, or 6.7 per cent. Brent crude futures settled down $3.35, or 6.2 per cent, at $50.47 a barrel.
Global equity rout, movement in crude oil prices amid concerns over partial US government shutdown are likely to influence the market trend today. That apart, worries over Trump's relationship with Federal Reserve Chairman Jerome Powell, slowing US economy and the ongoing trade war are expected to have a rub-off effect on the domestic market.
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Asian equities were shaky on Wednesday following the plunge in Wall Street on Christmas eve in the face of a series of unnerving US political developments. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1 per cent. Japan’s Nikkei bounced 1.8 per cent after diving 5 per cent the previous day to a 20-month low and slipping into the bear market territory.
"The only problem our economy has is the Fed. They don't have a feel for the market," Trump said on Twitter. "The Fed is like a powerful golfer who can't score because he has no touch - he can't putt!"
A crisis call on Monday between US financial regulators and the Treasury Department did more to rattle markets than to assure them.
On Wall Street, all three major indices ended down more than 2 per cent on the day before the Christmas holiday. The Dow Jones Industrial Average fell 653.17 points, or 2.91 per cent, to 21,792.2, the S&P 500 lost 65.52 points, or 2.71 per cent, to 2,351.1 and the Nasdaq Composite dropped 140.08 points, or 2.21 per cent, to 6,192.92.
Oil Prices
Oil prices followed equities down, tumbling more than 6 per cent to the lowest level in over a year. US crude futures settled at $42.53 a barrel, down $3.06, or 6.7 per cent. Brent crude futures settled down $3.35, or 6.2 per cent, at $50.47 a barrel.
(with Reuters input)
(with Reuters input)