Asian Shares Fall Along With Wall Street

Asian shares declined alongside Wall Street on Thursday, Dec 7, 2023, while a significant drop in oil prices to a five-month low promised to further alleviate inflationary pressures and helped boost the global bond market, as reported by Stella Qiu for Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell by 0.9%, having been down 2.0% so far this month after a 7.3% rally in November. I Photo: BSEINDIA Wikimedia Commons

MSCI's broadest index of Asia-Pacific shares outside Japan fell by 0.9%, having been down 2.0% so far this month after a 7.3% rally in November.

Japan's Nikkei fell by 1.6%, led by declines in energy and tech stocks. China's blue chips eased by 0.5% to hit a fresh five-year trough, while Hong Kong's Hang Seng index plunged by 1.6% to reach a new 13-month low.

Oil prices rebounded slightly after falling nearly 4% overnight to their lowest settlements since June.

Concerns about global fuel demand drove prices lower, despite pledges from OPEC+ producers that they would keep a tight lid on supply. Brent crude futures edged up 0.6% to $74.72 a barrel, while US West Texas Intermediate futures rose 0.6% to $69.8 a barrel.

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