Stocks decline as crude oil hits record high
HONG KONG (MarketWatch) — Asian indexes declined Friday on concerns that high energy prices could hurt global economic growth as crude-oil futures topped $90 a barrel for the first time and as exporters and financials lost ground in Japan.
The futures contract for November delivery hit an intraday high of $90.02 a barrel in electronic trading Friday, before slipping below $90.
The news of a bomb attack against former Pakistani Prime Minister Benazir Bhutto, which reportedly left at least 130 people dead, added to upward pressure on crude prices late in the previous session, said Edward Meir at MF Global. See Futures Movers.
Japanese stocks were led lower by exporters such as Canon Inc. and financials such as Mitsubishi UFJ Financial Group and Mizuho Financial Group.
Read full story.
No Comments
No comments yet.
Comments RSS TrackBack Identifier URI
Leave a comment