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Asian shares weaker as oil prices continue slide

Published 12/08/2014, 09:27 PM
Updated 12/08/2014, 09:28 PM
Asia shares weaker

Investing.com - Australia and Japan share markets weakened early Tuesday after a renewed slide in oil prices.

Australia's S&P/ASX 200 was down 1.1% to 5313.30, while the Nikkei 225 was off by 0.4% at 17862.61.

In Australia, investors were also turning to a monthly survey by National Australia Bank showing that Australian consumer and business confidence levels fell sharply in November. The data reflected growing uncertainty about the economic outlook and raises the likelihood of a cut to interest rates early next year.

In Japan, the market continues to face headwinds from the weak economy. Revised data Monday showed the economy contracting more than the government estimated in the third quarter and confirmed that the country was in a recession.

Overnight, the S&P 500 posted its biggest daily percentage drop since Oct. 22 on Monday as oil's slump to a five-year low caused a selloff in energy shares.

Worries about global growth added to the bearish tone. Data showed China's exports grew at a slower-than-expected pace and imports dropped in November, while Japan's economy shrank more than expected in the third quarter.

The Dow 30 fell 106.31 points, or 0.59 percent, to 17,852.48, while the Nasdaq Composite dropped 40.06 points, or 0.84 percent, to 4,740.69.

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