Investing.com – Asian stock markets were sharply lower on Thursday, as shares in the commodity sector performed poorly after oil and metal prices tumbled amid concerns China would introduce further monetary tightening measures to curb inflation.
During late Asian trade, Hong Kong's Hang Seng Index slumped 1.2%, South Korea's Kospi Composite tumbled 2%, while Japan’s Nikkei 225 Index fell 1.5%.
U.S. crude oil prices traded below USD99 a barrel on Thursday, while Brent oil dropped below USD112 amid concerns over a slowdown in global demand. Precious metal prices were also broadly lower, with gold trading below USD1,500 a troy ounce.
Japan’s largest oil producer Inpex saw shares decline 3.6%, the nation’s largest copper producer JX Holdings sank 2.5%, while shares in metal producer Mitsui Mining & Smelting shed 1.35%.
Meanwhile, digital camera manufacturer Olympus saw shares plunge 5.5% after it reported an 85% drop in full-year net income, as declining sales weighed on results.
Elsewhere, Hong Kong-listed shares of China’s largest offshore oil producer Cnooc dropped 2.3%, oil and gas giant PetroChina saw shares slide 2.2%, while copper producer Jiangxi Copper slumped 2.25%.
Meanwhile, Australia’s ASX/200 Index closed 1.7% lower with raw material companies leading losses. Mining giant BHP Billiton saw shares sink 2.55%, rival Rio Tinto fell 2%, while gold producer Newcrest Mining tumbled 3.4%.
Earlier Thursday, official data showed that the number of people employed in Australia dropped by 22.1K in April, confounding expectations for a 17.6K increase. The unemployment rate held steady at 4.9%.
The outlook for European equity markets, meanwhile, was downbeat. The EURO STOXX 50 futures pointed to a decline of 0.4%, France’s CAC 40 futures slipped 0.35%, the FTSE 100 futures pointed to a drop of 0.45%, while Germany's DAX futures fell 0.35%.
Later in the day, the U.S. was to publish a report on initial jobless claims as well as official data on producer price inflation and retail sales. In addition, Federal Reserve Chairman Ben Bernanke was to testify before the Senate Banking Committee in Washington.
During late Asian trade, Hong Kong's Hang Seng Index slumped 1.2%, South Korea's Kospi Composite tumbled 2%, while Japan’s Nikkei 225 Index fell 1.5%.
U.S. crude oil prices traded below USD99 a barrel on Thursday, while Brent oil dropped below USD112 amid concerns over a slowdown in global demand. Precious metal prices were also broadly lower, with gold trading below USD1,500 a troy ounce.
Japan’s largest oil producer Inpex saw shares decline 3.6%, the nation’s largest copper producer JX Holdings sank 2.5%, while shares in metal producer Mitsui Mining & Smelting shed 1.35%.
Meanwhile, digital camera manufacturer Olympus saw shares plunge 5.5% after it reported an 85% drop in full-year net income, as declining sales weighed on results.
Elsewhere, Hong Kong-listed shares of China’s largest offshore oil producer Cnooc dropped 2.3%, oil and gas giant PetroChina saw shares slide 2.2%, while copper producer Jiangxi Copper slumped 2.25%.
Meanwhile, Australia’s ASX/200 Index closed 1.7% lower with raw material companies leading losses. Mining giant BHP Billiton saw shares sink 2.55%, rival Rio Tinto fell 2%, while gold producer Newcrest Mining tumbled 3.4%.
Earlier Thursday, official data showed that the number of people employed in Australia dropped by 22.1K in April, confounding expectations for a 17.6K increase. The unemployment rate held steady at 4.9%.
The outlook for European equity markets, meanwhile, was downbeat. The EURO STOXX 50 futures pointed to a decline of 0.4%, France’s CAC 40 futures slipped 0.35%, the FTSE 100 futures pointed to a drop of 0.45%, while Germany's DAX futures fell 0.35%.
Later in the day, the U.S. was to publish a report on initial jobless claims as well as official data on producer price inflation and retail sales. In addition, Federal Reserve Chairman Ben Bernanke was to testify before the Senate Banking Committee in Washington.