Investing.com – Asian stock markets were broadly lower on Wednesday, as concerns over spreading violence in North Africa and the Middle East drove oil prices above USD100 a barrel.
During late Asian trade, Hong Kong's Hang Seng Index tumbled 1.82%, South Korea's Kospi Composite slumped 0.57%, while Japan’s Nikkei 225 Index plunged 2.43%.
U.S. crude oil prices spiked past USD100 a barrel, while Brent oil surged above USD115, prompting concerns that the economic recoveries in the U.S. and Europe could get derailed and potentially hurt Asian growth.
In Hong Kong, shares in airliner Cathay Pacific Airways tumbled 2.62% on concern higher fuel costs would weigh on profits. Hong Kong-listed shares of Air China slumped 2.96%, while China Southern Airlines saw shares plunge 3.72%.
Meanwhile, shares in casino operator Sands China plummeted 6.3% after its majority shareholder, Las Vegas Sands, said it faced investigations from the U.S. Securities and Exchange Commission.
Elsewhere, the Nikkei suffered its biggest drop in nearly six months, as shares in many of the big name Japanese exporters declined.
The world’s largest automaker Toyota saw shares drop 2.85%, consumer electronics giant Sony fell 2.16%, while shares in rival Sharp plunged 4.84% after Morgan Stanley downgraded the stock.
The outlook for European equity markets, meanwhile, was mixed. The EURO STOXX 50 futures eased down 0.05%, France’s CAC 40 futures advanced 0.24%, the FTSE 100 futures edged higher 0.08%, while Germany's DAX futures were up 0.14%.
Later in the day, Federal Reserve Chairman Ben Bernanke was to testify for a second day before the Senate Banking Committee, while the Fed was to publish its Beige Book. The U.S. was also to publish data on private sector payrolls compiled by payroll processing firm ADP.
During late Asian trade, Hong Kong's Hang Seng Index tumbled 1.82%, South Korea's Kospi Composite slumped 0.57%, while Japan’s Nikkei 225 Index plunged 2.43%.
U.S. crude oil prices spiked past USD100 a barrel, while Brent oil surged above USD115, prompting concerns that the economic recoveries in the U.S. and Europe could get derailed and potentially hurt Asian growth.
In Hong Kong, shares in airliner Cathay Pacific Airways tumbled 2.62% on concern higher fuel costs would weigh on profits. Hong Kong-listed shares of Air China slumped 2.96%, while China Southern Airlines saw shares plunge 3.72%.
Meanwhile, shares in casino operator Sands China plummeted 6.3% after its majority shareholder, Las Vegas Sands, said it faced investigations from the U.S. Securities and Exchange Commission.
Elsewhere, the Nikkei suffered its biggest drop in nearly six months, as shares in many of the big name Japanese exporters declined.
The world’s largest automaker Toyota saw shares drop 2.85%, consumer electronics giant Sony fell 2.16%, while shares in rival Sharp plunged 4.84% after Morgan Stanley downgraded the stock.
The outlook for European equity markets, meanwhile, was mixed. The EURO STOXX 50 futures eased down 0.05%, France’s CAC 40 futures advanced 0.24%, the FTSE 100 futures edged higher 0.08%, while Germany's DAX futures were up 0.14%.
Later in the day, Federal Reserve Chairman Ben Bernanke was to testify for a second day before the Senate Banking Committee, while the Fed was to publish its Beige Book. The U.S. was also to publish data on private sector payrolls compiled by payroll processing firm ADP.