MSCI ex-Japan down for a second straight session Index hits one-month low, after tumbling 1.6% on Tuesday Markets await U.S. inflation report
SYDNEY, May 12 (Reuters) - Asian shares fell for a second straight session on Wednesday to one-month lows as investors speculated surging commodity prices and growing inflationary pressure in the United States could lead to earlier rate hikes and higher bond yields globally.
MSCI’s broadest index of Asia-Pacific shares outside Japan faltered 0.5%, after tumbling 1.6% on Tuesday for its biggest daily percentage drop since March 24.
“There isn’t a clear catalyst behind this purge,” said Marios Hadjikyriacos, investment analyst for XM.
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MELBOURNE, May 12 (Reuters) - Oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in U.S. crude inventories, which reinforced OPEC’s robust demand outlook, and as the shutdown of the biggest U.S. fuel pipeline headed into a sixth day.
U.S. West Texas Intermediate (WTI) crude futures rose 21 cents, or 0.3%, to $65.49 a barrel at 0013 GMT, adding to a 36 cent rise on Tuesday.
Brent crude futures climbed 15 cents, or 0.2%, to $68.70 a barrel, adding to a 23 cent gain on Tuesday.
“Crude oil gained as investors continue to bet on a bright outlook for demand. A weak U.S. dollar also lent support,” ANZ Research said in a note.
By Adriel Kasonta | China Daily Global | Updated: 2021-05-12 08:57 Share CLOSE Participants walk around the Boao Forum for Asia International Conference Center in Boao, South China s Hainan province, April 18, 2021. [Photo/Xinhua]
In April, the Boao Forum for Asia successfully held its annual conference in Hainan province after last year s conference was canceled due to the COVID-19 outbreak.
With the theme A World in Change: Join Hands to Strengthen Global Governance and Advance Belt and Road Initiative Cooperation , this year s conference emphasized the formation of Hainan s free trade port, the reform of the World Trade Organization, measures to ensure global food security, and strategies to boost the development of small businesses and strengthen trade ties amid the pandemic.
By Reuters Staff
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HANOI, May 12 (Reuters) - Copper prices rose on Wednesday, as supply worries in Chile supported prices to stay near their record high levels touched earlier this week.
Three-month copper on the London Metal Exchange rose 0.5% to $10,513 a tonne by 0136 GMT, hovering near an all-time high of $10,747.50 a tonne hit on Monday.
The most-traded June copper contract on the Shanghai Futures Exchange advanced 0.6% to 76,300 yuan ($11,865.51) a tonne, also near its record 78,270 yuan a tonne.
Workers’ strike threats at BHP Group’s Escondida and Spence copper mines loomed after contract negotiations stalled, putting further pressure on an already tight copper concentrate market.
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