Business news live: Asian market update
Oil extends gains in Asian trading after rising for seven weeks. A global energy crunch due to shortage of coal and gas ahead of winter is pushing the price of crude oil. Brent futures rose by over $1 to $85.89 a barrel.
China’s September oil processing rate fell on feedstock shortage and environmental inspections, which cut production. The country’s economy grew at the slowest pace in a year in the third quarter, hurt by power shortages, supply bottlenecks and sporadic COVID-19 outbreaks.
Japan’s Prime Minister Fumio Kishida has urged the country’s oil producers to increase output to support industries hit by high energy costs.
In India, diesel consumption fell in the first half of October compared to same period last year, according to preliminary sales data. Diesel sales by the country’s state fuel retailers came in at 2.4 million tonnes during Oct. 1-15, a decline of about 9.2% from last year and down 0.9% from the same period in 2019, the data showed. – John Xavier
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Asian market update | Sensex opens
Indian indices opened on a strong note today amid mixed global cues. The BSE Sensex hit a new all-time high of 61,894.33, after opening over 500 points higher than its previous close at 61,817.32. Similarly, NSE Nifty opened at a fresh record high 18,500.10, up 161.55 points.
Shares in mainland Chinese and Hong Kong plunged following the release of Chinese economic data for the third quarter, which showed that the world’s second largest economy grew slower than expected.
China’s gross domestic product grew 4.9% in July-September from a year earlier. Chinese blue chips fell 1.53%. Hong Kong’s Hang Seng lost 0.45% in early trade after opening in green.
MSCI’s broadest index of Asia-Pacific shares outside Japan was last down 0.2%, while Japan’s Nikkei lost 0.3%. South Korea’s Kospi opened at 3,017.48, marginally higher than its previous close.
Decline in the Asian market comes after stocks globally ended last week in a bullish mood posting their best day in five months on Friday.
—- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)
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