Asian stocks dip taking cue from Wall Street, doubts on oil

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A currency trader walks by the screen showing the Korea Composite Stock Price Index (KOSPI), at the foreign exchange dealing room in Seoul, South Korea, Wednesday, Oct. 12, 2016. Asian markets fell Wednesday, following pessimism on Wall Street, amid disappointing earnings news from the U.S. and lingering doubts about the direction of oil prices. (AP Photo/Lee Jin-man)

The Associated Press

TOKYO (AP) — Asian markets fell Wednesday, after a dismal day on Wall Street marked by disappointing earnings news and lingering doubts about the direction of oil prices.

KEEPING SCORE: Japan’s benchmark Nikkei 225 lost 1.1 percent to finish at 16,840.00, and Australia’s S&P/ASX 200 fell 0.1 percent to 5,474.60. South Korea’s Kospi inched up 0.1 percent to 2,034.71. Hong Kong’s Hang Seng slipped 1.1 percent to 23,299.40. The Shanghai Composite lost 0.5 percent to 3,051.33.

WALL STREET: The Dow Jones industrial average fell 200.38 points, or 1.1 percent, to 18,128.66. The Standard & Poor’s 500 index lost 26.93 points, or 1.2 percent, to 2,136.73. The Nasdaq composite index slid 81.89 points, or 1.5 percent, to 5,246.79.

SAMSUNG ELECTRONICS: Shares in Samsung, which plunged 8 percent the day before, recovered somewhat and closed down 1 percent. South Korea’s biggest manufacturer is struggling with a recall of its premium smartphone, the Galaxy Note 7, which has proven prone to catch fire.

THE QUOTE: "After resisting the sell-off in bonds and rising yields for nearly two weeks, U.S. equity markets finally bowed to pressure last night, dropping below the recent trading range," Ric Spooner, chief market analyst for CMC Markets, said in a commentary. "Stock markets are becoming nervous about the prospect of rising interest rates against a background of moderate profit growth and relatively high valuations, particularly in the U.S."

ENERGY: Benchmark U.S. crude oil rose 15 cents to $50.94 a barrel in electronic trading on the New York Mercantile Exchange. It lost 56 cents to 50.79 on Tuesday. Brent crude, the international standard, added 22 cents to $52.63 a barrel in London.

CURRENCIES: The dollar weakened to 103.63 yen from 103.94 late Tuesday in Asia. The euro fell to $1.1054 from $1.1128.

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