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Wall Street Crude Slump Hits Asia

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On Thursday Asian shares got off to a tentative start after Wall Street ended a choppy session lower as a sharp drop in oil prices knocked energy stocks. After tumbling 3 percent overnight on worries about higher crude inventories U.S. crude futures steadied in Asia. Prices of other commodities also weakened after the previous session's downbeat Chinese industrial output data, which continued to pressure shares in resource-rich Australia. Some investors took profits after the dollar's recent rise, with no directional guidance from U.S. Treasuries. The strengthening dollar happened in the wake of last Friday's stellar U.S. employment report that led many to increase their bets that the Federal Reserve was on track to hike interest rates at its meeting next month.

Added on the 11/11/2015 20:51:48 - Copyright : Wochit

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