*Global News, Views and Updates* - *Asia Stocks Roiled as Wall St. Woes Spread to Debt*
*Global News, Views and Updates*
*Asia Stocks Roiled as Wall St. Woes Spread to Debt*
Asian stocks are back in bear-market territory after another dive on Wall Street, where concerns have spread to the corporate-bond market. Investors are also contending with no obvious havens, with Treasuries little changed so far this week and gold weaker. Equity benchmarks retreated across the region though U.S. futures edged higher. Oil tumbling toward $63 a barrel weighed on energy companies, while a plunge in Apple Inc.’s stock hit suppliers in Asia. All major U.S. benchmarks fell more than 1.5 percent Tuesday.
Asian stocks are back in bear-market territory after another dive on Wall Street, where concerns have spread to the corporate-bond market. Investors are also contending with no obvious havens, with Treasuries little changed so far this week and gold weaker. Equity benchmarks retreated across the region though U.S. futures edged higher. Oil tumbling toward $63 a barrel weighed on energy companies, while a plunge in Apple Inc.’s stock hit suppliers in Asia. All major U.S. benchmarks fell more than 1.5 percent Tuesday.
*Investors Flee Oil as Stock Rout, OPEC Doubts Turn Up Pressure*
Investors have fled oil in droves repelled by a toxic mix that included a global selloff in stocks, rising doubts on OPEC’s commitment to production cuts and escalating trade tensions. Crude joined a rout in equities that saw U.S. stocks plunge on heavy trading, as investors fretted about an American confrontation with China over trade, signs of a retail slowdown and cracks in the credit market.
Investors have fled oil in droves repelled by a toxic mix that included a global selloff in stocks, rising doubts on OPEC’s commitment to production cuts and escalating trade tensions. Crude joined a rout in equities that saw U.S. stocks plunge on heavy trading, as investors fretted about an American confrontation with China over trade, signs of a retail slowdown and cracks in the credit market.
*The World's Biggest Sugar Producer Is Poised to Lose Its Crown*
Brazil, traditionally the world’s top sugar producer, is poised to cede the crown to India for the first time in 16 years. Production in the Asian country this season may rise 5.2 percent to a record 35.9 million metric tons on increasing acreage and improving yields. Global production is forecast to fall 4.5 percent to 185.9 million tons, trailing the May estimate of 188.3 million, after the outlooks for Brazil, Thailand and the European Union were revised lower.
Brazil, traditionally the world’s top sugar producer, is poised to cede the crown to India for the first time in 16 years. Production in the Asian country this season may rise 5.2 percent to a record 35.9 million metric tons on increasing acreage and improving yields. Global production is forecast to fall 4.5 percent to 185.9 million tons, trailing the May estimate of 188.3 million, after the outlooks for Brazil, Thailand and the European Union were revised lower.
*India October Crude Oil Imports Rise 10.5% Y/y to 21M Tons at 7 year Highs*
India imported 4.95m b/d of crude in October up from 4.47m b/d year ago. India’s oil product exports declined to 5.7m tons in October from 6m tons year earlier. India’s oil product imports fell to 2.6m tons vs 3.3m tons. LNG imports during October were 2.28b cubic meters against 2.42b cubic meters y/y.
India imported 4.95m b/d of crude in October up from 4.47m b/d year ago. India’s oil product exports declined to 5.7m tons in October from 6m tons year earlier. India’s oil product imports fell to 2.6m tons vs 3.3m tons. LNG imports during October were 2.28b cubic meters against 2.42b cubic meters y/y.
*RUBBER: Shanghai Futures Drop to 15-Week Low on Demand Concerns*
Rubber in Shanghai fell for a second day to the lowest since Aug. 3 as a sell-off in global stocks increased risk aversion among investors. Prices in Tokyo and Singapore also declined. Supply from Thailand remains ample amid the high-output season, while demand from Chinese tire makers isn’t strong because of a slowdown in car sales.
Rubber in Shanghai fell for a second day to the lowest since Aug. 3 as a sell-off in global stocks increased risk aversion among investors. Prices in Tokyo and Singapore also declined. Supply from Thailand remains ample amid the high-output season, while demand from Chinese tire makers isn’t strong because of a slowdown in car sales.
Source: Bloomberg
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