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Asia seen to open mixed ahead of UK election
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Loading...Asian markets looked set for a mixed open Thursday as oil prices plummeted 5 percent overnight and ahead of key risk events later in the day with an early morning set of apparent land-to-ship missiles fired by North Korea in the morning added to the mix.
Oil prices sank after reports of an increase in U.S. crude inventories added to concerns over the global oversupply in oil markets. Brent crude declined 4 percent to settle at $48.06 a barrel while U.S. West Texas International crude fell 5 percent to settle at $45.72.
Ahead, markets are expected to focus on the U.K. election. A recent poll indicated the lead of Prime Minister Theresa May's Conservative Party has fallen to just 5 percentage points. Other opinion polls suggest the Conservatives would be able to maintain their parliamentary majority.
Stateside, former FBI Director James Comey is due to testify before the Senate Intelligence Committee over whether U.S. President Donald Trump requested him to "drop" a probe into Michael Flynn, the ex-national security advisor. Comey's opening remarks have been released by the committee.
In the U.S., stocks gained on Wall Street as investors digested Comey's opening remarks ahead of his testimony. The Dow Jones industrial average rose 0.18 percent or 37.46 points to close at 21,173.69, the S&P 500 added 0.16 percent or 3.81 points to finish the session at 2,433.14 and the Nasdaq was higher by 0.36 percent or 22.32 points to close at 6,297.38.
The dollar gained against a basket of rival currencies overnight to trade at 96.748.
Source: Bloomberg Pro Terminal
Junior Trader Stefan Panteleev
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