Asian equities looked set to end the trading week lower as a plunge in crude oil weighed on energy producers and investors awaited the U.S. employment report.
West Texas Intermediate crude tumbled almost 5 percent, plunging below $46 a barrel and dragging the Bloomberg Commodities Index to an eight-month low. Stock-index futures in Hong Kong and Australia retreated. Japan and South Korea are closed for a holiday.
Investors are weighing whether the American economy picked up after a sluggish start to the year. Crude’s latest slide rekindled concern that global growth remains limp even as corporate earnings exceed expectations. Claims for U.S. unemployment benefits, already at multi-decade lows, fell in the
latest week, another signal of a solid labor market ahead of Friday’s U.S. jobs report for April.
Source: Bloomberg
Jr Trader Alexander Kumanov
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