TOKYO (AP) – Asian stock markets were uneven Wednesday as commodity prices languished, casting uncertainty over the outlook for the world economy.
KEEPING SCORE: Japan’s Nikkei 225 fell 1.1 percent to 19,272.43 and Hong Kong’s Hang Seng lost 0.4 percent to 21,813.39. Australia’s S&P/ASX 200 dropped 0.6 percent to 5,080.50. South Korea’s Kospi gained 0.2 percent to 1,953.40 and the Shanghai Composite Index rose 0.2 percent to 3,476.92. Most markets in Southeast Asia were lower.
COMMODITY LOSSES: Oil prices regained some lost ground but overall commodity markets are still languishing. Iron ore, off 43 percent since the start of 2015, fell again Tuesday, shedding 15 cents to close at $39.25 a metric ton. The trends are raising concerns over slack demand, and over the implications for economies heavily dependent on resource exports.
THE QUOTE: “The strong downward momentum in oil markets stalled,” Rick Spooner of CMC Markets said in a commentary. “However, there was no news to support optimism and with spot iron ore continuing to drift lower, investors are likely to remain nervous about mining and energy stocks today.”
WALL STREET: The Dow Jones industrial average lost 162.51 points, or 0.9 percent, to 17,568 on Tuesday. The S&P 500 gave up 13.48 points, or 0.7 percent, to 2,063.59. The Nasdaq composite slipped 3.6 points, or 0.1 percent, to 5,098.24.