Oil prices, oil-related shares and oil-linked currencies all tumbled in Asia on Friday, in the wake of OPEC's decision to refrain from cutting output despite a huge oversupply.
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Wall St. falls third session, led by tech, discretionaries
U.S. stocks fell for a third day in a volatile session Tuesday, led by declines in consumer discretionary and technology shares, while another drop in the Russian rouble added to worries about the global economy.
U.S. housing starts fall, but trend points to recovery
U.S. housing starts and permits fell in November, but remained at levels consistent with a gradually improving housing market. Groundbreaking declined 1.6 percent to a seasonally adjusted annual pace of 1.028 million units, the Commerce Department said on Tuesday. October's starts were revised up to a pace of 1.045 million units.
Asian shares tread water, dollar stands tall
The dollar rose on Friday after upbeat U.S. data suggested weaker oil prices are providing additional momentum for the American economy, which also underpinned Asian shares.
Rouble fall, sanctions hurt Russia's economy: Medvedev
The weakness of the rouble is hurting Russia, which has lost tens of billions of dollars because of sanctions imposed by the West in the Ukraine crisis, Prime Minister Dmitry Medvedev said on Wednesday.
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With Russia's economy battered by economic sanctions and plunging oil prices, President Vladimir Putin has allowed the central bank to administer strong medicine, sharply raising interest rates even as it freed the rouble to float.
World stock markets and oil prices rallied on Friday, fueled by hopes for global growth after China rolled out a surprise interest rate cut and the European Central Bank indicated it would step up asset purchases to boost the euro zone economy.
Japan's finance minister warned on Friday about the yen's weakening, describing it as "too rapid", but he stuck to the government's stance of allowing markets to determine exchange rates and dismissed the need to intervene to halt the slide.
Asian stocks mostly fell on Thursday as fresh data signalling a further loss of momentum in China's economy weighed on sentiment, while the yen slid to multi-year lows against the dollar and euro.
Emerald-colored tea bushes blanketing the rolling hills of Nandi County have long provided a livelihood for small-scale farmers, helping make Kenya one of the world's biggest tea exporters.
Asian stocks dipped on Friday following fresh signs of slowing Chinese growth, with energy stocks depressed across the region as crude oil hovered near a four-year low in an oversupplied market.
The dollar stood tall against the yen in early Asian trade on Friday, not far from this week's seven-year high as investors continued to monitor whether Japan's leader would call an election and delay a sales tax hike.
Asian shares and the dollar got off to a lackluster start on Tuesday as oil prices continued to drop, while Japanese shares marked early gains.
Japanese cabinet ministers expressed concern about the yen's rapid fall, suggesting that the government may be trying to ward off any criticism that it is intentionally devaluing its currency to boost exporters' competitiveness.
