Market Review for December 06 2017 In today’s trading session, Asian stocks slipped across the board on Wednesday as various factors including weaker metals prices and monetary policy concerns in China soured investor risk sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dropped to a two-month low and was last down 1.5 percent. The index took early cues from overnight losses on Wall Street, where the stuttering technology sector had taken a further toll. The fall in the index deepened as Asia's equity markets suffered losses, with Shanghai stocks falling to three-month lows and Hong Kong's Hang Seng .HSI dropping to a one-month trough amid fears over central banks tightening liquidity. Japan's Nikkei was last down 2 percent with non-ferrous metals producers’ .INFRO.T suffering large losses after copper's slide overnight to a two-month low. Its biggest percentage drop since late March, with selling accelerating after a break of a key technical support level from its 25-day moving average. Market players said investors rushed to take profits from gains in recent months, with materials and other cyclical shares leading the losses following a tumble in copper prices. In the currency markets, the greenback lost 0.4 percent to 112.110 yen and the euro rose 0.15 percent to $1.1842 after shedding 0.35 percent the previous day. The pound stood at $1.3426 for a loss of 0.1 percent, having taken a small knock after Sky News reported of a foiled plot to assassinate British Prime Minister Theresa May. Sterling had fallen to as low as $1.3370 on Tuesday on disappointment after May failed to clinch a deal to open talks on post-Brexit free trade with the European Union. In commodities, U.S. crude oil futures were down 0.4 percent at $57.38 per barrel after American Petroleum Institute data showed that U.S. gasoline stocks and distillate inventories rose more than expected last week. Brent crude lost 0.4 percent to $62.62 per barrel, though it is up by over 40 percent since June, supported by a supply cut led by OPEC and Russia which is expected to last throughout 2018. Copper on the London Metal Exchange crawled up 0.35 percent to $6,565.50 per tonne after sliding to a two-month low of $6,507.50 . Base metals were hit by a combination of the dollar’s rise earlier in the week on U.S. tax reform hopes, jitters over demand in major consumer China and a technical sell-off stemming from a rise in inventories View our full economic calendar for a daily roundup of major economic events.
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