In early trading overnight in Asia, the WSJ is reporting:
Crude-oil prices fell in early Asia trade Monday, dragged by lackluster Chinese manufacturing data and dimming prospects of a coordinated production cut by world’s dominant oil producers.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at $32.93 a barrel at 0349 GMT, down $0.69 in the Globex electronic session. April Brent crude on London’s ICE Futures exchange fell $0.74 to $35.25 a barrel.
Last week, prices rose on speculation Russia and Saudi Arabia were considering output cuts to support prices. The gains soon evaporated after Organization of the Petroleum Exporting Countries officials refuted such claims.
Hopes of a supply cut sank further after Iran said it “won’t consider a cut” until its exports have increased by 1.5 million barrels a day over current levels of roughly 1.1 million barrels a day.
Here's more about those lackluster Chinese PMI numbers from Business Insider.
The index printed at 49.4, down from 49.7 in December and missing market expectations of a read of 49.6.
It was also the sixth month in succession that the index came in below the 50 level that separates expansion from contraction, and marked the steepest decline in activity seen since August 2012.
As the chart below reveals, the stretch of sub 50 readings is unprecedented.Business Insider Australia
Keeping with the trend established in 2015, the nation’s services sector continued to outperform, although the improvement in activity levels also cooled compared to a month earlier. The NBS’ non-manufacturing PMI gauge fell to 53.5, down on the 54.4 level seen in December.
Meanwhile, Asian markets welcomed February on a cautious note as Reuters noted.
Asian stocks started a new month on a cautious note on Monday, with the Bank of Japan's surprise policy easing sparking some buying but further signs of economic weakness in China and a fall in oil prices keeping investors on guard.
The greenback continued to benefit from the growing monetary policy divergence between the U.S. and its counterparts in Europe and Asia while bonds, especially investment grade debt, received a boost after Japan's surprise decision to introduce negative interest rates last week.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent, after losing 8 percent in January.
Australia and Japan leading regional markets with gains of more than 1 percent each, while Chinese stocks slipped in early trade.
Some are suggesting that Japan's recent surprise move to negative interest rates will buoy equities but only temporarily because at the bottom line it shows just how weak the global economy is and without some stronger demand it will be difficult if not impossible to sustain any meaninbgful rally.
Meanwhile, Asian markets welcomed February on a cautious note as Reuters noted.
Asian stocks started a new month on a cautious note on Monday, with the Bank of Japan's surprise policy easing sparking some buying but further signs of economic weakness in China and a fall in oil prices keeping investors on guard.
The greenback continued to benefit from the growing monetary policy divergence between the U.S. and its counterparts in Europe and Asia while bonds, especially investment grade debt, received a boost after Japan's surprise decision to introduce negative interest rates last week.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent, after losing 8 percent in January.
Australia and Japan leading regional markets with gains of more than 1 percent each, while Chinese stocks slipped in early trade.
Some are suggesting that Japan's recent surprise move to negative interest rates will buoy equities but only temporarily because at the bottom line it shows just how weak the global economy is and without some stronger demand it will be difficult if not impossible to sustain any meaninbgful rally.
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