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Asian ADRs fall as oil nears record

Asian ADRs fall as oil nears record
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First Published: Tue, Sep 11 2007. 09 24 AM IST
Updated: Tue, Sep 11 2007. 09 24 AM IST
Hong Kong, 11 September Asian stocks listed on Wall Street fell 0.4%, extending their decline as oil neared an all-time high, adding to worries about the health of the world’s biggest economy.
US crude came within sight of its record above $78 a barrel ahead of an OPEC meeting and after attacks on crude and natural gas pipelines in US supplier Mexico, raising worries that higher energy prices will crimp consumer spending at Asia’s top export market.
Mining giant BHP Billiton and China’s alumina producer Chalco lost ground, further pressured by weakness in base metals prices, but energy stocks such as CNOOC climbed.
The blue-chip Dow edged up 0.1%, while the tech-laden Nasdaq Composite Index slipped 0.3%.
MSCI’s measure of Asia Pacific stocks excluding Japan lost 1.2% on Monday after an unexpected drop in US payrolls and weaker-than-expected Japanese economic data weighed on market confidence.
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First Published: Tue, Sep 11 2007. 09 24 AM IST