Asian market weighed on by recent Wall Street drop

On Friday, the Asian markets dove into the red zone following the recent slide in Wall Street amidst concerns regarding increasing bond yields. Investors chose to go long on the perceived safe havens assets, mainly the Swiss franc and the yen.

Nikkei of Japan .N225 dropped 3 percent, on track for a weekly loss of 8.6 percent. In Asia-Pacific shares outside of Japan, .MIAPJ000PUS fell 0.8 percent. The index, after reaching all time highs on January 29, was en route for its sixth consecutive day of losses. In South Korea KOSPI .KS11 lost 2.3 percent. In Australia, shares shed 1.7 percent. United States markets remained the focal point of the international sell off, with Dow .DJI and the S&P 500 .SPX recording overnight losses, dropping by 4.1 and 3.7 percent respectively.

US crude on track towards the mid $50s range

United States crude oil is most likely set for a quick fall into the mid-$50 range a barrel, as stated by Again Capital’s founding partner, John Kilduff, U.S. West Texas Intermediate crude sank under $61 on Thursday, almost diminishing the year’s gains and extending the price of oil route into a fifth day. Climbing U.S. oil production and crude stockpiles and the global stock market sell-off have pressured oil prices in the course of the week. The strong dollar has also been a significant factor on the drop.

Brent crude closed at $71.28. OPEC’s efforts, along with Russia and other producers, to cut supply has been successfully shrunk overflowing stockpiles. However, as some expert have pointed out, number one exporter - Saudi Arabia - has endured the most in that deal as other nations are shipping out more refined products, like gasoline.

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