A roundup of trading on major world markets:
NEW YORK – Energy-related stocks have been hammered, leaving US stocks mixed in a holiday-shortened session, after OPEC decided not to cut production in response to lower crude prices.
The Dow Jones Industrial Average stood at 17,828.24, up 0.49 points (0.00 per cent).
The broad-based S&P 500 slid 5.27 (0.25 per cent) to 2,067.56, while the tech-rich Nasdaq Composite Index edged up 4.31 (0.09 per cent) to 4,791.63.
US oil prices dropped to a new four-year low after the Organisation of the Petroleum Exporting Countries decided to maintain the status quo on output despite a 30 per cent decline in oil prices.
LONDON – European equity markets slipped, with the energy sector reeling as world oil prices plummeted to four-year lows following OPEC’s decision to hold output, but airline stocks caught an up-draft.
London’s benchmark FTSE 100 index slipped 0.01 per cent to end the day at 6,722.62 points, while in Frankfurt the DAX 30 added 0.06 per cent to 9,980.85 and Paris’s CAC 40 rose 0.18 per cent to 4,390.18 points.
London Brent oil for January delivery sank early on Friday to $US71.12 per barrel – hitting the lowest level since July 7, 2010.
US benchmark West Texas Intermediate for January meanwhile had slumped to a four-year trough at $US67.75.
The euro the euro slid to $US1.2436 from $US1.2467 late in New Yorkin New York on Thursday.
HONG KONG – Shares in Asian energy companies tumbled after oil prices hit four-year lows in reaction to OPEC’s decision to ignore calls for an output cut.
Sydney’s ASX/S&P 200, the home of commodity giants such as BHP Billiton, Woodside and Santos, was the standout loser on Friday, although Asian share markets were mixed because cheaper oil means lower import costs.
Sydney sank 1.63 per cent, or 87.9 points, to close at 5,313.0 and Seoul was flat, edging down 1.31 points to 1,980.78.
Shanghai rallied 1.99 per cent, or 52.35 points, to 2,682.84 on reports China will soon launch an anticipated deposit insurance system, which would allow more banks to freely compete for depositors. Hong Kong ended flat, dipping 16.83 points, to 23,987.45 .
Tokyo jumped 1.23 per cent, or 211.35 points, to finish at 17,459.85. The Nikkei was helped by a weakening yen and the lower oil prices, which will cut import costs. Japan has ramped up imports of the black gold to make up for lost energy caused by the shuttering of the country’s nuclear power stations.
In Sydney, the biggest casualty was Santos, which plunged 13 per cent, while BHP Billiton lost 3.37 per cent and Woodside was off 7.07 per cent.
WELLINGTON – The NZX 50 Index fell 30.931 points, or 0.6 per cent, to 5424.447.
