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ASIA MARKETS: Asian Markets Mostly Fall As Crude Prices Soar

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09/15/2019 | 11:23pm EST

By Marketwatch and Associated Press

Hang Seng slides amid more worrying economic news from China

Asian markets mostly fell in early trading Monday as global crude futures soared following the weekend attack on Saudi Arabian oil facilities.

West Texas Intermediate crude for October delivery , the U.S. benchmark contract, was up 10.4%, or $5.71, at $60.57 a barrel on electronic exchange Globex on Sunday, on track for its largest daily gain since February 2016 . November Brent crude jumped $6.97, or 11.6%, to trade at $67.18 a barrel, which would also mark the sharpest daily rise for the international benchmark grade since February 2016.

Saturday's attack on Saudi oil fields knocked out about half that country's oil production. Saudi officials said Sunday they expect to regain about one-third of that output capacity by Monday, but experts said it may take weeks for production to return to normal levels. Top U.S. officials blamed Iran -- which denied responsibility -- and President Donald Trump warned the U.S. was "locked and loaded," suggested possible military action.

Separately, investors were dealt worrying information about China's economy. Chinese Premier Li Keqiang said in an interview it will be "very difficult" for the country's economy to grow at an annual rate of 6% or more in the current global climate, Reuters reported Sunday. China is aiming for GDP growth this year of 6% to 6.5%, and in the second quarter, GDP rose 6.2%, its slowest rate in 27 years.

Furthermore, data showed China's industrial production growth in August was 4.4% year-over-year, the weakest reading in more than 17 years, Reuters reported (https://www.reuters.com/article/china-economy-activity/china-aug-industrial-output-grows-at-slowest-pace-in-17-1-2-years-idUSB9N25T011). Analysts had expected 5.2% growth.

Hong Kong's Hang Seng Index fell 1% and the Shanghai Composite was about flat, while the smaller-cap Shenzhen Composite inched up 0.3%. South Korea's Kospi gained 0.5%, while benchmark indexes in Taiwan , Singapore and Indonesia were mixed. Australia's S&P/ASX 200 was about flat. Japan's Nikkei was closed for a holiday.

Among individual stocks, oil producer CNOOC surged in Hong Kong, while Geely Automobile and Tencent fell. LG Electronics (066570.SE) rose in South Korea while SK Hynix (000660.SE) sank. Beach Energy , Oil Search and BHP soared in Australia.

Stocks mentioned in the article
ChangeLast1st jan.
BEACH ENERGY LIMITED 0.42% 2.32 End-of-day quote.76.95%
BHP GROUP 0.29% 37.24 End-of-day quote.8.91%
CHINA-SHANGHAI COMP 0.62% 2909.2 End-of-day quote.16.47%
CNOOC LIMITED 1.01% 12.06 End-of-day quote.-0.82%
GEELY AUTOMOBILE HOLDINGS LIMITED 4.47% 15.44 End-of-day quote.13.20%
HANG SENG 1.58% 27064.87 Real-time Quote.4.72%
KOSPI COMPOSITE INDEX -0.24% 2151.94 Real-time Quote.5.41%
NIKKEI 225 -0.53% 23292.65 Real-time Quote.16.43%
OIL SEARCH LIMITED -2.04% 7.23 End-of-day quote.2.93%
S&P/ASX 200 -1.35% 6722.4 Real-time Quote.20.32%
TENCENT HOLDINGS LIMITED 3.13% 330 End-of-day quote.4.83%
WTI 0.05% 55.36 Delayed Quote.25.46%
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