Oil rises as Asian stocks fall due to Syria concerns

August 26
11:02 PM 2013

After the U.S. indicated possible military action against the Syrian Government, Asian stocks fell on Tuesday as Brent crude held a near five-month high. A suspected chemical weapons attack by Syria, heightened geopolitical tensions, and the uncertainty over whether the U.S. Federal Reserve would begin withdrawing stimulus the following month have raised concerns for investors.

U.S. Secretary of State John Kerry said last week that President Barack Obama "believes there must be accountability for those who would use the world's most heinous weapons against the world's most vulnerable people."

According to Mitsushige Akino, chief fund manager at Ichiyoshi Asset Management, "Most investors, I would say 90% of players, would prefer to wait and see today." He further stated that, "There's some possibility of another volatile day if speculators decide to attack the market, as the volume is likely to remain very low."

Although there was a rise on Monday, MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS showed a dip of 0.4% the following day. Tokyo's Nikkei .N225 fell 0.7 percent, while the yen edged higher.

© 2023 VCPOST, All rights reserved. Do not reproduce without permission.


Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics