Asian shares down on oil price and Chinese data

Asian shares were lower today (December 1st) across most Asian markets due to falling oil prices and worse-than-expected Chinese manufacturing data.

Oil extended its fall to below $65 (£41.37) a barrel following the decision from the Organization of Petroleum Exporting Countries (Opec) on Thursday not to cut output, which could leave markets oversupplied.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in January traded as low as $64.10 a barrel today.

An official gauge of Chinese manufacturing activity came in at 50.3 for November, below expectations of a reading of 50.6 and down from 50.8 in October.

Australia’s S&P ASX 200 benchmark index closed down two per cent at 5207.70, while the Hang Seng Index lost 2.6 per cent to 23367.45. The Shanghai Composite benchmark closed off 0.1 per cent at 2690.16.

Japan ended up slightly up as the US dollar strengthened against the Japanese yen, trading as high as ¥119. The Nikkei Stock Average rose 0.8 per cent to 17590.10.

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