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Thursday, November 3, 2016

Asia stocks, dollar wrestle with US political risk




Oil prices took a beating of their own after a record weekly build in US crude inventories stoked concerns about a global supply glut.


Asia shares eased on Thursday while the US dollar stayed on the defensive as a tightening US presidential race saw the S&P 500 suffer its longest losing streak in five years as investors fled to safer harbours.


Sovereign bonds, gold, the yen and Swiss franc were all in favour, and even the prospect of a December rate increase from the Federal Reserve could not save the dollar.


Oil prices took a beating of their own after a record weekly build in US crude inventories stoked concerns about a global supply glut.


MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 percent in early trade, while Australia's market lost 0.5 percent.




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