Asia markets slip as ‘risk-off’ sentiment returns – CNBC

7 months ago Comments Off on Asia markets slip as ‘risk-off’ sentiment returns – CNBC

In corporate news, shares of the heavily-weighted Japanese retailer Fast Retailing slumped 10.07 percent, after the company trimmed its outlook on Thursday. Reuters reported that Fast Retailing’s quarterly profits were hurt by price cuts at its clothing chain Uniqlo.

In its fiscal second quarter through February, Fast Retailing reported an operating profit of 23.4 billion yen ($215 million), down from 58.7 billion in the same period a year ago, and said it expected operating profit for the full year through end-August to be at 120 billion yen compared to a previous outlook of 180 billion yen in January, said Reuters.

Oil prices advanced during Asian hours, with U.S. crude futures trading up 1.72 percent at $37.9 a barrel, while Brent futures added 1.22 percent to $39.9 as of 10:10 a.m. HK/SIN time.

Overnight oil prices retreated after data showed higher weekly inventories at the U.S. crude storage base. Reuters said market intelligence firm Genscape reported a build of 255,804 barrels at the Cushing, Oklahoma, delivery hub for U.S. crude futures in the week to Tuesday.

Energy plays in Asia were mostly lower, with shares of Santos selling off 0.92 percent, Inpex off 1.62 percent and mainland China’s Sinopecoff 3.7 percent. Oil Search, on the other hand, added 0.3 percent.

— Follow CNBC International on Twitter and Facebook.

Asia markets slip as ‘risk-off’ sentiment returns – CNBC}