LONDON — Falling oil prices continued to weigh on global stock markets Tuesday, a day after a 6% plunge that was sparked by concerns over the global economic recovery following weak Chinese and US data.
Tokyo's Nikkei 225 finished 0.6% lower at 17,750.68 and South Korea's Kospi fell 1% to 1,906.60. Hong Kong's Hang Seng declined 0.8% to 19,446.84. Australia's S&P/ASX 200 dropped 1% to 4,993.30.
Stocks in Taiwan, Singapore, Indonesia, the Philippines and Thailand also were lower. But the Shanghai Composite in mainland China rose 2.3% to 2,749.57.
In Europe, the FTSE 100 index of leading British shares was down 1.7% at 5,960 while Germany's DAX fell 1% to 9,662. The CAC-40 in France was 1.7% lower at 4,320. Wall Street was headed for losses at the open with both Dow futures and the broader S&P 500 futures down 0.6%.
It's a busy week on the economic data front, particularly in the United States where the week ends with monthly payroll figures. So far, the numbers haven't impressed.
On Monday, the Institute for Supply Management said its gauge of factory activity pointed to a contraction while China's official survey found that manufacturing fell to its lowest level in more than three years.
The two reports have weighed hard on oil prices. On Tuesday, the selling pressure remained. Benchmark US oil was down 95 cents to $30.67 per barrel in electronic trading on the New York Mercantile Exchange, a day after it plunged $2, or 5.9%. Brent crude was down $1.22 to $33.02 in London.
"It looks like the market ghosts that haunted January are still spooking investors this month, the gains seen last Friday now fully wiped out with Tuesday's commodity-driven plunge," said Connor Campbell, a financial analyst at Spreadex.