Asian Stocks are lower today, again driven by falling oil and commodity prices. The Nikkei is currently down over 2.1%, the ASX200 down 1.15%, Kospi -1.2%, Taiwan -1.2% and the Hang Seng off 1.3%.
Oil related stocks were weaker with crude August future closing below $63 on Tuesday and even lower to $62.20 on globex. In Sydney, the miners BHP and RIO both down 2.3% and 1.5% respectively. Oil stocks WPL -1.9% and Santos -1.8%. In Korea, Posco is down 1.7% and in HK Chalco -2.2%.
In Tokyo traders are reporting a shift into safe haven stocks such as drug makers and telecoms.