Asia-Pacific stocks slipped failing to extend Wall Street's rally; oil prices skidded amid a push by Biden for U.S. fuel cost cuts

Jun. 22, 2022 1:24 AM ETBy: Meghavi Singh, SA News Editor1 Comment

Japan -0.06%.

China -0.36%.

Hong Kong -1.16%

Australia -0.08%.

India -0.70%.

Overnight on Wall Street, Dow Jones rose 641.47 points or 2.15% at 30530.24, S&P 500 rose 89.95 points or 2.45% at 3764.80, while Nasdaq rose 270.96 points or 2.51% at 11069.31.

New Zealand data - May trade balance +263mn NZD (prior 440mn).

Oil prices skidded in early trade on Wednesday amid a push by U.S. President Joe Biden to bring down soaring fuel costs, including pressure on major U.S. firms to help ease the pain for drivers during the country’s peak summer demand.

U.S. West Texas Intermediate (WTI) crude futures fell $1.34, or 1,2%, to $108.18 a barrel at 0031 GMT, while Brent crude futures dropped $1.33, or 1.2%, to $113.32 a barrel.

Gold prices eased on Wednesday as the dollar firmed, although bullion still traded in a narrow range as investors awaited fresh cues from top central banks on their monetary policy plans, especially from the U.S. Federal Reserve.

Spot gold fell 0.3% to $1,827.03 per ounce by 0231 GMT, extending losses to a fourth straight session. U.S. gold futures dropped 0.6% to $1,828.10.

Spot silver dipped 1% to $21.45 per ounce, platinum fell 0.7% to $930.91, and palladium dropped 0.8% to $1,862.40.

U.S. futures lower. Dow Jones -0.84%; S&P 500 -0.93%; Nasdaq -0.96%.

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