Asia: Markets slip on sliding oil price

Despite positive data from China, Asian stocks fell on Tuesday as markets worldwide slipped on oil's plunge to its lowest level since 2009, unhelpfully causing the yen to strengthen.

Brent crude has fallen below $53 per barrel for the first time in nearly six years. It was sitting at $52.24 in morning trade.

The news dragged Nikkei 225 Index down 3.02% in spite of an accelerated growth in services data, with the country's services purchasing manager’s index (PMI).

The composite index increased to 51.7 in December from 50.6 in November. However, new orders fall at weak pace.

Markit economist Amy Brownbill said: “Business activity at Japanese services companies remained in growth territory in December, contrasting with a marginal fall in new orders for the first time in seven months.

“Despite subdued demand conditions, employment growth was recorded in the Japanese service sector, although at a weak rate.”

Rocky Muddar, trader at TradeNext, said the lower oil prices caused the yen to strengthen, “the total opposite to what Japan needs to stimulate growth”.

Hong Kong’s Hang Seng was also down 0.99% due to the lower oil prices.

Shanghai Index was up 0.03% following improved services PMI from 53 in November to 53.4 in December. This was the eight-consecutive month expansion.

China's main stock market is forecast to see $21bn of new listings in 2015, according to a report by PricewaterhouseCoopers.

It predicted 200 companies will have initial public offerings (IPOs) in China's A-share market in 2015 garnering 130 billion yuan.