Rising yen drags down Nikkei as oil unsettles markets

Asian stock markets fell Wednesday, after U.S. oil lingered in bear market territory and a stronger yen dragged Japanese equities lower.

The Nikkei Stock Average NIK, -1.88%   was 1.9% lower, with Australia’s S&P ASX 200 XJO, -1.35%   down 0.9%. The South Korean Kospi SEU, -1.20%   dropped 0.9%, and Hong Kong’s Hang Seng Index HSI, -1.54%   was off 1.6%. The Shanghai Composite SHCOMP, +0.24%   recovered from early losses to trade 0.5% higher.

U.S. oil prices CLU6, -0.03%  rebounded slightly in Asian trade, but the market outlook remained bearish, mostly on news that Nigeria is working on reaching a cease-fire with militants. If that happens, the country’s oil exports will rise, said ANZ Research.

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