Asia Subdued as Crude Oil Flounders, Global Woes Support Dollar and Yen

Tokyo: Asian stocks were subdued early on Wednesday as floundering crude oil prices continued to dampen risk sentiment, while the dollar and yen drew support from anxiety over global growth and geopolitical risk stemming from Iran-Saudi tensions. 

MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.1 percent. Wall Street shares closed Tuesday on very modest gains and failed to provide Asia with much impetus. 

Australian shares lost 0.7 percent and South Korea's KOSPI dipped 0.1 percent. Japan's Nikkei bucked the trend and rose 0.2 percent. 

Risk markets are now waiting to see how Chinese equities will fare later in the session. Shanghai shares stabilised somewhat on Tuesday, following an arresting 7 percent plunge at the week's start that spooked stocks worldwide. 

Both the dollar and yen attracted bids amid the risk aversion that gripped financial markets globally from the start of 2016. 

The euro stood little changed at $1.0752 after shedding 0.8 percent overnight, when it a one-month low of $1.0711. 

The common currency was steady at 128.045 yen following an overnight drop of 1 percent. It dipped as far as 127.535 on Tuesday, its lowest since late April. 

Kathy Lien, managing director of FX strategy at BK Asset Management, wrote that the U.S. and Japanese currencies were being bought because "China is in trouble, U.S. data has been disappointing, Japan refuses to increase stimulus and oil prices continue to fall, but everyone's greatest fear is that stocks have finally peaked". 

The yen had a slight edge over the greenback. The dollar traded at 119.14 after slipping 0.3 percent overnight. It had hit a 2-1/2-month low of 118.705 earlier this week. 

In commodities, crude oil prices struggled near 11-year lows, with the market giving more attention to the stronger dollar and swelling U.S. inventories rather than growing tensions between Saudi Arabia and Iran. 

Relations between the two major oil producers collapsed in acrimony this week after Saudi Arabia's executed a Shi'ite cleric, setting off a storm of protests in Tehran. 

U.S. crude nudged up to $36.28 a barrel but was still down 2 percent on the week and near a seven-year low of $33.98 hit late last month. 

Oil-linked currencies like the Canadian dollar sank deeper on shaky crude prices. Canada's loonie fell to a 12-year low of C$1.402 to the dollar overnight.

Silver antiques generate huge response at Pennsylvania auction

DENVER (Commodity  news world ): Silver antiques stole at the show at the recent Pennsylvania auction in which four pieces of circa-1882 Tiffany silver hammered nearly a quarter-million dollars.

Offered consecutively, a pair of sterling candelabra sold for $111,600 against an estimate of $60,000-$80,000; followed by a pair of silver bowls that were bid to $134,000 – more than twice the high estimate of $60,000. All four pieces exhibited the impeccable artistry for which antique Tiffany silver is so renowned.

"We knew the silver was special and of fantastic quality. There was tremendous interest, both before and during the auction," said Morphy Auctions CEO Dan Morphy. "Even when the bidding on each of the Tiffany lots reached $80,000, there were still four active players, and at $90,000, there were three."

The two-day auction of antiques, art and vintage collectibles drew 1,800 unique bidders and grossed $1,620,000, with the aforementioned Tiffany pieces earning $246,000.

After the auction, Morphy received several calls from silver aficionados who told him the candlesticks had easily outperformed an identical single example that appeared in a high-profile auction last year. "Apparently one candelabrum exactly like those in our auction sold for around $20,000 at one of the big New York auction houses several months ago. They're obviously much more desirable as a pair."

In counterpoint to the fine silver was the lifetime antique armor collection consigned by Hollywood animator and film directorFrank Andrina. "Armor is very much a European-based collectible. We were anxious to show that we could tap into the international market. As it turned out, many bidders were European, and during both the silver and armor sections of the sale, there were sometimes 14 and 15 phone lines in use," Morphy said.

A circa-1580 German two-handed sword easily exceeded expectations at $21,600; while a circa-16th-century mace constructed entirely of hand-forged steel doubled expectations at $16,800. An Italian or German Savoyard-style helmet with cut-out holes for the eyes was expected to reach $4,000-$8,000 but went the extra mile to $15,600.

Antique and vintage guns attracted so many potential bidders to the sale that both parking lots were filled to capacity. An immaculate early to mid-19th-century Leonard Reedy Kentucky rifle sold for a staggering $76,800; a powder horn from the French & Indian War made $21,600 against an estimate of $400-$800

 This is WebStory!