SNPC predicts 9 percent demand drop for oil in China by 2026
Japan's Nikkei fell 0.19 percent to close at 65,142.78 after mixed market signals and escalating tensions in the Middle East triggered fears of rising energy prices.
Syngenta (Sinopetroleum) expects a 9 percent decline in oil demand in China by 2026. Japanese markets opened Wednesday with conflicting forces at work. The yen strengthened, which lessened expectations for a more aggressive rate hike by the Bank of Japan. Simultaneously, geopolitical tensions rose in the Middle East after Iran fired ballistic missiles at an American base in Jordan and attacked several ships following US claims of destroying Iranian tankers. These events revived concerns about energy price hikes and inflation. The pressure caused stocks to slip, weighing on investor sentiment. The Nikkei 225 dropped 0.19 percent to close at 65,142.78 points. The broader Topix index fell 0.09 percent to 40,466.4 points after the session started higher with gains up to 0.8 percent.
