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20 January, 2016 09:02 AM Source: Financial Times - Sri Lanka
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Reuters: Asian shares slid to their lowest levels since 2011 on Monday after weak US economic data and a massive fall in oil prices stoked further worries about a global economic downturn.

Spreadbetters expected a subdued open for European shares, forecasting London’s FTSE to open modestly higher while seeing Germany’s DAX and France’s CAC to start flat-to-slightly-weaker.

Crude prices faced fresh pressure after international sanctions against Iran were lifted over the weekend, allowing Tehran to return to an already over-supplied oil market.

Brent oil futures fell below $28 per barrel, touching their lowest level since 2003.

“Iran is now free to sell as much oil as it wants to whomever it likes at whatever price it can get,” said Richard Nephew, program director for Economic Statecraft, Sanctions and Energy Markets at Columbia University’s Center on Global Energy Policy.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell to its lowest since October 2011 and was last down 0.5%.

Japan’s Nikkei tumbled as much as 2.8% to a one-year low. It has lost 20% from its peak hit in June, meeting a common definition of a bear market.

- See more at: http://www.ft.lk/article/519713/Asian-shares-drop-to-2011-levels-as-oil-slump-intensifies#sthash.KY7bUROb.dpuf

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