Asian markets drop on weak Singapore growth data and lower oil prices

Emma Haslett
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The Nikkei dipped on uncertainty around oil prices (Source: Getty)

Stocks in Asia tumbled overnight, as weak growth data from Singapore combined with lower oil prices to discourage investors.

Data released by Singapore's Ministry of Trade overnight showed the city state's economy grew two per cent in 2015, its weakest growth since 2009.

The data showed lower oil prices had dented growth alongside a slowdown in China. Those combined to hurt its industrial production sector, which suffered its biggest year-on-year drop in eight months in December.

Meanwhile, oil prices were hit by in-fighting within the Organisation of Petroleum Exporting Countries (Opec), which failed to reach an agreement over whether to freeze or cut production among its member countries.

WTI crude fell 2.4 per cent to $31.14 per barrel, while Brent crude fell 1.4 per cent to $32.80.

The NIkkei fell 0.85 per cent, while the Hang Seng fell 1.53 per cent. The Shenzhen Composite fell 0.53 per cent, although the Shanghai Composite actually rose, by 0.57 per cent.

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