The persisting turmoil in commodity markets ignited risk aversion in most Asian stock markets on Wednesday, with Tokyo and Sydney equities finishing at fresh lows.
The dollar fell against the yen following after newly released data showed retail sales fell 0.9 percent, its biggest drop since January 2014.
Stocks rose Tuesday after aluminum-producer Alcoa delivers earnings and revenue that topped expectations.
U.S. stock index futures signaled a lower open on Wednesday, as weak oil prices hit copper and mining stocks and investors awaited bank earnings.
European equities closed sharply higher on Tuesday, with a surge in retail stocks helping to boost investor sentiment.
Asian shares were mixed on Tuesday, as traders weighed a better-than-expected trade report from the mainland and the continued fall in global oil markets.
Gold hit a 12-week high as investors sought refuge from volatility in the wider markets.
Oil prices continued their rout with Brent crude and US WTI both falling to their lowest in almost six years.
The yen hit a one-month high against the dollar on Tuesday, buoyed by steady demand for safe-haven assets against a backdrop of plunging oil prices.
Stocks dropped Monday after a second weekly loss.
U.S. stock index futures signaled a higher open on Monday, as investors watched to see how markets would digest earnings as oil fell further.
U.S. government debt prices were little changed on Monday ahead of earnings from aluminium producer Alcoa.
Europe shares regained some ground, ending in positive territory on hopes of further stimulus from the ECB, as the oil price continued to tank.
Oil slumped 5 percent to near six-year lows on Monday after Goldman Sachs slashed its short-term price forecasts.
Gold retreated from a one-month high, as the dollar and shares rose, but doubts rose over when U.S. interest rates would rise.
Sterling fell towards an 18-month low against the dollar, after data showed British inflation at its lowest since 2000.
Asian stock indices started the new week mixed, as trading sentiment was tame after last Friday's U.S. nonfarm payrolls report gave a mixed view of the U.S. economy.
Stocks edged up as the December jobs report topped expectations and hourly earnings declined.
U.S. stock index futures signaled a higher open on Monday ahead of earnings from Alcoa, that kick off a week of big name earnings.
Long dated U.S. Treasury notes turned flat to lower on Friday, after the December U.S. nonfarm payroll report came in better than expected.
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