Underperformance has become the norm of late, with Japan\u2019s Nikkei Stock Average stalling just below 20,000, a level it hasn\u2019 t reached since December 2015.<\/b>
\nAustralian and Japanese stocks again lagged behind other Asian equities on Friday, with oil\u2019s sharp overnight pullback putting pressure on those equities.
Underperformance has become the norm of late, with Japan\u2019s Nikkei Stock Average stalling just below 20,000, a level it hasn\u2019 t reached since December 2015, and Australian equities hit by concerns about banks in the wake of a planned new tax on the country\u2019s biggest lenders.
Oil fell nearly 5% overnight even after the Organization of the Petroleum Exporting Countries did what many expected in extending its continuing production-cut deal by nine months. But the reductions won\u2019 t be deepened, which some thought was possible and helped fuel some of crude\u2019s most-recent gains.
\u201cIt was a case of buy the rumor and sell the fact, \u201d said Stuart Ive, private client manager at OM Financial in Wellington, New Zealand. He added, \u201cWhat started as a trickle soon turned into an avalanche of selling.\u201d<\/p>\n