Oil Prices Hurt Asian Stocks

Asia, Wednesday: crude oil prices hit a record high, and the Japan shares struck 10-week lows because of concerns over deficient crude supplies and a decrease in U.S. consumer spending.
U.S. light crude struck $44.25 a barrel, the highest level of NYMEX?s existence.
Most Asian stock markets fell, depressed by fears over the impact of high oil prices on corporate profit growth. Oil prices have jumped more than a third this year.
Tokyo's Nikkei stock average had fallen 1.9 percent by midday to 10,924.61, recovering a touch from earlier lows last seen at the end of May.
According to Tokai Tokyo Securities senior manager of investment information, if oil prices remain this high, that will certainty affect corporate earnings in Asia.
Morgan Stanley Capital International?s broadest index of Asia Pacific shares outside Japan had dropped 0.9 percent by 10:35 p.m. EDT Tuesday. Its tech component fell 1.1 percent to stand just off one-year lows.
Shares fell around 1.3 percent in Hong Kong, South Korea and Taiwan and 0.3 percent in Australia and Singapore