* HSBC warns that economic weakness not confined to China
* Japan's core consumer prices fell 0.1 percent in August
* After late August bounce, oil prices are down 10 pct in
Sept
By Henning Gloystein
SINGAPORE, Sept 25 (Reuters) - Oil markets remained subdued
in early trading in Asia on Friday after weak data from Japan
reinforced concerns over global economic growth.
Japan's core consumer prices fell 0.1 percent in August from
a year earlier, government data showed on Friday, marking the
first year-on-year drop since April 2013. The index includes oil
products but excludes fresh food prices. ID:nT9N10I02M
HSBC cautioned not to over-focus on weak China data, arguing
that fully developed economies were also slowing.
"It turns out that developed market imports haven't been
anywhere near as robust as relatively upbeat local demand data
would suggest... For all their recent swagger, developed markets
are hardly firing on all cylinders. So, don't just blame China,"
the bank said on Friday.
Globally traded Brent futures LCOc1 were at $48.13 per
barrel at 0049 GMT, down four cents from their last close. U.S.
West Texas Intermediate (WTI) futures CLc1 were slightly
firmer, at $44.95 a barrel, up 4 cents from their last
settlement.
Oil prices rose by over a quarter in late August after a
slowing rig count and a reduction in U.S. crude stocks implied a
tightening North American market.
Yet a global oversupply that analysts estimate at 2.5
million barrels per day remains largely in place due to high
production elsewhere, for instance in Russia and the Middle
East, while demand is slowing, and oil prices have fallen back
10 percent since the beginning of September.
(Editing by Michael Perry)