Arab Today, arab today asian markets track us europe rally
Last Updated : GMT 06:37:29
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Arab Today, arab today

As oil soars

Asian markets track US, Europe rally

Arab Today, arab today

Arab Today, arab today Asian markets track US, Europe rally

A jump in US crude inventories raised hopes that a sell-off in the commodity
Hong Kong - Arab Today

Energy firms climbed in Asian trade Thursday after a surge in oil prices sent US and European markets flying ahead of the Christmas break.

A jump in US crude inventories raised hopes that a sell-off in the commodity, which has seen the Brent contract plumb 11-year lows, may be nearing an end.

Adding to the upbeat tone on trading floors was another round of economic data from Washington reinforcing the view that the world's number one economy is in rude health.

Thursday's gains were underpinned by a third straight rise in oil prices after the US Department of Energy said stockpiles tumbled in the week ending December 18, while imports fell about 13 percent week on week.

US benchmark West Texas Intermediate climbed 0.6 percent Thursday and Brent gained 0.8 percent, each extending gains of more than 3.5 percent Wednesday.
WTI has also been supported by US lawmakers' decision last week to lift a 40-year ban on crude exports, leading to hopes of a fall in supplies at home.

The news lit a fire under energy firms in Europe and the United States, with big-name firms including Anglo American, Glencore, ExxonMobile and Chevron all surging. That in turn led to sharp gains on stock markets in Frankfurt, Paris, London and New York.

In Asia Sydney-listed BHP Billiton soared 5.3 percent and Rio Tinto more than four percent, while Inpex in Tokyo climbed two percent and CNOOC in Hong Kong added three percent.

Among regional markets Hong Kong jumped 0.4 percent by the close and Sydney rallied 1.3 percent. The two markets saw just half-day trading ahead of the Christmas break.

There were also gains for Singapore, Wellington and Taipei.

However, Shanghai shed 0.7 percent and Tokyo gave up early advances to end 0.5 percent lower on profit-taking following recent rallies.
Equity markets look keen to have a good Christmas break and deal with the hangover of ongoing systemic issues in the new year," said Angus Nicholson, a Melbourne-based market analyst at IG, told Bloomberg News.

US personal income "was yet another data point that further underlines the improving employment situation".

However, he warned: "The bounce in commodity stocks is only ephemeral; the ongoing issues for these industries are far from solved."

Crude prices have slumped more than 60 percent from levels above $100 in summer 2014 owing to scant demand, a global economic malaise -- particularly in China -- a supply glut and surging output.

- Key figures around 0730 GMT -

Tokyo - Nikkei 225: DOWN 0.5 percent at 18.789.69 (close)

Shanghai - composite: DOWN 0.7 percent at 3,612.49 (close)

Hong Kong - Hang Seng: UP 0.4 percent at 22,138.13 (close)

Sydney - S&P/ASX200: UP 1.3 percent at 5,207.60 (close)

Euro/dollar: UP at $1.0938 from $1.0910 late Tuesday

Dollar/yen: DOWN to 120.52 yen from 120.87 yen

New York - Dow: UP 1.1 percent at 17,602.61 (close)

London - FTSE 100: UP 2.6 percent at 6,240.98 (close)
Source :AFP

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