Arab Today, arab today as ecb meeting comes into focus
Last Updated : GMT 00:47:20
Arab Today, arab today
Arab Today, arab today

Asia markets rally

As ECB meeting comes into focus

Arab Today, arab today

Arab Today, arab today As ECB meeting comes into focus

China's consumer inflation jumped to 2.3% in February
Hong Kong - Arab Today

Asian investors turned positive again Thursday, extending a global advance, as they turn their attention to a European Central Bank policy meeting later in the day that is expected to see another stimulus push.

But while most regional markets are in the ascendancy, Shanghai -- which analysts say has been supported in the past few days by state-backed buying -- was in retreat despite a strong Chinese inflation reading.

Confidence across trading floors is broadly upbeat this month after a recent rally that has seen equities, oil and high-yielding, or riskier, currencies make up some of the hefty losses suffered in January and February.

And there is hope those gains can be built upon after the ECB's policy board gathers, with market-watchers asking how, rather than if, they will loosen the monetary belt.

The meeting comes as the eurozone struggles to break out of years of weak inflation and sagging economic growth, with bank president Mario Draghi under pressure to deliver after the last measures were criticised as half-hearted.
"There’s very strong expectation that we’re going to see further stimulus from the ECB, and the real question is how strong that stimulus will be," Chris Green, an Auckland-based strategist at brokerage and wealth management firm First NZ Capital Group, told Bloomberg News.

"We’re seeing a more supportive environment for risk assets going forward."

Among the measures being considered is a cut in interest rates further into negative territory, an increase in bond-buying -- effectively printing more cash -- and an extension of the current asset-purchase past its March 2017 timeframe.

- Kiwi tanks -

Japan's Nikkei index ended 1.3 percent higher, Hong Kong gained 0.5 percent in the afternoon, and Seoul was 0.8 percent higher. There were also healthy gains in Singapore, Taipei and Manila but Sydney dipped 0.1 percent on late selling.

Wellington put on 0.8 percent after the New Zealand central bank announced a surprise cut in interest rates to a record low, the first reduction since June. The move, while welcomed, sent the local dollar plunging two percent against its US counterpart.
In China, official figures showed inflation hit 2.3 percent in February, the highest in almost two years and beating expectations of 1.8 percent.

But while the figures will be welcomed as a much-needed positive sign after Tuesday's wretched exports data, Shanghai stocks dropped two percent as analysts put the rise down to severe weather that sent food prices spiralling.

On oil markets, both main contracts held on to Wednesday's healthy gains after a US report showed a slower rise in stockpiles while gasoline inventories eased.

US benchmark West Texas Intermediate dipped 0.3 percent and Brent was 0.5 percent off. However, after sitting near 13-year lows below $30 a barrel just weeks ago, WTI remains deep in the high $30 region while Brent is hovering around $41.

Prices have been supported in recent weeks by hopes that expected talks between key producers including Russia and Saudi Arabia will end with output freezes or even reductions.

- Key figures around 0700 GMT -

Tokyo - Nikkei 225: UP 1.3 percent at 16,852.35 (close)

Shanghai - composite: DOWN 2.0 percent at 2,804.73 (close)

Hong Kong - Hang Seng: UP 0.5 percent at 20,102.98

Euro/dollar: DOWN at $1.978 from $1.1001 on Wednesday

Dollar/yen: UP at 113.74 yen from 113.35 yen

N.Zealand dollar/dollar: DOWN at US$0.6635 from US$0.6785

New York - Dow: UP 0.2 percent at 17,000.36 (close)

London - FTSE 100: UP 0.3 percent at 6,146.32 (close)
Source :AFP

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Arab Today, arab today as ecb meeting comes into focus Arab Today, arab today as ecb meeting comes into focus

 



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