asia markets rally with wall street
Last Updated : GMT 03:01:40
Arab Today, arab today
Arab Today, arab today

After oil shock

Asia markets rally with Wall Street

Arab Today, arab today

Arab Today, arab today Asia markets rally with Wall Street

Tokyo led a recovery in Asian stock markets
Hong Kong - Arab Today

Tokyo led a recovery in Asian stock markets Tuesday, soaring more than three percent as dealers built on a strong lead from Wall Street and disappointment over failed oil talks gave way to hope for the global economy.

While Asia ended lower Monday following the collapse of the weekend meeting to cap crude production, initial sharp losses in Europe and New York turned to gains as dealers were lifted by positive comments on the US outlook and recent upbeat data out of China.

News of a huge strike in key producer Kuwait also provided support to the black gold, which rallied in Asian afternoon trade and a risk-on mood lifted higher-yielding currencies.

Federal Reserve Bank of Boston president Eric Rosengren said Monday the world's number one economy was much healthier than financial markets thought and saw growth picking up through this year.

"While there have been significant headwinds from abroad, and market turbulence related to those headwinds, I view the US economy as fundamentally sound and likely to perform better than the domestic economies of most trading partners," he said.

Also, New York Fed president William Dudley said he foresaw inflation picking up as the economy improved.

The comments soothed concerns and helped fuel buying after early shocks caused by the Doha oil talks failure.

"Markets reversed much of the post Doha price action in energy and currencies," analysts at Australia & New Zealand Banking Group, including Sydney-based Jo Masters, wrote in a report.

"Sentiment was also supported by positive comments on the US and European outlook by the Fed’s Dudley and improved US corporate earnings," they said, according to Bloomberg News.

Gains in New York and Europe were followed by similar gains in Asia. Tokyo ended 3.7 percent higher.

- Crude rallies -

The Nikkei had lost more than three percent Monday as a dive in oil prices compounded the impact of two earthquakes last week that has led to some of the country's biggest firms including Toyota shutting down factories.

Hong Kong ended 1.3 percent up, Shanghai closed up 0.3 percent, Sydney one percent and Seoul finished 0.1 percent up.

In early European trade Tuesday London and Paris each added 0.3 percent and Frankfurt put on 0.5 percent.

World markets were already enjoying buying last week following a series of upbeat readings from China -- including on trade, investment and factory activity -- suggested a long-running growth slowdown in the country may be bottoming out.

A more confident mood provided support to higher-yielding, or riskier, currencies, pushing the Australian dollar 1.1 percent higher against its US counterpart and the South Korean won 1.3 percent up. The Indonesian rupiah added 0.3 percent and Canadian dollar 1.1 percent. The oil-linked Malaysian ringgit jumped 1.2 percent.

The greenback also edged up against the yen -- which is the go-to unit in times of trouble. It bought 109.13 yen in Tokyo Tuesday, well up from the levels below 108 yen seen early Monday.

On oil markets Brent added 1.8 percent and West Texas Intermediate 1.6 percent as thousands of workers in Kuwait extended industrial action over planned wage cuts to a third day.

Prices had plunged early Monday soon after news that the long-awaited meeting of major producers in Doha had collapsed, fanning worries about a persistent global oversupply.

However, the losses were pared through the day on the strike, which has caused output to dive more than 60 percent in Kuwait, the fourth largest producer in the OPEC exporter group.

- Key figures around 0800 GMT -

Tokyo - Nikkei 225: UP 3.7 percent at 16,874.44 (close)

Shanghai - Composite: UP 0.3 percent at 3,042.82 (close)

Hong Kong - Hang Seng: UP 1.3 percent at 21,436.21 (close)

London - FTSE 100: UP 0.3 percent at 6,370.75

Euro/dollar: UP at $1.1326 from $1.1315 on Monday

Dollar/yen: UP at 109.13 yen from 108.83 yen

New York - Dow: UP 0.6 percent at 18,004.16 (close)
Source: AFP

arabstoday
arabstoday

GMT 11:20 2017 Thursday ,05 January

Bitcoin: some key questions

GMT 10:00 2017 Tuesday ,03 January

On first trading day of year

GMT 09:37 2016 Tuesday ,06 December

Asian stocks rebound

GMT 09:17 2016 Monday ,05 December

Euro sinks on Italy worries

GMT 10:51 2016 Thursday ,10 November

Asia markets extend global rally
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

asia markets rally with wall street asia markets rally with wall street

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

asia markets rally with wall street asia markets rally with wall street

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday