Arab Today, arab today asian markets track wall st rally
Last Updated : GMT 18:35:07
Arab Today, arab today
Arab Today, arab today

On strong US data

Asian markets track Wall St rally

Arab Today, arab today

Arab Today, arab today Asian markets track Wall St rally

Personal consumption drives about two-thirds of the economy in the US
Hong Kong - Arab Today

Asian stock markets extended their gains on Wednesday, with buying supported by another Wall Street rally as a positive reading on US growth and consumer spending renewed confidence in the world's top economy.

Oil prices also enjoyed fresh buying -- with the US benchmark at parity with its European counterpart after overtaking it Tuesday for the first time in nearly a year -- while regional energy firms ticked higher.

US stocks climbed for a second day on data showing steady economic growth in line with expectations during July-September. Personal consumption, which drives about two-thirds of the economy, was also solid.

The figures settled some nerves on global markets after traders had grown concerned about the outlook owing to the plunge in oil prices and weakness outside the United States, particularly in China.
Last week's euphoria over the Federal Reserve's interest rate rise, which had boosted overall confidence in the economy, had also started to give way to caution about the bank's plans for its next rise.

"Consumer spending looks like it's helping the US economy," James Lindsay, an Auckland-based fund manager at Nikko Asset Management, told Bloomberg News.

"Volumes tend to get pretty light at this time of year. Markets have had a reasonable run and value is a lot harder to come by.

"The key things are still what happens with China, the flow-on effects into commodities and what the Fed does and how that affects sentiment and currencies.”

Crude prices saw a rare second-straight gain after climbing Tuesday, when WTI topped Brent for the first time since January.

- Energy firms gain -
In the afternoon in Asia WTI was up 0.7 percent at $36.40 and Brent added 0.8 percent to also sit at $36.40. The once-wide spread between the two contracts has narrowed since Washington last week passed a bill lifting a 40-year ban on US oil exports which analysts said could ease a glut in the country.

However, Bernard Aw, market strategist at IG in Singapore, said the outlook for the commodity, which is around 60 percent off its high of above $100 in summer 2014, was still "bearish" due to a global oversupply.

Attention is now on a weekly stockpiles report later in the day from the US Department of Energy.

Energy firms were buoyant after a painful year. Sydney-listed Rio Tinto surged 4.2 percent and BHP Billiton was up 3.5 percent, with a rise in iron ore prices also providing support.

CNOOC, PetroChina and Sinopec in Hong Kong all soared four percent while Woodside gained more than one percent in Sydney.

On stock markets, Hong Kong was up one percent in the afternoon, Sydney closed 0.5 percent higher and Seoul strengthened 0.3 percent. However, Shanghai succumbed to late profit-taking, slipping in the last 20 minutes to end 0.4 percent lower.

The dollar remains subdued against its main rivals. It bought 120.90 yen, well off last week's highs above 123 yen. The euro sat at $1.0930 -- heading towards $1.10 from just above $1.08 last week following the Fed rate rise, with speculation the next rise could be as late as April.

- Key figures around 0710 GMT -

Hong Kong - Hang Seng: UP 1.0 percent at 22,039.19

Shanghai -composite: DOWN 0.4 percent at 3,636.09 (close)

Sydney - S&P/ASX200: UP 0.5 percent at 5,141.80 (close)

Euro/dollar: DOWN at $1.0930 from $1.0954 late Tuesday

Dollar/yen: DOWN to 120.90 yen from 121.10 yen

Tokyo - Nikkei 225: closed

New York - Dow: UP 1.0 percent at 17,417.27 (close)

London - FTSE 100: UP 0.8 percent at 6,083.10 points (close)
Source: AFP

arabstoday
arabstoday

GMT 18:31 2017 Saturday ,21 October

Global oil market improving, stabilizing

GMT 13:23 2017 Friday ,20 October

EU leaders approve first step

GMT 19:29 2017 Thursday ,19 October

IMF policies undermine human rights

GMT 19:13 2017 Tuesday ,17 October

GCC public debts reached to $415bn

GMT 10:22 2017 Sunday ,15 October

ADNOC strengthens energy partnership

GMT 17:02 2017 Saturday ,14 October

IMF, Spain warn on economic growth

GMT 05:05 2017 Saturday ,14 October

Saudi Aramco considering ‘range of options’

GMT 07:46 2017 Friday ,13 October

Canada still optimistic for new NAFTA
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*

Arab Today, arab today asian markets track wall st rally Arab Today, arab today asian markets track wall st rally

 



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*

Arab Today, arab today asian markets track wall st rally Arab Today, arab today asian markets track wall st rally

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
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 EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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