asia stocks surge on global rally as oil rebounds
Last Updated : GMT 08:21:11
Arab Today, arab today
Arab Today, arab today

Asia stocks surge on global rally as oil rebounds

Arab Today, arab today

Arab Today, arab today Asia stocks surge on global rally as oil rebounds

Tokyo stocks surged at the start of trading May 25
Tokyo - AFP

Asia stocks jumped Wednesday building on a strong lead from Wall Street and Europe, and as investors adjusted to the prospect of a US rate hike in the near future.

Energy stocks soared in Hong Kong and Sydney as oil prices rebounded, while in Tokyo exporters were lifted by a weaker yen, which is a plus for their profitability.

The gains in Asia followed a jump in European markets, which had received a boost Tuesday as Brexit fears eased on the back of opinion polls that suggested Britain will vote to remain in the European Union next month.

Wall Street stocks also had a good day after the Commerce Department figures showed US new-home sales in April surged to their best level since January 2008 despite a hefty rise in median prices, prompting analysts to see a strengthening in the housing market, a key sector for US growth.

The Fed has repeatedly stated its intention to continue raising rates this year after December's first hike in nine years, but until recently investors had discounted the possibility of an imminent increase, given the market panic at the beginning of 2016 on concerns of soft global growth.

"Strong US new-home sales have added credence to the Fed's claims that the US economy may be strong enough for another rate hike in June or July," Angus Nicholson, a market analyst at IG in Melbourne, said in a commentary.

The markets are now reacting well to the news, analysts said, as a sign the economy is doing better.

"Before, there was a sense that higher rates would spell trouble, but the market has had time to digest that," said Bill Schultz, chief investment officer at McQueen, Ball & Associates Inc in Pennsylvania told Bloomberg News.

"People may be coming around on the idea of a rate hike as an indication of economic strength. Maybe there's a bit more of an optimistic view, and today we're rallying through the close."

Hong Kong increased 2.6 percent and Sydney rose 1.8 percent, while Seoul, Taiwan, Manila and Singapore also jumped above the one percent mark. Shanghai ticked up 0.25 percent.

- Oil rebounds, lifts energy firms -
Tokyo surged 1.8 percent as the dollar advanced against the Japanese currency. A weaker yen is good for Japanese exporters, a key driver of the world's third largest economy, by inflating the value of their profits earned overseas.

The greenback ticked up to 110.14 yen in early trade from 109.99 yen in New York, and from 109.22 yen in Tokyo Tuesday on the mounting expectations of a US interest rate increase.

Energy firms were among the best performers regionally, as oil prices edged towards $50 a barrel in Asia after a larger-than-expected dip in US stockpiles resulting from wildfires that have disrupted oil production in Canada.

US benchmark West Texas Intermediate was up 62 cents to $49.24 a barrel and Brent crude was trading 55 cents higher at $49.16 a barrel. 

Hong Kong listed China Shenhua Energy soared 5.7 percent, CNOOC advanced 3.4 percent and PetroChina was up 4.5 percent. In Sydney, WorleyParsons was 6.8 percent higher and Santos gained 3.7 percent, while in Tokyo, explorer Inpex gained 1.1 percent.

Also in Tokyo, automaker Toyota climbed almost two percent following overnight news of a partnership with ridesharing titan Uber and consumer electronics giant Sony increased more than six percent after investors shrugged off a weak profit forecast.

Elsewhere, eurozone finance ministers reached a vital deal with Greece on Wednesday to start debt relief for Athens as demanded by the International Monetary Fund, and to unlock 10.3 billion euros ($12 billion) in bailout cash.

- Key figures around  0330 GMT -

Tokyo: Nikkei 225: UP 1.80 percent at 16,795.67 (break)

Shanghai - Composite: UP 0.25 percent at 2,828.751

Hong Kong - Hang Seng: UP 2.6 percent at 20,341.23

Euro/dollar: UP at 1.1155 from $1.1141 on Tuesday

Dollar/yen: UP 110.01 at 109.99 from 109.99 yen

London - FTSE 100: UP 1.4 percent at 6,219.26 (close)

New York - Dow: UP 1.2 percent at 17,706.05 (close)

 

arabstoday
arabstoday

GMT 14:54 2017 Sunday ,19 November

Bahrain Bourse daily trading performance

GMT 03:16 2017 Saturday ,18 November

Asian markets head for positive end to volatile week

GMT 11:57 2017 Friday ,17 November

US stocks boosted by solid Wal-Mart, Cisco earnings

GMT 06:51 2017 Friday ,17 November

Bahrain Bourse daily trading performance

GMT 03:57 2017 Thursday ,16 November

Stock markets retreat as oil slides

GMT 15:05 2017 Wednesday ,15 November

Bahrain Bourse daily trading performance

GMT 02:47 2017 Wednesday ,15 November

Asian markets down as fears grow for US tax reform

GMT 19:56 2017 Tuesday ,14 November

Bahrain Bourse daily trading performance
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 stocks surge on global rally as oil rebounds asia stocks surge on global rally as oil rebounds

 



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 stocks surge on global rally as oil rebounds asia stocks surge on global rally as oil rebounds

 



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