Arab Today, arab today asian markets mostly up after wall st surge
Last Updated : GMT 21:53:08
Arab Today, arab today
Arab Today, arab today

Asian markets mostly up after Wall St surge

Arab Today, arab today

Arab Today, arab today Asian markets mostly up after Wall St surge

Asian markets
Hong Kong - AFP

Asian markets mostly advanced Friday following a healthy rally on Wall Street, while Tokyo was supported by a weaker yen.

The euro remained a target for buying after this week's upbeat eurozone growth data and despite Greece's struggles to hammer out a debt reform deal with creditors.

Tokyo climbed 0.60 percent, Hong Kong added 0.36 percent and Sydney gained 0.50 percent while Seoul was flat and Shanghai 1.05 percent.

The three main indexes in New York each tacked on more than one percent Thursday as expectations the Federal Reserve will hike interest rates have fizzled in the wake of a string of soft economic indicators.

Figures showing the US producer price index fell 0.4 percent last month more than wiped out March's first increase since October and fell well short of forecasts for a 0.2 percent rise. That came a day after news that retails sales saw their weakest year-on-year growth since 2009.
The results follow other poor recent indicators -- including anaemic wage growth, a tepid manufacturing sector, weak economic growth and a tightening of the labour market analysts mostly say will likely keep the Fed from raising rates soon.

In US trade the S&P 500 rose 1.08 percent to end at a new record high, while the Dow rallied 1.06 percent and the Nasdaq jumped 1.39 percent.

Despite lending rates tipped to remain at record lows for the time being the dollar ticked higher Friday.

In morning trade the greenback bought 119.43 yen against 119.19 yen in New York.

The euro bought $1.1410 and 136.28 yen against $1.1414 and 136.04 yen in US trade.
The single currency has been buoyed this week by news the eurozone economy met expectations and grew 0.4 percent quarter-on-quarter in January-March, up from 0.3 percent in the previous three months.

However, market-watchers remain nervous about Greece's plodding talks with creditors on overhauling its bailout.

The country's Finance Minister Yanis Varoufakis has warned it could run out of money by the end of the month if it does not reach a deal that unlocks billions of dollars in much-needed cash to service its debts and avert a default.

There are worries a default could set in motion Greece's eventual ejection from the eurozone, which would ripple around the world.

Oil prices were mixed. US benchmark West Texas Intermediate for June delivery fell 16 cents to $59.72 while Brent crude for June gained four cents to $66.74.

Gold fetched $1,219.05 from $1,218.82 late Wednesday.

 

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