Arab Today, arab today asian shares mostly higher after us retail data
Last Updated : GMT 18:37:34
Arab Today, arab today
Arab Today, arab today

Asian shares mostly higher after US retail data

Arab Today, arab today

Arab Today, arab today Asian shares mostly higher after US retail data

An investor looks at stock information
Hong Kong - AFP

Asian markets mostly rose Friday at the end of a painful week for global shares, as a strong report on US retail sales lifted spirits and Wall Street, while the dollar fought back against the yen's recent revival.
Oil prices continued to tumble after New York's main contract sank through the $60-a-barrel mark in US trade for the first time in more than five years.
Tokyo rose 1.27 percent on the back of the yen's retreat, while Seoul added 0.32 percent, Shanghai edged up 0.12 percent and Hong Kong was 0.24 percent higher but Sydney eased 0.38 percent.
Global markets have been buffeted by profit-taking this week, while Shanghai has swung wildly after racking up more than 20 percent since the middle of November.
However, spirits were lifted by a rally on Wall Street that came in reaction to a healthy US consumer report.
The Commerce Department said retail sales in November, when the holiday shopping season starts, rose a solid 0.7 percent month on month and 5.1 percent over the year. The figures are closely watched as consumer spending accounts for almost three quarters of output in the world's biggest economy.
Also, jobless claims, a sign of the pace of layoffs, fell in the week to December 6.
In New York the Dow gained 0.36 percent, the S&P 500 added 0.45 percent and the Nasdaq rose 0.52 percent.
Thursday's news was the latest to indicate the United States is on a strong recovery track and will add to pressure on the Federal Reserve to hike interest rates sooner than later, buoying the dollar.
The dollar -- which slipped to as low as 117.67 yen Thursday -- bought 119.10 yen in morning Tokyo trade  Friday, compared with 118.65 yen in late New York trade.
On oil markets the US benchmark, West Texas Intermediate for January delivery, fell 91 cents to $59.04 in Asia. The contract fell below $60 in New York for the first time since July 2009 in reaction to a report showing US stockpiles were more than expected, adding to an already oversupplied global market. Brent crude eased 61 cents to $63.07.
The euro was struggling after losing ground to the dollar following a disappointing take-up for the European Central Bank's latest round of cheap loan offers to banks aimed at boosting the economy.
The ECB said 306 banks borrowed 129.8 billion euros ($162 billion) in the second round of its programme, compared with forecasts of around 150 billion euros.
The result added to speculation the Bank will launch a more aggressive monetary easing drive early next year, further pressing down the euro.
"Low ECB loan uptake should seal the deal," said Jennifer McKeown of Capital Economics.
The common European currency slipped to $1.2394 Friday from $1.2410 in US trade, although it firmed to 147.52 yen from 147.24 yen
Gold was at $1,224.68 an ounce compared with $1,221.25 late Thursday.

 

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