Arab Today, arab today asian shares rise on us debt plan hopes
Last Updated : GMT 04:36:12
Arab Today, arab today
Arab Today, arab today

Asian shares rise on US debt plan hopes

Arab Today, arab today

Arab Today, arab today Asian shares rise on US debt plan hopes

Hong Kong - AFP

Asian stocks mostly rose on Wednesday after US President Barack Obama threw his weight behind a plan to slash the country\'s deficit that could see the country avoid a devastating default. Tech firms, particularly in South Korea, were boosted by strong earnings reports from US giants Apple and IBM while the confident mood saw dealers shift away from safe-haven assets, sending the price of gold down from record highs. Tokyo closed 1.17 percent, or 116.18 points, higher at 10,005.90 while Seoul rose 1.16 percent, or 24.74 points, to 2,154.95. Hong Kong rose 0.46 percent, or 101.29 points, to 22,003.69 and Sydney added 1.83 percent, or 81.6 points, to end at 4,549.7. However, concerns over domestic growth weighed on Shanghai, which closed 0.10 percent, or 2.78 points, lower at 2,794.21. Obama highlighted a new plan by a bipartisan \"Gang of Six\" senators that aims to slash the US budget deficit by about $3.7 trillion over 10 years and boost revenues $1 trillion by closing tax loopholes and ending some tax breaks. He called the framework \"broadly consistent\" with his call to cut spending including on the US military, overhaul cherished social safety net programmes and raise taxes on the rich to ensure \"shared sacrifice\". Obama said he would call up top congressional leaders, after a House vote late in the day, to set up a new round of White House negotiations and expressed hope for a breakthrough \"in these next couple of days\". However, he warned that the plan faced several hurdles and plenty of work was still needed before a final deal that will allow the debt ceiling to be raised. Lawmakers must find an agreement by August 2 or else Washington will likely miss out on its repayment obligations, sending it into default, which would have seismic ripples around the global economy. Obama has described such a scenario as \"Armageddon\". On Wall Street, the Dow rose 1.63 percent, while the broader S&P 500 also jumped 1.63 percent and the tech-heavy Nasdaq soared 2.22 percent. US sentiment was lifted by IBM after it reported net income rose eight percent to $3.7 billion in the second quarter. After the US market closed Apple said net profit surged 125 percent and revenues jumped 82 percent on the back of huge sales of iPhones and iPads. Those figures boosted Asian tech firms. In Seoul, LG Display rose 4.8 percent and Samsung Electronics was up 3.53 percent, while in Tokyo Softbank -- which exclusively provides iPhone and iPads in Japan -- added 2.60 percent. And in Taipei, leading smartphone maker HTC rose by the 7.0 percent daily limit. The more buoyant mood supported the euro, which edged up on US debt hopes late Tuesday while eyes were also on a key summit on Thursday at which eurozone heads will try to agree on a second bailout for debt-laden Greece. The European unit edged up to $1.4173 in early European trade from $1.4150 in New York overnight and well up from the $1.4090 in Asia on Tuesday. It was also at 111.84 yen from 112.01 yen in New York but higher than the 111.36 yen seen Tuesday in Asia. The dollar traded at 78.87 yen, from 79.21 yen. In Sydney, Rupert Murdoch\'s News Corp soared 5.1 percent a day after he told British lawmakers he was not to blame for the phone hacking scandal that has rocked his empire and led to the closure of one of his newspapers. The firm\'s shares rallied 5.51 percent in New York to end at US$15.79. The gains came despite a poor performance by Murdoch but were boosted by the fact they had been heavily sold recently while the broader market was also strong, analysts said. Gold closed at $1,591.00-$1,592.00 an ounce in Hong Kong, down from Tuesday\'s finish of $1,608.00-$1,609.00. The precious metal passed $1,610 in London Tuesday as dealers bought it for its safe-haven status but easing concerns over the US deficit have seen them look for riskier assets. On oil markets, New York\'s main contract, light sweet crude for August delivery, advanced 72 cents to $98.22 a barrel and Brent North Sea crude for September delivery was 78 cents higher at $117.84.

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 shares rise on us debt plan hopes Arab Today, arab today asian shares rise on us debt plan hopes

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Russia, Iran ink economic deals

GMT 08:03 2017 Wednesday ,29 March

Russia, Iran ink economic deals
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people

GMT 20:25 2017 Wednesday ,29 March

Bahrain Stock Index Drops 5.15 Points

GMT 20:19 2017 Wednesday ,29 March

US Stocks Rise on Consumer Data and Higher Oil Prices

GMT 17:51 2017 Wednesday ,29 March

Qatar Stock Index Gains 15.68 Points

GMT 12:54 2017 Wednesday ,29 March

Qatar Stock Index Gains 33.28 Points

GMT 12:08 2017 Wednesday ,29 March

Bahrain Bourse daily trading report

GMT 12:01 2017 Wednesday ,29 March

Bahrain Bourse holds 2016-2017 TradeQuest ceremony

GMT 10:52 2017 Wednesday ,29 March

Bahrain Bourse daily trading report
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 11:55 2017 Wednesday ,29 March

Need ‘gymspiration?’ The top fun fitness bloggers

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 05:17 2017 Wednesday ,29 March

Samsung to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
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