Asian stocks rally as crude oil prices stabilize

HONG KONG - Asian stocks rallied Wednesday in light trading following gains on Wall Street and stabilization of crude oil.

See Full Article

KEEPING SCORE: Hong Kong's benchmark Hang Seng index climbed 1.2 per cent to 22,086.08 while South Korea's Kospi gained 0.6 per cent to 2,005.32. The Shanghai Composite Index in mainland China added 0.3 per cent to 3,662.69 and Australia's S&P/ASX 200 rose 0.9 per cent to 5,163.70. Japanese markets were closed for a holiday.

ENERGY: Oil prices are staging a modest recovery that's helping lift energy and material stocks. U.S. crude oil futures rose 21 cents, or 0.6 per cent, to $36.35 in electronic trading on the New York Mercantile Exchange. The contract closed up 33 cents to $36.14 a barrel Tuesday on the New York Mercantile Exchange. Brent crude, which is used to price international oils, added 27 cents to $36.38 a barrel in London. Prices for both contracts had fallen by more than a third over the past year but gains over the past day have provided hope to investors that the sector has hit bottom and is now stabilizing.

QUOTABLE: "The pause in the oil price and the weakness in the U.S. dollar appear to have helped equity markets overnight," said Angus Nicholson of IG. He noted that benchmark U.S. crude has now risen 6.5 per cent from its lowest point Tuesday.

HOLIDAY CALM: Overall, most financial markets are expected to trade in a narrow range until the New Year as traders take time off and the flow of major economic releases slows dramatically over the holiday period.

WALL STREET: Major U.S. benchmarks posted gains for a second day. The Dow Jones industrial average rose 1 per cent to close at 17,417.27 and the Standard & Poor's 500 index rose 0.9 per cent to 2,038.97. The Nasdaq composite rose 0.7 per cent to 5,001.11.

CURRENCIES: The dollar was up slightly against the yen at 121.02 from 121.01 in the previous day's trading. The euro slipped to $1.0937 from $1.0951.



Advertisements

Latest Economic News

  • CIBC kicks off bank earnings week with 25% profit rise

    Economic CBC News
    CIBC reported better-than-expected results for its second quarter with a nearly 25 per cent increase in net income compared with a year ago. The lender reported a profit attributable to common shareholders of $1.29 billion or $2.89 per diluted share for the quarter ended April 30, up from $1.04 billion or $2.59 per diluted share a year ago. Source
  • Notley slams B.C. premier on Trans Mountain pipeline

    Economic CTV News
    EDMONTON -- Alberta Premier Rachel Notley won't be at today's meeting of the western premiers in Yellowknife, but she made some choice remarks about one of the leaders who will be there. Notley told reporters yesterday that B.C. Source
  • Bulgaria runs into setback in bid for euro membership

    Economic CTV News
    Russian President Vladimir Putin, right, shakes hands with Bulgarian President Rumen Radev after their talks in the Bocharov Ruchei residence in the Black Sea resort of in Sochi, Russia, Tuesday, May 22, 2018. (AP Photo/Alexander Zemlianichenko) Source
  • CIBC reports second-quarter net income up nearly 25 per cent from year ago

    Economic CTV News
    TORONTO -- The Canadian Imperial Bank of Commerce reported better-than-expected earnings for its second quarter with a nearly 25 per cent increase in net income, year over year, due to strong results at home and south of the border helped by its U.S. Source
  • No suitors emerge for Trans Mountain pipeline project stake as deadline looms

    Economic CTV News
    CALGARY - With just over a week remaining until the May 31 deadline set for abandoning its Trans Mountain pipeline expansion, no suitors have publicly emerged to step into builder Kinder Morgan Canada Ltd.'s shoes. Source
  • Looking for a better work experience, millennials may be saving the franchising model

    Economic CBC News
    Millennials are showing increasing interest in a traditional sector of the economy, as young Canadians buy into franchise brands and create new franchise concepts. Though jobs numbers in Canada are generally improving, many millennials continue to face the prospect of precarious employment. Source
  • They've been accused of killing every other business, but millennials may be saving the franchising model

    Economic CBC News
    Millennials are showing increasing interest in a traditional sector of the economy, as young Canadians buy into franchise brands and create new franchise concepts. Though jobs numbers in Canada are generally improving, many millennials continue to face the prospect of precarious employment. Source
  • Tens of thousands of Las Vegas casino workers vote to strike

    Economic CTV News
    Las Vegas casinos could watch tens of thousands of employees walk off the job for the first time in more than three decades after union members voted to authorize a strike at any time starting June 1, a move that could cripple the city's world-famous resorts. Source
  • Asian shares drop amid worries over U.S.-China trade

    Economic CTV News
    TOKYO - Asian indexes were mostly lower on Wednesday as investors shifted their attention to uncertainties over a planned U.S.-North Korea summit after the perk from eased U.S.-China trade tensions faded. KEEPING SCORE: Japan's benchmark Nikkei 225 dipped 1.3 per cent to 22,661.88, while Australia's S&P/ASX 200 inched down nearly 0.2 per cent at 6,031.40 in early trading. Source
  • Global stocks fall amid weak data, worries over Koreas

    Economic CTV News
    TOKYO -- Stock markets were mostly lower Wednesday after weak European economic data and as U.S. President Donald Trump raised doubts that a summit with North Korean leader Kim Jong Un planned for June 12 will take place as planned. Source