Asian shares rise due to advance of oil prices

TOKYO - Asian shares were mostly higher on Thursday, taking cues from overnight gains as higher oil prices lifted shares in oil and gas companies.

See Full Article

Regional markets also are still finding reasons for optimism from the outcome of a major planning conference in China, where leaders committed to further spending and monetary easing to support growth.

KEEPING SCORE: Japan's Nikkei 225 stock index rose 0.3 per cent to 18,935.65, while Hong Kong's Hang Seng index added 0.6 per cent to 22,169.02. Australia's S&P/ASX 200 gained 1.3 per cent to 5,207.60, and South Korea's Kospi edged 0.2 per cent higher to 2,003.31. The Shanghai Composite Index lost 1.3 per cent to 3,587.50, but markets in Southeast Asia, Taiwan and New Zealand were higher.

HOLIDAY SPIRIT: The rise in oil prices and positive readings from the outcome of an annual planning meeting in China, the Central Economic Work Conference, appeared to be driving gains ahead of the holidays, analysts said.

THE QUOTE: "Equity markets look keen to have a good Christmas break and deal with the hangover of ongoing systemic issues in the New Year," Angus Nicholson of IG said in a market note. Apart from gains in oil prices, "The market is also still steadily digesting the good news from China's Central Economic Work Conference," he said.

WALL STREET: Trading was light ahead of Christmas and New Year holidays. The Dow Jones industrial average rose 185.34 points, or 1.1 per cent, to 17,602.61. The Standard & Poor's 500 index rose 25.32 points, or 1.2 per cent, to 2,064.29. U.S. markets will be open for only a half day on Thursday.

ENERGY: Oil prices continued their recovery from lows earlier in the week. U.S. crude futures gained 24 cents to $37.74 in electronic trading on the New York Mercantile Exchange. They jumped $1.36, or 3.8 per cent, to $37.50 a barrel on Wednesday. Brent crude, which is used to price international oils, also was up 24 cents, at $37.60. It added $1.25, or 3.5 per cent, to $37.36 a barrel in London.

CURRENCIES: The dollar edged lower, to 120.62 yen from 120.92 in the previous session. The euro was slightly higher, at $1.0938, up from $1.0914.



Advertisements

Latest Economic News

  • TransCanada to test water in drainage ditch near spill

    Economic CTV News
    AMHERST, S.D. -- A South Dakota official says TransCanada Corp. plans to test water from a drainage ditch near the site of a 210,000-gallon oil spill from the Keystone pipeline to determine if it is polluted. Source
  • Bell Media confirms local radio and TV layoffs

    Economic CBC News
    Bell Media is laying off employees, including prominent on-air personalities, at radio and TV stations across Canada. However, the company won't say how many, who or where. Unifor, the union representing on-air and broadcasting technicians at 17 CTV stations, estimates 50 jobs are being eliminated at Bell Media's TV network alone in the latest round. Source
  • U.S. to sue to stop AT&T from buying Time Warner: Reuters source

    Economic CBC News
    The U.S. Department of Justice will file a lawsuit later on Monday to block AT&T Inc.'s $85.4 billion acquisition of Time Warner Inc., a source familiar with the matter told Reuters on Monday. The legal challenge was expected after AT&T rejected a demand by the Justice Department earlier this month to divest its DirecTV unit or Time Warner's Turner Broadcasting - which contains news network CNN - in order to win antitrust approval. Source
  • U.S. sues to block AT&T purchase of Time Warner

    Economic CBC News
    The U.S. Department of Justice will file a lawsuit later on Monday to block AT&T Inc.'s $85.4 billion acquisition of Time Warner Inc., a source familiar with the matter told Reuters on Monday. The legal challenge was expected after AT&T rejected a demand by the Justice Department earlier this month to divest its DirecTV unit or Time Warner's Turner Broadcasting - which contains news network CNN - in order to win antitrust approval. Source
  • Nearly nine in 10 Canadian pot producers say consolidation is inevitable

    Economic CTV News
    TORONTO -- A report released on Monday suggests that 87 per cent of Canadian cannabis companies believe that consolidation is inevitable over the next three years, leaving only a few large players post-legalization. Consultancy firm EY's survey of 11 licensed producers with varying size and scale -- among the approximately 50 licensed producers in the country -- also showed that 75 per cent of the respondents believe the market will be dominated by the entrance of big players such as tobacco,…
  • 87% of Canadian pot producers say industry consolidation is inevitable: survey

    Economic CTV News
    TORONTO -- A report released on Monday suggests that 87 per cent of Canadian cannabis companies believe that consolidation is inevitable over the next three years, leaving only a few large players post-legalization. Consultancy firm EY's survey of 11 licensed producers with varying size and scale -- among the approximately 50 licensed producers in the country -- also showed that 75 per cent of the respondents believe the market will be dominated by the entrance of big players such as tobacco,…
  • Yellen to step down from Federal Reserve board

    Economic CBC News
    Janet Yellen is submitting her resignation from the Federal Reserve board to President Donald Trump, announcing that she will leave the board when her successor Jerome Powell is sworn in as Fed chairman. Yellen says that she will "do my utmost" to make sure that there is a smooth transition to Powell, who was tapped by Trump on Nov. Source
  • Loblaws' latest consumer loyalty pitch: $9.99 a month for premium perks

    Economic CBC News
    Loblaws is launching a fee-based subscription program targeting its existing loyalty program members that sweetens the pot for them in terms of rewards, in exchange for an ongoing fee. For $9.99 a month — or $99 a year — a new program the retailer is launching today called PC Insiders will give people who sign up discounts and reward points across many of the chain's stores, both in-person and online. Source
  • Uber Canada's service animal policy criticized by some disability rights advocates

    Economic CTV News
    TORONTO -- Uber Canada has launched a new policy on how its drivers deal with customers who have service animals, but some disability rights advocates say exemptions built into the rules could still lead to discrimination. Source
  • Credit card manipulator reveals point-hogging strategy

    Economic CTV News
    Bank tellers may have rolled their eyes when Avery Campbell started depositing grocery bags full of collectable coins into his account. But he had the last laugh over champagne and caviar while flying first-class to five-star resorts. Source