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

  • Third round of NAFTA talks opens in Canada

    Economic CTV News
    OTTAWA -- A third round of NAFTA renegotiations has begun with chief negotiators from Canada, the U.S. and Mexico meeting in the Canadian capital. Canada's chief negotiator, Steve Verhuel, said Saturday that he doesn't expect this round to see any new U.S. Source
  • Chief Canadian NAFTA negotiator not expecting progress on auto content rules

    Economic CTV News
    OTTAWA - Despite tough talk from the U.S. about the job-killing impact of NAFTA on its automotive sector, Canada's chief negotiator isn't expecting to see a detailed proposal from the Americans during the latest round of talks to rewrite the continental trade pact. Source
  • 'Trump has scared the bejesus out of everyone': How Canada could win the Amazon sweepstakes

    Economic CBC News
    Handicapping the Amazon sweepstakes has become something of a cottage industry in the last few weeks. Predictions of which city will land the company's coveted second headquarters cite everything from the bright lights of big cities like New York and Boston to Denver's crisp Rocky Mountain air to Chicago's spot as a hurricane-free haven. Source
  • Pickleball, anyone? A planned retirement village for active boomers

    Economic CBC News
    Tony DiFruscio is a confessed Disney-holic. "I'm a huge Disney fan," says the president of Zest Communities, a Hamilton property developer. "We go there every year with the family, my oldest son went there for his honeymoon. Source
  • Calgary and Saint John mayors urge NEB to reverse Energy East pipeline ruling

    Economic CTV News
    CALGARY -- Mayors from both ends of the proposed Energy East pipeline are calling for the National Energy Board to reverse its requirement that upstream and downstream emissions be included in its review of the $15.7-billion conduit. Source
  • Lawsuit tossed against Little Caesars over non-halal pepperoni

    Economic CTV News
    DETROIT -- A judge has rejected a lawsuit against a pizza franchise, alleging it sold pork as "halal pepperoni" at one of its locations in a Detroit suburb. The Detroit Free Press reports that on Thursday the Wayne County judge dismissed the lawsuit filed by Dearborn resident Mohamad Bazzi against Little Caesars Pizza. Source
  • Walmart testing service that delivers right into customers' fridges

    Economic CTV News
    NEW YORK -- Would you be OK with letting a stranger into your house for the sake of convenience? Walmart is testing the idea with a new service that lets a delivery person walk into your home when you're not there to drop off packages or put groceries in the fridge. Source
  • Quebec renews Uber's permit for another year with tighter rules

    Economic CTV News
    Quebec's transportation minister is renewing a deal allowing ride-hailing company Uber to operate for another year in the province. Laurent Lessard says the deal extension tightens the rules under which the San Francisco-based company will be permitted to continue offering its services to Quebecers. Source
  • Canadian firm applies to build $10-billion Jordan Cove LNG project in Oregon

    Economic CTV News
    CALGARY -- The Canadian company whose proposal to build an LNG export terminal in Oregon was derailed by U.S. regulators last year has resubmitted its application for a bigger, more expensive project. Calgary-based Veresen Inc. Source
  • OPEC says winning battle to end oil glut

    Economic CBC News
    OPEC and other oil producers are clearing a glut that has weighed on crude prices for three years and may wait until January before deciding whether to extend their output curbs beyond the first quarter of 2018, ministers said on Friday. Source