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

  • Asian stocks mixed as investors examine French election outcome

    Economic CTV News
    TOKYO -- Asian stocks were mixed Monday as investors weighed the results of the first round of the French presidential election. KEEPING SCORE: Japan's benchmark Nikkei 225 rose 1.3 per cent in morning trading to 18,870.24. Source
  • Oregon teens sells $1 million in custom socks

    Economic CTV News
    SHERWOOD, Ore. -- Seventeen-year-old Oregon resident Brennan Agranoff spends his days going to school, doing chores and running his custom-design sock business. It's no simple hobby: Agranoff is the founder and CEO of HoopSwagg, and he has already sold $1 million in custom socks. Source
  • Oregon teen sells $1 million in custom socks

    Economic CTV News
    SHERWOOD, Ore. -- Seventeen-year-old Oregon resident Brennan Agranoff spends his days going to school, doing chores and running his custom-design sock business. It's no simple hobby: Agranoff is the founder and CEO of HoopSwagg, and he has already sold $1 million in custom socks. Source
  • The sad saga of North Korea's ATMs

    Economic CTV News
    PYONGYANG, North Korea -- No modern airport terminal is complete without an ATM, and Pyongyang's now has two. But they don't work -- because of new Chinese sanctions, according to bank officials -- and it's not clear when they will. Source
  • Real estate reality check: CBC's Marketplace consumer cheat sheet

    Economic CBC News
    Miss something this week? Here's the consumer news you need to know from CBC's Marketplace. Get this in your inbox every Friday. Sign up here. House cooling Time for some cold water on that hot southern Ontario real estate market? Here's how the province is proposing to rein in the madness. Source
  • Birthing April the Giraffe becomes cash cow for tiny U.S. zoo

    Economic CTV News
    April the giraffe has become a cash cow for a tiny zoo in rural upstate New York, thanks to a livestream of her pregnancy and birth that has enthralled viewers around the world. Owners of the Animal Adventure Park won't say exactly how much they've pulled in from all the April-related ventures, but marketing experts who specialize in viral internet campaigns conservatively estimate the haul in the hundreds of thousands of dollars. Source
  • Despite special regulations, edible entrepreneurs hope to take bite of Canada's marijuana market

    Economic CBC News
    Amid all the uncertainty about the federal government's ?plans to legalize marijuana by mid-2018, a culinary mystery stands out: How will marijuana-infused food products, commonly called "edibles," fit into the legal regime? Ottawa has signalled that regulations governing the sales of edibles won't be ready by the time recreational marijuana becomes legal. Source
  • 'Vital for tenants' or 'textbook' bad policy: How rent control works in NYC

    Economic CBC News
    Before Ontario's provincial government announced its plans to expand rent control, some economists were already sounding alarm bells about imposing the controversial policy. In response to some Toronto tenants who say their rents have doubled, the government on Thursday unveiled its Fair Housing Plan. Source
  • What we can learn from New York's rent control regime

    Economic CBC News
    Before Ontario's provincial government announced its plans to expand rent control, some economists were already sounding alarm bells about imposing the controversial policy. In response to some Toronto tenants who say their rents have doubled, the government on Thursday unveiled its Fair Housing Plan. Source
  • Despite special regulations, entrepreneurs hope to take bite of Canada's marijuana edibles market

    Economic CBC News
    Amid all the uncertainty about the federal government's ?plans to legalize marijuana by mid-2018, a culinary mystery stands out: How will marijuana-infused food products, commonly called "edibles," fit into the legal regime? Ottawa has signalled that regulations governing the sales of edibles won't be ready by the time recreational marijuana becomes legal. Source