Asian stocks mixed with overseas rally providing boost

TOKYO - Asian shares were mixed in early Wednesday trading, with only some markets cheered by an overseas rally.

KEEPING SCORE: Japan's benchmark Nikkei 225 gained 0.3 per cent in the morning session to 19,037.31, but trading was muted on the last trading day of the year ahead of the New Year's holidays.

See Full Article

South Korea's Kospi dipped 0.3 per cent to 1,960.75. Hong Kong's Hang Seng fell 0.2 per cent to 21,957.97, while the Shanghai Composite added 0.2 per cent to 3,570.78. Other regional shares were also mixed, rising in Indonesia but dropping in Taiwan and Singapore.

WALL STREET: Technology and health care companies led a broad rally in U.S. stocks. The Dow Jones industrial average rose 192.71 points, or 1.1 per cent, to finish at 17,720.98. The S&P 500 index gained 21.86 points, or 1.1 per cent, to 2,078.36. The Nasdaq composite added 66.95 points, or 1.3 per cent, to 5,107.94.

U.S. ECONOMY: The latest batch of U.S. economic data added to the upbeat sentiments. The Conference Board said its consumer confidence index increased from the previous month, reflecting positive views on the economy and job market. Separately, a key gauge of home values indicated that U.S. home prices climbed 5.5 per cent in October from a year earlier.

THE QUOTE: "This year's Santa rally is doing what many of its predecessors have done. The stock market continues to push higher on thin volume and with no need for a macro catalyst. At the moment, the market is all about sentiment and perceived value," said Ric Spooner, chief market analyst at CMC Markets. He warned that caution could set in after the new year comes.

ENERGY: Benchmark U.S. crude fell 67 cents to $37.20 a barrel on the New York Mercantile Exchange, losing some of the overnight price recovery. Brent crude, used to price international oils, slipped 49 cents to $37.30 a barrel in London.

CURRENCIES: The dollar rose to 120.50 yen, up from 120.37 yen late Tuesday. The euro slipped to $1.0927 from $1.0977.

-----

AP Business Writer Alex Veiga contributed to this report.



Advertisements

Latest Economic News

  • Celgene Corp. to pay $280M to settle cancer drug fraud suit

    Economic CTV News
    LOS ANGELES -- Celgene Corp. has agreed to pay $280 million to settle a whistleblower lawsuit alleging the pharmaceutical company committed fraud promoting a drug with a notorious history that was re-purposed to treat leprosy and another therapy for unapproved cancer treatments, federal prosecutors announced Tuesday. Source
  • Trump weighs replacing Fed Chair Yellen with ex-Goldman exec

    Economic CTV News
    WASHINGTON -- U.S. President Donald Trump said Tuesday that he's considering either re-nominating Janet Yellen for a second term as Fed chair or replacing her with someone else, possibly Gary Cohn, who leads his National Economic Council. Source
  • Home Capital repays $2B line of credit from Warren Buffett's Berkshire Hathaway

    Economic CBC News
    Home Capital Group, the Toronto-based alternative mortgage lender that was on the verge of collapse earlier this year, says it has repaid a $2-billion line of credit from Berkshire Hathaway. The company was given the financial lifeline last month by Berkshire Hathaway, which is headed by Warren Buffett, as it was trying to regain investor confidence following a run on deposits from customers. Source
  • CN Rail beats profit forecasts on higher revenuess

    Economic CBC News
    Canadian National Railway beat analyst expectations as its profits grew 20 per cent to $1.03 billion in the second quarter on record quarterly revenues. The Montreal-based railway earned $1.36 per diluted share, up from $1.10 a year earlier when it posted $858 million in net income. Source
  • CN Rail beats forecasts with $1B profit in Q2

    Economic CTV News
    MONTREAL -- Canadian National Railway beat analyst expectations as its profits grew 20 per cent to $1.03 billion in the second quarter on higher revenues. The Montreal-based railway (TSX:CNR) earned $1.36 per diluted share, up from $1.10 a year earlier when it posted $858 million in net income. Source
  • NAFTA talks set for clash over where private, personal data is stored

    Economic CBC News
    One of the American targets in the upcoming renegotiation of the North American Free Trade Agreement appears on a collision course with privacy laws in British Columbia and Nova Scotia. In negotiating objectives published last week, the Office of the United States Trade Representative said it wanted to "establish rules to ensure that NAFTA countries do not impose measures that restrict cross-border data flows and do not require the use of installation of local computing facilities. Source
  • Spending from Trump, Trudeau on infrastructure could drive up costs: documents

    Economic CTV News
    OTTAWA -- The Trump administration's fledgling promise to spend US$1 trillion on repairing American roads and bridges may have some unintended ripple effects in Canada. Newly released documents show that top civil servants in Ottawa worried earlier this year that Donald Trump's ambitious infrastructure program that he talked about on the campaign trail could end up driving up the construction costs in Canada. Source
  • U.S. senate committee pressures Trump administration on quotas in softwood deal

    Economic CTV News
    MONTREAL - The United States Senate finance committee has increased pressure on the Trump administration to include quotas in a softwood lumber agreement with Canada. Seven Democratic and Republican senators expressed their demands in a letter sent this week to U.S. Source
  • A timeline of B.C.'s cancelled Pacific NorthWest LNG project

    Economic CTV News
    VANCOUVER -- Here is a look at how the Pacific NorthWest LNG project evolved over the last several years before the announcement of its demise Tuesday: Feb. 19, 2013: Pacific NorthWest LNG submits its project description to the Canadian Environmental Assessment Agency. Source
  • Canadian airlines aiming to become biofuel superpower, reduce carbon footprint

    Economic CTV News
    MONTREAL -- The country's top airlines say resource-rich Canada has the potential to become a biofuel superpower by transforming forest residue and agricultural crops into energy that can help the industry reduce greenhouse gas emissions. Source