Asian stocks rise after plunge sparked by China concerns

SEOUL, Korea, Republic Of - Most Asian stock markets inched higher Tuesday as China's benchmark stabilized a day after plunging nearly 7 per cent.

See Full Article

The Shanghai Composite Index wavered between gains and losses. It was last up 0.1 per cent at 3,299.99. Japan's Nikkei 225 added 0.3 per cent to 18,514.33 while Australia's S&P/ASX 200 slipped 0.9 per cent to 5,224.40.

South Korea's Kospi was up 0.7 per cent to 1,932.45 and Hong Kong's Hang Seng gained 0.2 per cent to 21,371.44. Stocks in Southeast Asia were mixed.

Global stocks started the new year on a grim note as poor manufacturing reports from China and the U.S. triggered fears about waning growth around the world. The steep fall on Monday prompted Chinese authorities to halt trading by using a new "circuit-breaker" mechanism for the first time.

"Traders are not seeing clarity on the direction of growth. As we are all too familiar with, uncertainty is quite bad for the financial markets," said Bernard Aw, market strategist at IG in Singapore.

Tensions in the Middle East also unnerved investors. Saudi Arabia severed diplomatic relations over the weekend in a dispute over the Saudis' execution of a Shiite cleric. Concerns about a potential threat to world oil supply pushed up prices of oil.

Wall Street finished lower on Monday. The Dow Jones industrial average dropped 1.6 per cent lower to 17,148.94. The Standard & Poor's 500 lost 1.5 per cent to 2,012.66. The Nasdaq composite fell 2.1 per cent to 4,903.09.

Benchmark U.S. crude added 28 cents to $37.04 per barrel on the New York Mercantile Exchange. The contract fell 28 cents to close at $36.76 a barrel on Monday. Brent Crude, the international standard, added 26 cents to $37.48 per barrel in London.

In currencies, the dollar rose to 119.54 yen from 119.43 yen in the previous trading session. The euro rose slightly to $1.0828 from $1.0826.



Advertisements

Latest Economic News

  • Boeing plays down Bombardier dispute, still hopes to sell fighter jets to Canada

    Economic CTV News
    OTTAWA - A senior Boeing official says the U.S. aerospace giant's trade dispute with Montreal-based rival Bombardier is a "company-to-company issue." And Leanne Caret, the head of Boeing's massive defence, security and space division, still hopes to sell Super Hornet fighter jets to Canada. Source
  • Full list of 59 Sears Canada stores slated to close

    Economic CTV News
    Sears Canada will be closing stores in every province except Prince Edward Island, as the retailer slashes 2,900 jobs amid a major restructuring effort. Sears filed for court protection from creditors on Thursday, before announcing that it will close 20 full-line locations, 15 Sears Home stores, 10 outlet stores and 14 Sears Hometown locations. Source
  • Canadian retail sales top April forecasts

    Economic CBC News
    Canadian consumer spending in April was stronger than expected, which economists say lends weight to the Bank of Canada's recent suggestions that interest rate hikes could be on the way. Statistics Canada reported Thursday that retail sales for April rose by 0.8 per cent on a monthly basis to $48.6 billion. Source
  • Warren Buffett’s company buys into Toronto-based Home Capital

    Economic Toronto Sun
    TORONTO - Home Capital Group Inc. says American investment firm Berkshire Hathaway Inc. has agreed to indirectly acquire $400 million of its common shares in a private placement and provide a new $2 billion line of credit to its subsidiary, Home Trust Company. Source
  • Sears Canada cutting 2,900 jobs, closing 59 locations

    Economic Toronto Sun
    TORONTO — Sears Canada said Thursday it is seeking court protection from its creditors in order to restructure its business. The struggling retailer has piled up losses and seen its stock dive, losing more than 80 per cent of its value in the last year, despite efforts to reinvent itself at a time when more Canadians are shirking bricks-and-mortar in favour of online shopping. Source
  • New cryptocurrencies offering more than just a way to pay for things online

    Economic CTV News
    OTTAWA -- The success of bitcoin has spurred the launch of hundreds of copycat digital payment systems looking to cash in on the popularity of the cryptocurrency. But now a new generation of digital assets are gaining momentum, offering to do more with blockchain -- the technology that powers bitcoin as a currency -- than just allow a way to pay for things online using virtual Internet money. Source
  • Warren Buffet’s company buys into Toronto-based Home Capital

    Economic Toronto Sun
    TORONTO - Home Capital Group Inc. says American investment firm Berkshire Hathaway Inc. has agreed to indirectly acquire $400 million of its common shares in a private placement and provide a new $2 billion line of credit to its subsidiary, Home Trust Company. Source
  • Sears Canada seeking court protection from creditors

    Economic Toronto Sun
    TORONTO — Sears Canada said Thursday it is seeking court protection from its creditors in order to restructure its business. The struggling retailer has piled up losses and seen its stock dive, losing more than 80 per cent of its value in the last year, despite efforts to reinvent itself at a time when more Canadians are shirking bricks-and-mortar in favour of online shopping. Source
  • The Source revamps stores to avoid becoming 'walking dead' in tech retail

    Economic CTV News
    TORONTO - The Source is staging a transformation to turn its stores into electronics playgrounds in an effort to boost sales as the consumer technology industry faces pressure on multiple fronts, including big-box retailers and the ease of online shopping. Source
  • Warren Buffett's company investing in troubled Home Capital group

    Economic CTV News
    TORONTO - Home Capital Group Inc. (TSX:HCG) says American investment firm Berkshire Hathaway Inc. has agreed to indirectly acquire $400 million of its common shares in a private placement and provide a new $2 billion line of credit to its subsidiary, Home Trust Company. Source