Stimulus hopes boost Asian stocks

HONG KONG - Asian stocks rallied Friday, extending a global market rebound fueled by the prospect of more stimulus from European policymakers and a bounce in oil prices.

See Full Article

KEEPING SCORE: Japan's benchmark Nikkei 225 index jumped 3.6 per cent to 16,592.84 while South Korea's Kospi gained 1.7 per cent to 1,872.36. Hong Kong's Hang Seng added 2.2 per cent to 18,949.18 while the Shanghai Composite Index in mainland China climbed 0.1 per cent to 2,883.91. Australia's S&P/ASX 200 rose 1.2 per cent to 4,921.20. Benchmarks in Taiwan, Southeast Asia and New Zealand were also up.

STIMULUS HOPE: European Central Bank chief Mario Draghi cheered investors by saying the bank is prepared to take action as early as its next meeting in March to expand existing stimulus efforts. While the ECB left key interest rates and its 1.5 trillion euro ($1.6 trillion) monetary stimulus program unchanged Thursday, Draghi underscored his willingness to ramp up the program if plummeting oil prices and market toil threaten the continent's weak economy.

ANALYST VIEW: "It's been another volatile week in financial markets as investors continue to fret about the global growth outlook. Share markets remained under pressure but managed to rally off their lows helped by strong signs of further monetary easing from the ECB," Shane Oliver, head of investment strategy at AMP Capital Management in Sydney, said in a report. "It's still too early to say that shares have bottomed, but given increasing pessimism, indications that shares are oversold and more dovish central banks there is a good chance we will see at least a short-term bounce."

ENERGY: Rebounding oil prices are also supporting investor sentiment. Crude futures extended gains after bouncing back from their worst day in four months. U.S. benchmark crude rose 20 cents to $29.73 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.18, or 4.2 per cent, to close at $29.53 a barrel Thursday. Brent crude, a benchmark for international oils, rose 24 cents to $29.49 a barrel in London.

WALL STREET: Major U.S. benchmarks ended higher. The Dow Jones industrial average rose 0.7 per cent to 15,882.68 and the Standard & Poor's 500 index rose 0.5 per cent to 1,868.99. The Nasdaq composite index added less than half a point and closed at 4,472.06.

CURRENCIES: The dollar rose to 117.92 yen from 117.77 yen in the previous day's trading. The euro weakened on the prospect of further stimulus, slipping to $1.0834 from $1.0851.



Advertisements

Latest Economic News

  • Dubai airport named world's busiest international airport

    Economic CTV News
    DUBAI, United Arab Emirates - Dubai remains home to the world's busiest international airport after seeing 83.6 million passengers in 2016. However, the figures released on Tuesday by Dubai International Airport fall short of an estimate of 85 million passengers authorities had hoped to have. Source
  • Asian stock indexes mixed as Trump uncertainties mount

    Economic CTV News
    TOKYO -- Asian shares were mixed Tuesday as uncertainty mounted over U.S. President Donald Trump's trade and regulatory policies. KEEPING SCORE: Japan's benchmark Nikkei 225 slipped 0.2 per cent to 18,845.89. Australia's S&P/ASX 200 added 0.7 per cent to 5,651.20. Source
  • Samsung's earnings more than double on record chip profits

    Economic CTV News
    SEOUL, Korea, Republic Of -- Samsung Electronics said Tuesday that its fourth-quarter profit more than doubled over a year earlier thanks to record-high earnings from its brisk memory chip business and strong smartphone sales despite costly Galaxy Note 7 recalls. Source
  • Trump in Asia: Region poised for change as new era dawns

    Economic CTV News
    BEIJING -- People across Asia are poised for a potentially dramatic change in relations with Washington under President Donald Trump after decades with the United States as a major military and economic presence. The clues Trump has given about his foreign policy are a break with former President Barack Obama's "pivot to Asia," which re-emphasized American engagement in the region. Source
  • Judge postpones sentencing of PG&E in case tied to blast

    Economic CTV News
    SAN FRANCISCO -- A federal judge said Monday he is inclined to require Pacific Gas & Electric Co. to mention its convictions in ads and have employees do thousands of hours of community service as part of its sentence in a criminal case stemming from a deadly natural gas explosion in the San Francisco Bay Area. Source
  • Quebec judge authorizes taxi industry-led class action against Uber

    Economic CTV News
    MONTREAL - Taxi companies and drivers across Quebec are claiming a first victory in their battle against Uber after a judge on Monday authorized their class action against the ride-hailing company. The taxi industry is seeking "hundreds of millions" against the U.S. Source
  • Chan Zuckerberg Initiative signs deal to acquire Toronto tech company Meta

    Economic CTV News
    Facebook CEO Mark Zuckerberg, left,with his wife, Priscilla Chan, rehearse for a speech in San Francisco on Tuesday, Sept. 20, 2016. Zuckerberg and Chan have a new lofty goal: to cure, manage or eradicate all disease by the end of this century. Source
  • Trump's busy 'Day 1' takes Wall Street for a ride

    Economic CBC News
    North American financial markets lost ground during President Donald Trump's first full weekday in office, as the new U.S. administration signalled that it's serious about upending the economic status quo. Monday's developments included Trump's formal withdrawal of the U.S. Source
  • Taiwanese iPhone assembler Foxconn may invest $7B in U.S. plant

    Economic CTV News
    Foxconn, a major assembler of iPhones and other electronics, may invest $7 billion in a plant for manufacturing display panels that would create as many as 50,000 jobs in the U.S. Foxconn CEO Terry Gou discussed the potential expansion Sunday during a company meeting in Taiwan, the company's home country. Source
  • B.C. aims for diversified economy, as jobs targets missed on mines and LNG

    Economic CTV News
    VICTORIA -- Premier Christy Clark says her government's retooled jobs plan aims to make British Columbia the most diversified economy in Canada. The premier admitted during a five-year update on her jobs plan that the government missed previous targets for students, on growth in mines and for the liquefied natural gas industry. Source